PARK_LANE_PROPERTIES_AND_ - Accounts
PARK_LANE_PROPERTIES_AND_ - Accounts
Company Registration No. 01045754 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Investments
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(452,345 )
(910,295 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(2,718,812 )
(2,843,000 )
11,095,871
10,584,698
Capital and reserves
Called up share capital
3
Share premium account
Revaluation reserve
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 14 December 2016
Director
Company Registration No. 01045754
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Land and buildings Freehold
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Revenue recognition
Property revenue consists of gross rental income on an accruals basis, excluding sales of investment properties. Rental income receivable in the period from lease commencement to the earlier of lease expiry and any tenant option to break is spread evenly over that period. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period.
Revenue in respect of investment and other income represents investment income, fees and commissions earned on an accruals basis and profits or losses recognised on investments held for the short-term. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate.
Revenue in respect of investment and other income represents investment income, fees and commissions earned on an accruals basis and profits or losses recognised on investments held for the short-term. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate.
1.7
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.8
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.
1.9
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discount basis.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 April 2015
100
10,539,382
Additions
-
62,500
Disposals
(676,652 )
-
(676,652)
At 31 March 2016
100
9,925,230
At 31 March 2015
10,539,382
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid