Company Registration No. 02959240 (England and Wales)
SOURCE ESCROW LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
SOURCE ESCROW LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SOURCE ESCROW LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
508,534
408,545
Current assets
Debtors
300
300
Cash at bank and in hand
11,448
13,258
11,748
13,558
Creditors: amounts falling due within one year
(127,487)
(127,043)
Net current liabilities
(115,739)
(113,485)
Total assets less current liabilities
392,795
295,060
Capital and reserves
Called up share capital
3
2,000
2,000
Revaluation reserve
332,861
232,861
Profit and loss account
57,934
60,199
Shareholders'  funds
392,795
295,060
For the financial year ended 30 April 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 December 2015
J T Kevill
Director
Company Registration No. 02959240
SOURCE ESCROW LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 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 receivable for rents excluding value added tax during the year.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties professionally valued by a  Chartered Surveyor on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Furniture and fittings
25% reducing value
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

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. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
SOURCE ESCROW LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 May 2014
410,769
Revaluation
100,000
At 30 April 2015
510,769
Depreciation
At 1 May 2014
2,224
Charge for the year
11
At 30 April 2015
2,235
Net book value
At 30 April 2015
508,534
At 30 April 2014
408,545
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2,000 Ordinary shares of £1 each
2,000
2,000
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