Taff Vale Practice Properties LTD - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09129985 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

FOR

TAFF VALE PRACTICE PROPERTIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr G Lloyd

Dr W Harris

Dr C L Evely

Dr C Taylor

Dr A M H Yeung

Dr J Finnegan

Dr K A Scullion

REGISTERED OFFICE:

13-14 Gelliwastad Road

Pontypridd

RCT

CF37 2BW

REGISTERED NUMBER:

09129985 (England and Wales)

ACCOUNTANTS:

Sullivans Chartered Accountants

13-14 Gelliwastad Road

Pontypridd

Rhondda Cynon Taf

CF37 2BW

FIXED ASSETS

Investment property

4

559,492

559,492

CURRENT ASSETS

Debtors

5

6,304

6,304

Cash at bank and in hand

12,318

7,337

18,622

13,641

CREDITORS

Amounts falling due within one year

6

58,183

51,211

NET CURRENT LIABILITIES

(39,561

)

(37,570

)

TOTAL ASSETS LESS CURRENT LIABILITIES

519,931

521,922

CREDITORS

Amounts falling due after more than one year

7

472,021

503,781

NET ASSETS

47,910

18,141

CAPITAL AND RESERVES

Called up share capital

70

70

Retained earnings

47,840

18,071

SHAREHOLDERS' FUNDS

47,910

18,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 22 March 2018 and were signed on its behalf by:

Dr C Taylor - Director

Dr G Lloyd - Director

1.	STATUTORY INFORMATION

Taff Vale Practice Properties LTD is a private company, limited by shares , registered in England and Wales.

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

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.

First year adoption

These financial statements for the year ended 30th of June 2017 are the first that are prepared in accordance with

FRS 102 Section 1A for small entities. The previous financial statements were prepared in accordance with UK

GAAP.

Turnover

Turnover represents rents receivable during the year.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in

profit and loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

and 30 June 2017

559,492

NET BOOK VALUE

At 30 June 2017

559,492

At 30 June 2016

559,492

Investment property has to be revalued each year at fair value. The director consider there have been no

movement since the last external valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

£

£

Trade debtors

6,304

6,304

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/17

30/6/16

£

£

Bank loans and overdrafts

31,925

31,095

Trade creditors

-

1,788

Taxation and social security

7,327

4,554

Other creditors

18,931

13,774

58,183

51,211

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30/6/17

30/6/16

£

£

Bank loans

472,021

503,781

Amounts falling due in more than five years:

Repayable by instalments

Bank Loan 1 Due After 5 Year

120,979

135,402

Bank Loan 2 Due After 5 Year

89,495

100,108

Bank Loan 3 Due After 5 Year

123,875

134,204

334,349

369,714

8.	SECURED DEBTS

The following secured debts are included within creditors:

30/6/17

30/6/16

£

£

Bank loans

503,946

534,876

National Westminster Bank plc hold the following legal charges over the company assets:

- A debenture over the fixed and floating assets of the business.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have personally guaranteed the bank loans.

10.	FIRST YEAR ADOPTION

These financial statements for the year ended 30th June 2017 are the first financial statements that comply with

FRS 102 Section 1A small entities.

Upon regenerating the year end figures for 2016 under FRS 102 Section 1A, there were no transitional effects to

show.

There are no adjustments in the Reconciliation of Equity and Reconciliation of Profit or Loss reports.