Surenow Property Limited - Abbreviated accounts 16.1

Surenow Property Limited - Abbreviated accounts 16.1

SURENOW PROPERTY LIMITED - Company Information

Print Friendly Version

SC313964 1.1.15 31.12.15 31.12.15 Company accounts Private Limited Company FY true false true false false true false Ordinary 0.50000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC3139642014-12-31SC3139642015-12-31SC3139642015-01-012015-12-31SC3139642013-12-31SC3139642014-01-012014-12-31SC3139642014-12-31SC313964ns12:Scotland2015-01-012015-12-31SC313964ns14:PoundSterling2015-01-012015-12-31SC313964ns7:Director12015-01-012015-12-31SC313964ns7:OrdinaryShareClass12015-01-012015-12-31SC313964ns7:Director22015-01-012015-12-31SC313964ns7:Director32015-01-012015-12-31SC313964ns7:CompanySecretary2015-01-012015-12-31SC313964ns7:RegisteredOffice2015-01-012015-12-31SC313964ns7:EntityAccountantsOrAuditors2015-01-012015-12-31SC313964ns7:OrdinaryShareClass12015-12-31SC313964ns7:OrdinaryShareClass12014-12-31
REGISTERED NUMBER: SC313964 (Scotland)















ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

SURENOW PROPERTY LIMITED

SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

SURENOW PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2015







DIRECTORS: B Aitken
M J P Connolly
G P Hegarty





SECRETARY: B Aitken





REGISTERED OFFICE: 3 Newmains Avenue
Inchinnan Business Park
Renfrew
PA4 9RR





REGISTERED NUMBER: SC313964 (Scotland)





ACCOUNTANTS: Consilium Chartered Accountants
169 West George Street
Glasgow
G2 2LB
Page 1
SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964)

ABBREVIATED BALANCE SHEET
31 DECEMBER 2015

2015 2014
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 770,000 770,000

CURRENT ASSETS
Debtors 30,000 45,000
Cash at bank 84,238 52,863
114,238 97,863
CREDITORS
Amounts falling due within one year 3 211,153 210,136
NET CURRENT LIABILITIES (96,915 ) (112,273 )
TOTAL ASSETS LESS CURRENT LIABILITIES 673,085 657,727

CREDITORS
Amounts falling due after more than one year 3 130,640 156,680
NET ASSETS 542,445 501,047

CAPITAL AND RESERVES
Called up share capital 4 2,500 2,500
Revaluation reserve 234,649 234,649
Profit and loss account 305,296 263,898
SHAREHOLDERS' FUNDS 542,445 501,047

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 23 September 2016 and were signed on its behalf by:





B Aitken - Director


The notes form part of these abbreviated accounts

Page 2
SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of
investment properties, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January
2015).

Exemption from preparing a cash flow statement
The Company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is
consequently exempt from the requirement to include a cash flow statement in the financial statements.

Turnover
Turnover represents amounts invoiced for property rental. Turnover is recognised at the point at which the Company has
fulfilled its contractual obligation to the tenants.

Investment properties
In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), depreciation is not
provided on investment properties. Properties are revalued annually and revaluation surpluses are taken to the revaluation
reserve. Deficits on revaluation which are considered to be permanent are charged to the profit and loss account and
subsequent reversals are credited.

Temporary deficits on revaluations are charged to the revaluation reserve up to the amount of the associated revaluation
surplus, and any excess deficits are charged to the profit and loss account.

The directors consider that this accounting policy results in the financial statements giving a true and fair view. The effect of
this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the
directors, would be misleading.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet
date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to
pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax
assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,
according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at
principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the
outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of
its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated
financial instrument.

Page 3 continued...
SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2015


2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 January 2015
and 31 December 2015 770,000
NET BOOK VALUE
At 31 December 2015 770,000
At 31 December 2014 770,000

3. CREDITORS

Creditors include an amount of £ 156,680 (2014 - £ 182,720 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015 2014
£    £   
Repayable by instalments 78,560 78,560

4. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2015 2014
value: £    £   
5,000 Ordinary £0.50 2,500 2,500

Page 4