Company Registration No. 03373148 (England and Wales)
FAB PROPERTIES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
FAB PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
FAB PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
947,002
947,002
Current assets
Debtors
100,750
-
Cash at bank and in hand
14,955
113,258
115,705
113,258
Creditors: amounts falling due within one year
(28,889)
(27,972)
Net current assets
86,816
85,286
Total assets less current liabilities
1,033,818
1,032,288
Creditors: amounts falling due after more than one year
(22,800)
(42,538)
1,011,018
989,750
Capital and reserves
Called up share capital
3
101
101
Profit and loss account
1,010,917
989,649
Shareholders' funds
1,011,018
989,750
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge 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.
Approved by the Board for issue on 1 September 2015
B G White
Director
Company Registration No. 03373148
FAB PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents the amount of rent receivable in respect of the investment property.
1.4
Tangible fixed assets and depreciation
The investment property is included in the balance sheet at cost which in the directors opinion equates to its open market value.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2014 & at 31 May 2015
947,002
At 31 May 2014
947,002
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary "A" Shares of £1 each
100
100
1 Ordinary "B" Shares of £1 each
1
1
101
101
The "A" ordinary and the "B" ordinary shares have non-equal rights as regards to dividends that might be paid.
The "B" ordinary shareholders are entitled to receive notice of, attend and vote at general meetings of the company. They have no right to receive income and in the case of a winding up they are only entitled to receive amounts equal to the par value of their holdings.