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CAPITAL ESTATES LIMITED
REGISTERED NUMBER:
00561028
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ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
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Creditors:
amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 29 February 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
1
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ABBREVIATED BALANCE SHEET
(continued)
AS AT
29 FEBRUARY 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
24 November 2016
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Mr Dalip Singh Boora
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The notes on pages 3 to 4 form part of these financial statements.
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
1.
Accounting Policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of freehold land and buildings
and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015)
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Turnover represents rent receivable from UK properties.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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2.
Tangible fixed assets
3
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016
3.
Investment property
All of the company's investment properties were professionally valued on an open market basis by Chartered Surveyors in January 2011 and the directors feel that the current valuation of the properties is not materially different.
The company acquired a quarter share in a property during 1993/94; the amount relating to this building in the accounts is a quarter share of the revalued amount of the whole property. The remaining share in the property was acquired by three directors of the company in their personal capacities.
The historic cost of the investment properties is £1,938,729 (2015 - £1,908,424).
It is the company's intention to retain the properties for the foreseeable future. No deferred tax has been provided on the gains arising from the revaluation as such tax would only become payable if the properties were sold. The tax payable in such circumstances is estimated to be £858,015 (2014 - £858,015).
4.
Share capital
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Allotted, called up and fully paid
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10,000
Ordinary
shares of £
1
each
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4
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