ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
UNAUDITED
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2018
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CLARENCEBANK DEVELOPMENTS LIMITED
COMPANY INFORMATION
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CLARENCEBANK DEVELOPMENTS LIMITED
CONTENTS
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CLARENCEBANK DEVELOPMENTS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CLARENCEBANK DEVELOPMENTS LIMITED
FOR THE YEAR ENDED 31 JULY 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clarencebank Developments Limited for the Year ended 31 July 2018 which comprise the Balance Sheet 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017.
This report is made solely to the Board of Directors of Clarencebank Developments Limited, as a body, in accordance with the terms of our engagement letter dated 07 December 2009. Our work has been undertaken solely to prepare for your approval the financial statements of Clarencebank Developments Limited and state those matters that we have agreed to state to the Board of Directors of Clarencebank Developments Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-january-2017. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clarencebank Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Clarencebank Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Clarencebank Developments Limited. You consider that Clarencebank Developments Limited is exempt from the statutory audit requirement for the Year.
Chartered Accountants
11 Dudhope Terrace
DD3 6TS
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CLARENCEBANK DEVELOPMENTS LIMITED
REGISTERED NUMBER: SC253209
BALANCE SHEET
AS AT 31 JULY 2018
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CLARENCEBANK DEVELOPMENTS LIMITED
REGISTERED NUMBER: SC253209
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2018
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 4 to 6 form part of these financial statements.
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CLARENCEBANK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
Clarencebank Developments Limited is a private company limited by shares, incorporated in Scotland within the United Kingdom (company number SC253209). The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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CLARENCEBANK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
Included within other debtors due within one year is an interest free loan to a Director, amounting to £35,523 (2017 - £35,523). Amounts repaid during the year totalled £NIL. The main conditions were as follows:
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CLARENCEBANK DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
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