SOVEREIGN PROPERTIES (SOMERSET) LIMITED - Abbreviated accounts

SOVEREIGN PROPERTIES (SOMERSET) LIMITED - Company Information

Registered number

01263335

SOVEREIGN PROPERTIES (SOMERSET) LIMITED

Abbreviated Accounts

31 March 2016

SOVEREIGN PROPERTIES (SOMERSET) LIMITED
Registered number:		01263335
Abbreviated Balance Sheet
as at 31 March 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		753,200			770,919

Current assets
Debtors		12,013			10,801
Cash at bank and in hand		31,666			28,733
		43,679			39,534

Creditors: amounts falling due within one year		(33,232)			(31,675)

Net current assets			10,447			7,859

Net assets			763,647			778,778

Capital and reserves
Called up share capital	3		100			100
Revaluation reserve			294,972			294,972
Profit and loss account			468,575			483,706

Shareholders' funds			763,647			778,778

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Mrs E C Summerfield
Director
Approved by the board on 1 August 2016

SOVEREIGN PROPERTIES (SOMERSET) LIMITED
Notes to the Abbreviated Accounts
for the year ended 31 March 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
	Freehold buildings			2% straight line
	Plant and machinery			25% on reducing balance
	Motor vehicles			25% straight line

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.


2	Tangible fixed assets					£

	Cost
	At 1 April 2015					578,707
	Surplus on revaluation (2011/12)					307,262
	At 31 March 2016					885,969

	Depreciation
	At 1 April 2015					115,050
	Charge for the year					17,719
	At 31 March 2016					132,769

	Net book value
	At 31 March 2016					753,200
	At 31 March 2015					770,919


3	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100


4	Transactions with Directors
	There were no transactions with the Directors other than in the normal course of employment
	and share ownership.