Company Registration No. SC471966 (Scotland)
VERSTAND PROPERTIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
VERSTAND PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
VERSTAND PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
795,328
791,110
Current assets
Debtors
71,601
41,800
Cash at bank and in hand
156,685
5,764
228,286
47,564
Creditors: amounts falling due within one year
3
(164,464)
(89,330)
Net current assets/(liabilities)
63,822
(41,766)
Total assets less current liabilities
859,150
749,344
Creditors: amounts falling due after more than one year
4
(208,107)
(96,945)
651,043
652,399
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
618,113
618,113
Profit and loss account
32,830
34,186
Shareholders' funds
651,043
652,399
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 20 March 2017
C Wilson
Director
Company Registration No. SC471966
VERSTAND PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention (modified to include the revaluation of freehold land and buildings) and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.rent net of VAT.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Fixtures, fittings & equipment
20% straight line
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis. Other tangible fixed assets 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:
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
791,110
Additions
23,580
Disposals
(19,140)
At 31 March 2016
795,550
Depreciation
At 1 April 2015
Charge for the year
222
At 31 March 2016
222
Net book value
At 31 March 2016
795,328
At 31 March 2015
791,110
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £28,838 (2015 - £28,838).
VERSTAND PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £68,107 (2015 - £96,945).
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
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