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ANDERSON'S WINES LIMITED
REGISTERED NUMBER: SC027031
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Investment property reserve
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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ANDERSON'S WINES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The full financial statements, from which these abbreviated accounts have been extracted, 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).
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Turnover comprises revenue recognised by the company in respect of rents and management charges on an accruals basis.
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Current asset investments are stated at the lower of cost and net realisable value.
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Investment properties are included in the balance sheet at the director’s valuation in October 2008. Since this date the investment properties have not been subject to further revaluations.
This treatment is contrary to the requirements of the Financial Reporting Standard for Smaller Entities (effective April 2008) which requires investment properties to be stated at their open market value. In the opinion of the directors revaluation of the investment properties is not practicable.
Further, this is contrary to the requirements of Companies Act 2006 which states that fixed assets should be depreciated. In the opinion of the directors this departure from the Act is necessary in order to give a true and fair view of the financial position of the company.
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2.INVESTMENT PROPERTY
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At 1 April 2015 and 31 March 2016
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At 1 April 2015 and 31 March 2016
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Investment properties are stated at their 2008 market value and not as required by the Financial Reporting Standard for Smaller Entities (effective April 2008) at open market value. In the opinion of the directors the portfolio of investment properties has a market value in excess of the amount at which it is included in the financial statements, but do not feel the cost of a professional valuation is justified.
The above investment property is subject to operating leases.
Page 2
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ANDERSON'S WINES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
3.SHARE CAPITAL
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ALLOTTED, CALLED UP AND FULLY PAID
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100 Ordinary shares of £1 each
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4.RESERVES
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Investment property revaluation reserve
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At 1 April 2015 and 31 March 2016
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There is no ultimate controlling party.
Page 3
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