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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Silverleaf Properties Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02673851
Silverleaf Properties Limited
Filleted Unaudited Abridged Financial Statements
30 June 2017
Silverleaf Properties Limited
Abridged Financial Statements
Year ended 30 June 2017
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
Silverleaf Properties Limited
Officers and Professional Advisers
Director
K Hails
Registered office
Long Meadow House
Beamish
Stanley
County Durham
DH9 0RL
Accountants
Mitchells Limited
Chartered accountant
Swallow House
Parsons Road
Washington
Tyne & Wear
NE37 1EZ
Silverleaf Properties Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Silverleaf Properties Limited
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Silverleaf Properties Limited for the year ended 30 June 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Silverleaf Properties Limited in accordance with the terms of our engagement letter dated 12 January 2016. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Silverleaf Properties Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silverleaf Properties Limited and its director for our work or for this report.
It is your duty to ensure that Silverleaf Properties Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Silverleaf Properties Limited. You consider that Silverleaf Properties Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Silverleaf Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
Mitchells Limited Chartered accountant
Swallow House Parsons Road Washington Tyne & Wear NE37 1EZ
23 January 2018
Silverleaf Properties Limited
Abridged Statement of Financial Position
30 June 2017
2017
2016
Note
£
£
£
Fixed Assets
Tangible assets
5
350,049
350,065
Current Assets
Cash at bank and in hand
3,063
3,030
Creditors: amounts falling due within one year
40,104
38,555
--------
--------
Net Current Liabilities
37,041
35,525
---------
---------
Total Assets Less Current Liabilities
313,008
314,540
Creditors: amounts falling due after more than one year
66,950
91,161
---------
---------
Net Assets
246,058
223,379
---------
---------
Capital and Reserves
Called up share capital
2
2
Revaluation reserve
234,256
234,256
Profit and loss account
11,800
( 10,879)
---------
---------
Shareholders Funds
246,058
223,379
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Silverleaf Properties Limited
Abridged Statement of Financial Position (continued)
30 June 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 23 January 2018 , and are signed on behalf of the board by:
K Hails
Director
Company registration number: 02673851
Silverleaf Properties Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Long Meadow House, Beamish, Stanley, County Durham, DH9 0RL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer
-
25% reducing balance
Freehold Property - No depreciation is charged against freehold property as the director believes the net book value in the accounts accurately reflects the market value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
£
Cost
At 1 July 2016 and 30 June 2017
352,036
---------
Depreciation
At 1 July 2016
1,971
Charge for the year
16
---------
At 30 June 2017
1,987
---------
Carrying amount
At 30 June 2017
350,049
---------
At 30 June 2016
350,065
---------
Tangible assets held at valuation
The property was revalued on 4th July 2008 by Thomas Madrell B.A. (Dunelm), M.R.I.C.S. on the open market capital value basis.
6. Director's advances, credits and guarantees
Included in creditors: amounts falling due within one year is a directors loan balance of £25,000 (2016: £25,000). Included in creditors: amounts falling due after more than one year is a directors loan balance of £38,967 (2016: £57,947).
7. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.
8. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
No transitional adjustments were required in equity or profit or loss for the year.