Heathway Property Company Limited - Period Ending 2013-12-31

Registration number: 02198547

Heathway Property Company Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

D J Pike Limited
Chartered Certified Accountants
17 Malmains Drive
Frenchay
Bristol
BS16 1PQ

Heathway Property Company Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Heathway Property Company Limited
for the Year Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Heathway Property Company Limited for the year ended 31 December 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of Heathway Property Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Heathway Property Company Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heathway Property Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Heathway Property Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Heathway Property Company Limited. You consider that Heathway Property Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Heathway Property Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

D J Pike Limited
Chartered Certified Accountants
17 Malmains Drive
Frenchay
Bristol
BS16 1PQ

17 September 2014

Page 1

Heathway Property Company Limited
(Registration number: 02198547)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					1,171,120			1,112,877
Current assets
Cash at bank and in hand					45,337			44,465
Creditors: Amounts falling due within one year					(42,277)			(36,595)
Net current assets					3,060			7,870
Total assets less current liabilities					1,174,180			1,120,747
Creditors: Amounts falling due after more than one year					(178,683)			(189,334)
Net assets					995,497			931,413
Capital and reserves
Called up share capital		4			10			10
Revaluation reserve					913,764			853,764
Profit and loss account					81,723			77,639
Shareholders' funds					995,497			931,413

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 17 September 2014 and signed on its behalf by:

.........................................
Mr C V Moody
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Heathway Property Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable in respect of rents receivable from customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% on reducing balance
Fixtures and fittings	15% on reducing balance
Office equipment	25% on reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Heathway Property Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2013		1,153,933			1,153,933
Revaluations		60,000			60,000
Additions		312			312
Disposals		(398)			(398)
At 31 December 2013		1,213,847			1,213,847
Depreciation
At 1 January 2013		41,056			41,056
Charge for the year		2,069			2,069
Eliminated on disposals		(398)			(398)
At 31 December 2013		42,727			42,727
Net book value
At 31 December 2013		1,171,120			1,171,120
At 31 December 2012		1,112,877			1,112,877

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2013 £			2012 £
After more than five years by instalments		105,971			116,622

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		10			10			10			10

Page 4

Heathway Property Company Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

5	Related party transactions

Directors' advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
Mr C V Moody
Director's current account (credit balance)	8,590	-	11,019	-

Page 5