SHARPLES_PORTUGAL_PROPERT - Accounts

SHARPLES PORTUGAL PROPERTY LIMITED - Company Information

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Company Registration No. 09670666 (England and Wales)

SHARPLES PORTUGAL PROPERTY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

SHARPLES PORTUGAL PROPERTY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

SHARPLES PORTUGAL PROPERTY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2016

- 1 -

2016

Notes

€

Fixed assets

Tangible assets

993,257

Current assets

Cash at bank and in hand

30,821

Creditors: amounts falling due within one year

(3,282)

Net current assets

27,539

Total assets less current liabilities

1,020,796

Capital and reserves

Called up share capital

1,035,000

Profit and loss account

(14,204)

Shareholders' funds

1,020,796

For the financial period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

The director acknowledges his 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 3 April 2017

M A J Sharples

Director

Company Registration No. 09670666

SHARPLES PORTUGAL PROPERTY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements have been prepared in euros, the functional currency of the business.

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

Tangible fixed assets and depreciation

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Fixed assets

Tangible assets

€

Cost

At 3 July 2015

Additions

993,257

At 31 December 2016

993,257

Share capital

2016

€

Allotted, called up and fully paid

1,035,000 Ordinary shares of €1 each

1,035,000

On incorporation 1 Ordinary share of £1 was allotted and fully paid at par.

On 13 December 2016 an additional 862,499 Ordinary shares of £1 each were allotted and fully paid at par. On the same day 862,500 Ordinary shares of £1 each were redenominated as 862,500 Ordinary shares of €1.20. Finally, and on the same day, 862,500 Ordinary shares of €1.20 were sub-divided into 1,035,000 Ordinary shares of €1.