JIM MILNE PROPERTIES LIMITED
SC177243
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
31 JULY 2015
31 July 2015
JIM MILNE PROPERTIES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
JIM MILNE PROPERTIES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2015
31 July 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
63,417
70,655
Current assets
Debtors
1
1,451
Cash at bank and in hand
9,961
13,004
9,962
14,455
Creditors: amounts falling due within one year
(106,204)
(108,820)
Net current liabilities
(96,242)
(94,365)
Total assets less current liabilities
(32,825)
(23,710)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
(32,826)
(23,711)
Shareholders' funds
(32,825)
(23,710)
For the financial year ended 31 July 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 17 March 2016
James S Milne
Director
Company Registration No. SC177243
JIM MILNE PROPERTIES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 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 amounts receivable from rental income of the company's heritable properties.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
4% per annum straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2014 & at 31 July 2015
180,952
Depreciation
At 1 August 2014
110,297
Charge for the year
7,238
At 31 July 2015
117,535
Net book value
At 31 July 2015
63,417
At 31 July 2014
70,655
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1