Property_Valuations_Online_Limited_31_Oct_2016_abbreviated_set_of_accounts.html
Property_Valuations_Online_Limited_31_Oct_2016_abbreviated_set_of_accounts.html
Company registration number:
Abbreviated Balance Sheet
| 2016 | 2015 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 2 |
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| Current assets | |||||
| Debtors | - |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 3 |
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| Net current assets |
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| Total assets less current liabilities |
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| Capital and reserves | |||||
| Called up share capital | 4 |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 31 October 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 year in question in accordance with section 476; The director acknowledges 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.
These abbreviated financial statements were approved by the board of directors and authorised for issue on 18 July 2017 , and are signed on behalf of the board by:
| Director |
Company registration number: 8253689
Notes to the Abbreviated Accounts
Year ended 31 October 2016
1 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents amounts invoiced during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised when the seller obtains the right to consideration in exchange for its performance, usually on dispatch of the goods.
Current tax
Current tax is recognised in the profit and loss account, except to the extent that it is attributable to a gain or loss that has been recognised directly in the statement of total recognised gains or losses. In this case, tax is recognised in this statement. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Fixtures fittings and equipment | 25% reducing balance |
| Land and buildings |
Financial instruments
Financial instruments are classified and accounted for according to the substance of contractual arrangements, as either financial assets, financial liabilities or equity instruments.
Operating leases
Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.
2 Tangible assets
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| Cost | ||
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| Additions |
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| Depreciation | ||
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| Charge |
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| Net book value | ||
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| At 31 October 2015 |
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