Notes to the Abbreviated Financial Statements
|
Chua & Young Limited
For the year ended 31 March 2016
For the year ended 31 March 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02851688
Notes to the Abbreviated Financial Statements
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Chua & Young Limited
For the year ended 31 March 2016
Abbreviated Balance Sheet
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Chua & Young Limited
2016
2015
2
340,000
340,000
340,000
340,000
2,159
11,286
85,542
52,231
11,649
33,618
75,166
121,319
Creditors
:
amounts falling due within one year
|
(15,822)
(15,732)
105,497
59,434
Net current assets
Total assets less current liabilities
|
399,434
445,497
399,434
Net assets
445,497
120,000
3
120,000
128,991
129,728
149,706
196,506
399,434
445,497
Shareholders funds
For the year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Directors responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
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2) The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
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These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
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Date approved by the board: 05 December 2016
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Signed on behalf of the board of directors
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Notes to the Abbreviated Financial Statements
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Chua & Young Limited
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover represents rents receivable.
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations. Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
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Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
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by the shareholders prior to the balance sheet date
.
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Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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The company
'
s freehold properties are revalued in full every five years
.
Interim valuations are carried out when it is
|
likely that there has been a material change in value
.
|
No depreciation is provided on the company
'
s freehold properties since in the opinion of the directors the expected
|
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
|
would be immaterial
.
The directors undertake an annual impairment review of these properties
.
|
Current asset investments
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Current asset investments are stated at the lower of cost and net realisable value.
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Notes to the Abbreviated Financial Statements
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Chua & Young Limited
For the year ended 31 March 2016
340,000
340,000
340,000
340,000
The freehold land and buildings were revalued at the year end by the directors on the basis of open market value. The historical cost of freehold land and buildings, included above at a valuation of £340,000, was £218,546 (2015: £218,546).
|
120
,
000
Ordinary shares of £
1
.
00
each
|
Allotted called up and fully paid
|
2016
2015
120
,
000
Ordinary shares of £
1
.
00
each
|
120,000
120,000
120,000
120,000
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