Surenow Property Limited - Accounts to registrar - small 17.2
Surenow Property Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
| FOR |
| SURENOW PROPERTY LIMITED |
| SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| SURENOW PROPERTY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 169 West George Street |
| Glasgow |
| G2 2LB |
| SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964) |
| BALANCE SHEET |
| 31 DECEMBER 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 3 |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 1. | STATUTORY INFORMATION |
| Surenow Property Limited is a private company, limited by shares, registered in Scotland. The Company's registered |
| number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts invoiced for property rental. Turnover is recognised at the point at which the Company has |
| fulfilled its contractual obligation to the tenants. |
| Investment properties |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value |
| is recognised in profit or loss. |
| The Companies Act 2006 would normally require the systematic depreciation of fixed assets, however the directors believe |
| the policy of not providing depreciation on investment properties is necessary in order that the financial statements give a |
| true and fair view. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
| that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
| enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
| date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
| which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
| enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
| recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Financial instruments |
| Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, |
| according to the substance of the contractual arrangement. |
| Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at |
| principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the |
| outstanding balance and are amortised over the period to the due date for repayment of the financial liability. |
| An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of |
| its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated |
| financial instrument. |
| SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2016 |
| and 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Amounts owed by associates |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| Amounts owed to associates |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | - | 78,560 |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| SURENOW PROPERTY LIMITED (REGISTERED NUMBER: SC313964) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2016 |
| 8. | RELATED PARTY DISCLOSURES |
| Loans to the directors, shareholders and other connected parties are unsecured, interest free and repayable on demand. |
| The total amounts outstanding at 31 December 2016 were £152,369 (2015 - £161,853). |
| During the year the Company received amounts of £100,000 (2015 - £nil) from related parties with common ownership. |
| The total amounts due to related parties with common ownership at 31 December 2016 were £80,000 (2015 - £nil). |
| During the year the Company paid amounts of £20,000 (2015 - £15,000) to related parties with common ownership. The |
| total amounts due from related parties with common ownership at 31 December 2016 were £30,000 (2015 - £30,000). |
| No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of |
| Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland". |
| 9. | ULTIMATE CONTROLLING PARTY |
| The Company was under the control of the holders of the issued ordinary share capital during the current and previous |
| year. No individual shareholder had overall control of the Company. |
| 10. | FIRST YEAR ADOPTION |
| The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have |
| not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 January 2015. |