Abbreviated Company Accounts - MOY ESTATES LIMITED
Abbreviated Company Accounts - MOY ESTATES LIMITED
Registered Number NI046955
MOY ESTATES LIMITED
Abbreviated Accounts
31 March 2016
MOY ESTATES LIMITED Registered Number NI046955
Abbreviated Balance Sheet as at 31 March 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Called up share capital not paid |
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Fixed assets | |||
Intangible assets |
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Tangible assets | 2 |
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Investments |
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Current assets | |||
Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Total net assets (liabilities) |
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( |
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Capital and reserves | |||
Called up share capital |
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Share premium account |
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Other reserves |
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Profit and loss account |
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( |
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Shareholders' funds |
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( |
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
And signed on their behalf by:
MOY ESTATES LIMITED Registered Number NI046955
Notes to the Abbreviated Accounts for the period ended 31 March 2016
1Accounting Policies
Basis of measurement and preparation of accounts
The company has availed of the exemption in FRS 1 from the requirement to produce a Cash Flow Statement because it is classified as a small company.
Turnover policy
Tangible assets depreciation policy
- Fixtures, fittings and equipment - 20% reducing balance
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
Revalued investment properties are not depreciated or amortised. Where the valuation indicates a permanent diminution in the value of the property, the permanent diminution is charged to the profit and loss account. All other fluctuations in value are transferred to a revaluation reserve.
This treatment is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the director considers that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 4% per annum on the revalued amount.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2016 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 March 2016 |
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Net book values | |
At 31 March 2016 | 1,515,174 |
At 31 March 2015 | 1,018,563 |