INSINC_PROPERTY_LIMITED - Accounts

INSINC PROPERTY LIMITED - Company Information

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Company Registration No. 05270761 (England and Wales)

INSINC PROPERTY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

INSINC PROPERTY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

INSINC PROPERTY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

897,034

806,144

Current assets

Debtors

4,696

1,588

Cash at bank and in hand

43,341

13,902

48,037

15,490

Creditors: amounts falling due within one year

(69,825)

(56,364)

Net current liabilities

(21,788)

(40,874)

Total assets less current liabilities

875,246

765,270

Creditors: amounts falling due after more than one year

(506,335)

(550,427)

368,911

214,843

Capital and reserves

Called up share capital

100

Revaluation reserve

(7,268)

(107,268)

Profit and loss account

376,079

322,011

Shareholders' funds

368,911

214,843

For the financial year ended 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 July 2015

S R Walden

Director

Company Registration No. 05270761

INSINC PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised as soon as each sales invoice is raised. The income received during the year relating to other periods has been duly deferred.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% on cost

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

INSINC PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 April 2014

811,578

Additions

3,000

Revaluation

100,000

Disposals

(9,000)

At 31 March 2015

905,578

Depreciation

At 1 April 2014

5,434

Charge for the year

3,110

At 31 March 2015

8,544

Net book value

At 31 March 2015

897,034

At 31 March 2014

806,144

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £43,400 (2014 - £42,700). This amount relates to a bank loan and is secured as detailed in note 4.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

(4,435)

(52,027)

The aggregate amount of creditors for which security has been given amounted to £265,527 (2014 - £308,936). This amount relates to a bank loan that is secured via a legal charge over the property owned by the company.

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100