Powis Property Investments Limited - Abbreviated accounts 16.3

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

POWIS PROPERTY INVESTMENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

G J P Smith

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

06886052 (England and Wales)

FIXED ASSETS

Tangible assets

2

649

1,008

Investment property

3

2,575,000

2,169,829

2,575,649

2,170,837

CURRENT ASSETS

Debtors

5,540

13,232

Cash at bank

39,271

20,746

44,811

33,978

CREDITORS

Amounts falling due within one year

(332,846

)

(330,795

)

NET CURRENT LIABILITIES

(288,035

)

(296,817

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,287,614

1,874,020

PROVISIONS FOR LIABILITIES

(130

)

(202

)

NET ASSETS

2,287,484

1,873,818

CAPITAL AND RESERVES

Called up share capital

4

1

Revaluation reserve

2,195,193

1,790,022

Profit and loss account

92,290

83,795

SHAREHOLDERS' FUNDS

2,287,484

1,873,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 1 June 2017 and were signed by:

G J P Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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).

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Investment property

In accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), no depreciation

is provided in respect of freehold properties held as investments. This is a departure from the requirements of the

Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and

not for consumption and the director considers that to depreciate them would not give a true and fair view.

Depreciation is only one of the many elements reflected in the annual valuation of properties, and accordingly,

the amount of depreciation which might otherwise have been charged cannot be separately identified or

quantified. The director considers that this policy results in the financial statements giving a true and fair view.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

3,614

DEPRECIATION

At 1 November 2015

2,606

Charge for year

359

At 31 October 2016

2,965

NET BOOK VALUE

At 31 October 2016

649

At 31 October 2015

1,008

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 November 2015

2,169,829

Revaluations

405,171

At 31 October 2016

2,575,000

NET BOOK VALUE

At 31 October 2016

2,575,000

At 31 October 2015

2,169,829

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

G J P Smith

During the year under review, the director withdrew £8,270 from the company and repaid £13,113..

As at 31 October 2016 the director owed the company £4,246 (2015: £9,089).