Ashness Properties Limited - Abbreviated accounts 16.1

Ashness Properties Limited - Abbreviated accounts 16.1

ASHNESS PROPERTIES LIMITED - Company Information

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REGISTERED NUMBER: 03257528












ASHNESS PROPERTIES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016





Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
Lincolnshire
LN11 9NB








ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

ASHNESS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2016







DIRECTORS: J F Spinlove
D G Bryant





SECRETARY: J F Spinlove





REGISTERED OFFICE: 15 St Mary's Avenue
HARROGATE
North Yorkshire
HG2 0LP





REGISTERED NUMBER: 03257528





ACCOUNTANTS: Dexter & Sharpe (Louth)
Chartered Certified Accountants
1 Eastgate
Louth
Lincolnshire
LN11 9NB
Page 1
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

ABBREVIATED BALANCE SHEET
31 MARCH 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Investment property 2 980,000 980,000

CURRENT ASSETS
Cash at bank and in hand 33,051 31,100

CREDITORS
Amounts falling due within one year 16,863 17,496
NET CURRENT ASSETS 16,188 13,604
TOTAL ASSETS LESS CURRENT
LIABILITIES
996,188
993,604

PROVISIONS FOR LIABILITIES 116,146 121,796
NET ASSETS 880,042 871,808

CAPITAL AND RESERVES
Called up share capital 3 100,100 100,100
Share premium 300 300
Revaluation reserve 629,678 624,028
Profit and loss account 149,964 147,380
SHAREHOLDERS' FUNDS 880,042 871,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 notes form part of these abbreviated accounts

Page 2 continued...
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

ABBREVIATED BALANCE SHEET - continued
31 MARCH 2016


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 29 October 2016 and were signed on its behalf by:





D G Bryant - Director


The notes form part of these abbreviated accounts

Page 3
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards, modified to
include the revaluation of certain fixed assets and for the provision of deferred taxation as detailed below.

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
The turnover shown in the profit and loss account represents rents falling due during the year.

Investment property
Investment properties held as fixed assets are stated at open market value.

This is in accordance with the FRSSE which, unlike the Companies Act 2006, does not require depreciation of
investment properties. Investment properties are held for their investment potential and not for use by the
company and so their current value is of prime importance. The departure from the provisions of the Act is
required in order to give a true and fair view.

Deferred tax
Full provision for deferred taxation is made on the revalued investment properties. This is departure from the
FRSSE which is considered necessary in order to show a true and fair view of the company's net assets. The
deferred taxation on the revalued properties is recognised in the statement of total recognised gains and losses.

2. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 April 2015
and 31 March 2016 980,000
NET BOOK VALUE
At 31 March 2016 980,000
At 31 March 2015 980,000

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
100,000 Ordinary £1 100,000 100,000
100 Ordinary "A" £1 100 100
100,100 100,100

Page 4 continued...
ASHNESS PROPERTIES LIMITED (REGISTERED NUMBER: 03257528)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 MARCH 2016


4. RELATED PARTY DISCLOSURES

Management fees of £11,057 (2015 £12,660) were charged by a business in which a director of this company, J
F Spinlove, is a partner.

Page 5