Abbreviated Company Accounts - TORTCREST LIMITED

01359329 TORTCREST LIMITED 2016-03-31 false 2015-04-01 2016-03-31 true 01359329 2015-04-01 2016-03-31 01359329 2016-03-31 01359329 2015-03-31 01359329 uk-gaap-cd-bus:Director1 2015-04-01 2016-03-31 01359329 uk-gaap-cd-bus:Director2 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-03-31 uk-gaap-cd-bus:OrdinaryShareClass2 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass2 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass2 2015-03-31 iso4217:GBP shares

Registered Number 01359329

TORTCREST LIMITED

Abbreviated Accounts

31 March 2016

TORTCREST LIMITED Registered Number 01359329

Abbreviated Balance Sheet as at 31 March 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	1,500,000	1,163,907
		1,500,000	1,163,907
Current assets
Debtors		221,226	556,067
Cash at bank and in hand		789,857	829,588
		1,011,083	1,385,655
Creditors: amounts falling due within one year		(54,147)	(78,962)
Net current assets (liabilities)		956,936	1,306,693
Total assets less current liabilities		2,456,936	2,470,600
Total net assets (liabilities)		2,456,936	2,470,600
Capital and reserves
Called up share capital	3	1,000	1,000
Revaluation reserve		1,422,534	1,037,534
Profit and loss account		1,033,402	1,432,066
Shareholders' funds		2,456,936	2,470,600

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 6 January 2017

And signed on their behalf by:
J G H Harrison, Director

TORTCREST LIMITED Registered Number 01359329

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant & Machinery - 10% and 20% straight line

No provision is made for depreciation of freehold investment properties as in the opinion of the director none is necessary as the properties are revalued regularly.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Other accounting policies
Fixed assets

All fixed assets are initially recorded at cost.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2Tangible fixed assets

	£
Cost
At 1 April 2015	1,174,067
Additions	-
Disposals	(270,000)
Revaluations	610,000
Transfers	-
At 31 March 2016	1,514,067
Depreciation
At 1 April 2015	10,160
Charge for the year	3,907
On disposals	-
At 31 March 2016	14,067
Net book values
At 31 March 2016	1,500,000
At 31 March 2015	1,163,907

The historical cost of revalued investment properties was £77,466 (2015: £122,466). They are valued by the Director on an annual basis.

3Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
500 Ordinary shares of £1 each	500	500
500 'A' Ordinary shares of £1 each	500	500