Registered number: 07708108
Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 2,936 2,488
Current assets
Debtors 3 1,035 -
Cash at bank and in hand 3,849 6,565
4,884 6,565
Creditors: amounts falling due within one year 4 (2,764) (5,603)
Net current assets 2,120 962
Net assets 5,056 3,450
Capital and reserves
Called up share capital 2 2
Profit and loss account 5,054 3,448
Shareholder's funds 5,056 3,450
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Imran Ijaz
Approved by the board on 30 March 2017
Notes to the Accounts
for the year ended 31 July 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings 20% reducing balance
Office equipment 20% reducing balance
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Fixtures & fittings Office equipment Total
£ £ £
At 1 August 2015 1,960 2,500 4,460
Additions - 1,182 1,182
At 31 July 2016 1,960 3,682 5,642
At 1 August 2015 752 1,220 1,972
Charge for the year 242 492 734
At 31 July 2016 994 1,712 2,706
Net book value
At 31 July 2016 966 1,970 2,936
At 31 July 2015 1,208 1,280 2,488
3 Debtors 2016 2015
£ £
Other debtors 1,035 -
4 Creditors: amounts falling due within one year 2016 2015
£ £
Corporation tax 1,317 904
Director current account - 3,606
Accruals 1,447 1,093
2,764 5,603
5 Other information
ORIENT PROPERTY SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
610 Greenlane
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