Space Properties Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC195503

SPACE PROPERTIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

E McCudden

K Clark

SECRETARY:

P E Houlihan

REGISTERED OFFICE:

8 Milverton Road

Giffnock

Glasgow

G46 7JN

REGISTERED NUMBER:

SC195503

ACCOUNTANTS:

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

FIXED ASSETS

Tangible assets

2

355,333

355,515

CURRENT ASSETS

Debtors

7,147

3,753

Cash at bank

16,742

17,899

23,889

21,652

CREDITORS

Amounts falling due within one year

7,689

13,299

NET CURRENT ASSETS

16,200

8,353

TOTAL ASSETS LESS CURRENT LIABILITIES

371,533

363,868

CAPITAL AND RESERVES

Called up share capital

3

1,000

1,000

Revaluation reserve

64,015

64,015

Profit and loss account

306,518

298,853

SHAREHOLDERS' FUNDS

371,533

363,868

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 September 2016 and were signed on its behalf by:

K Clark - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents rental income for the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Investment properties

-

0% on cost

Furniture and furnishings

-

20% on cost

Computer equipment

-

33% on cost

In accordance with the Financial Reporting Standard for Smaller Entities (FRSSE) (effective April 2015) : (i)

investment properties are valued annually and the aggregate surplus or deficit is transferred to a revaluation

reserve; and (ii) no depreciation or amortisation is provided in respect of investment properties.The requirement

of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally

accepted accounting principles set out in the FRSSE (effective April 2015). The directors consider that, as these

properties are not held for consumption but for investment, to depreciate them would not give a true and fair

view and that it is therefore necessary to adopt the FRSSE (effective April 2015) in order to give a true and fair

view. If this departure from the Act had not been made, the profit for the financial year would have been

decreased by depreciation. However, the amount of the depreciation cannot reasonably be quantified, because

depreciation is only one of the many factors reflected in the annual valuation and the amount which might

otherwise have been shown cannot be separately identified or quantified.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 January 2015

and 31 December 2015

374,645

DEPRECIATION

At 1 January 2015

19,130

Charge for year

182

At 31 December 2015

19,312

NET BOOK VALUE

At 31 December 2015

355,333

At 31 December 2014

355,515

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

£

1,000

Ordinary

£1

1,000

1,000

4.	TRANSACTIONS WITH DIRECTORS