BARAS INVESTMENTS LIMITED
SC411354
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
30 NOVEMBER 2014
30 November 2014
MESTON REID & CO.
CHARTERED ACCOUNTANTS
12 CARDEN PLACE
ABERDEEN
AB10 1UR
BARAS INVESTMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BARAS INVESTMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2014
30 November 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,312,719
1,879,881
Current assets
Debtors
4,208
219
Cash at bank and in hand
22,887
24,488
27,095
24,707
Creditors: amounts falling due within one year
(119,496)
(213,938)
Net current liabilities
(92,401)
(189,231)
Total assets less current liabilities
2,220,318
1,690,650
Creditors: amounts falling due after more than one year
(2,027,778)
(1,572,717)
192,540
117,933
Capital and reserves
Called up share capital
3
800
800
Profit and loss account
191,740
117,133
Shareholders' funds
192,540
117,933
For the financial year ended 30 November 2014 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 14 April 2015
Christopher Grinyer
Director
Company Registration No. SC411354
BARAS INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2014
- 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 in respect of property rental, net of VAT and applicable discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets 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:
The value of investment property is assessed annually by the directors' and is included on the balance sheet at open market value in accordance with SSAP19. The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit reduces the property below its historical cost in which case it is taken to the profit and loss account.
No depreciation is provided on investment property which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors' as the property is held primarily for investment potential and so the current value is of more significance than any measure of consumption, and to depreciate would not give a true and fair view.
The provisions of SSAP19 in respect of investment properties have been adopted in order to give a true and fair view. If the departure from the Companies Act 2006 had not been made, the operating profit for the year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified.
1.5
Revenue recognition
Rental income is recognised rateable over the period to which it relates.
2
Fixed assets
Tangible assets
£
Cost
At 1 December 2013
1,879,881
Additions
432,838
At 30 November 2014
2,312,719
At 30 November 2013
1,879,881
BARAS INVESTMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
800 800 Ordinary shares of £1 each of £1 each
800
800