The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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.
Lilybank Flats 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.
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
Turnover represents gross invoiced sales of goods except in respect of service contracts where turnover is
recognised when the company obtains the right to consideration. The company is not VAT registered.
Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is
provided on all tangible fixed assets, other than investment properties, at rates calculated to write off the cost,
less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Fixtures and fittings - 15% on cost
Residual value represents the estimated amount which would currently be obtained from disposal of an asset,
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at
the end of its useful life.
Investment properties, for which fair value can be measured reliably without undue cost or effort on an ongoing
basis, are measured at fair value annually with any change recognised in the profit and loss account.
In accordance with Financial Reporting Standard 102 no depreciation is provided in respect of freehold
properties held as investment properties where fair value can be measured reliably without undue cost or effort.
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 directors consider that to
depreciate them would not give a true and fair view.
The company only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured
at their settlement value.
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