SHIRMANS_PROPERTIES_LIMIT - Accounts

SHIRMAN'S PROPERTIES LIMITED - Company Information

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Company Registration No. 00691009 (England and Wales)

SHIRMANS PROPERTIES LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

SHIRMANS PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SHIRMANS PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,175,370

1,136,139

Investments

85,002

1,260,372

1,221,141

Current assets

Debtors

1,931

Cash at bank and in hand

101,571

45,145

103,502

45,145

Creditors: amounts falling due within one year

(185,064)

(228,408)

Net current liabilities

(81,562)

(183,263)

Total assets less current liabilities

1,178,810

1,037,878

Capital and reserves

Called up share capital

4,600

Other reserves

346,046

Profit and loss account

828,164

687,232

Shareholders' funds

1,178,810

1,037,878

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 November 2016

J Clough

Director

Company Registration No. 00691009

SHIRMANS PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents rents and management charges receivable.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets include freehold and leasehold investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets other than freehold land are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Land and buildings Freehold

Nil

Land and buildings Leasehold

See below

Fixtures, fittings & equipment

20% Reducing balance

The directors are of the opinion that the total valuation of the company's property is in excess of its book value. It is not however possible to estimate the amount of such excess without professional valuations and the directors do not consider that the expense of obtaining such valuations would be justified.

Although the accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) it is a departure from from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been changed cannot be separately identified or quantified.

1.4

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.5

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

SHIRMANS PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 April 2015

1,282,690

85,002

1,367,692

Additions

52,612

Disposals

(51,750)

At 31 March 2016

1,283,552

85,002

1,368,554

Depreciation

At 1 April 2015

146,551

Charge for the year

(38,369)

At 31 March 2016

108,182

Net book value

At 31 March 2016

1,175,370

85,002

1,260,372

At 31 March 2015

1,136,139

85,002

1,221,141

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

J & M Shirman Investments Ltd

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

J & M Shirman Investments Ltd

Property Investment & Management

363,916

57,102

Share capital

2016

2015

Allotted, called up and fully paid

4,600 Ordinary shares of £1 each

4,600