Old Woodlands Properties (UK) Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 05171346 (England and Wales)

Abbreviated Accounts for the Year Ended 31 July 2014

for

Old Woodlands Properties (UK) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs E C Moss

J J Leach

SECRETARY:

Mrs E C Moss

REGISTERED OFFICE:

Riverside

3 Hayes Road

Bromley

Kent

BR2 9AF

REGISTERED NUMBER:

05171346 (England and Wales)

ACCOUNTANTS:

Burnbecks Limited

Chartered Certified Accountants

2B Haddo Street

Greenwich

London

SE10 9RN

FIXED ASSETS

Tangible assets

2

1,794

1,610

Investment property

3

372,800

372,800

374,594

374,410

CURRENT ASSETS

Debtors

2,515

2,063

Cash at bank

4,087

3,024

6,602

5,087

CREDITORS

Amounts falling due within one year

4,288

4,949

NET CURRENT ASSETS

2,314

138

TOTAL ASSETS LESS CURRENT LIABILITIES

376,908

374,548

CREDITORS

Amounts falling due after more than one year

4

757,672

747,035

NET LIABILITIES

(380,764

)

(372,487

)

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

(380,864

)

(372,587

)

SHAREHOLDERS' FUNDS

(380,764

)

(372,487

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 11 February 2015 and were signed on its behalf by:

Mrs E C Moss - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At the Balance Sheet date the company's liabilities exceeded its assets by £380,764. The company

meets its day to day working capital requirements as a result of financial assistance provided by one

of its directors, Mrs E C Moss. At the Balance Sheet date she was owed £438,746 by the company.

Mrs E C Moss has indicated that her loan to the company should remain at its disposal for the

foreseeable future and does not intend to seek immediate repayment of this loan. The directors

therefore consider it appropriate to prepare these financial statements on a going concern basis.

The financial statements do not include any adjustments that may have to be made should the

company be unsuccessful in at least maintaining the current levels of financial support.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

Turnover represents rents receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings

-

10% on cost

Computer equipment

-

25% on reducing balance

Depreciation

Depreciation is not provided in respect of the company's investment properties, which are reflected at

valuation. This treatment has been adopted to comply with the requirements of the Financial

Reporting Standard for Smaller Entities (effective April 2008) for investment purposes.

Although this is a departure from the accounting requirements of the Companies Act 2006, which

requires such properties to be depreciated, the directors consider the departure in this regard justified

on the grounds of compliance with the Accounting Standard and the overriding requirement under the

Companies Act 2006 for the financial statements to show a true and fair view.

If this departure from the Companies Act 2006 had not been made, the profit for the financial year

would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be

quantified, because depreciation is only one of the many factors reflected in the valuation of the

properties and the amount which might otherwise have been shown cannot be separately identified or

quantified.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2013

20,552

Additions

1,394

At 31 July 2014

21,946

DEPRECIATION

At 1 August 2013

18,942

Charge for year

1,210

At 31 July 2014

20,152

NET BOOK VALUE

At 31 July 2014

1,794

At 31 July 2013

1,610

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 August 2013

and 31 July 2014

372,800

NET BOOK VALUE

At 31 July 2014

372,800

At 31 July 2013

372,800

The company's properties are held for long-term investment. Investment properties are accounted for

in accordance with Financial Reporting Standard for Smaller Entities (effective April 2008), as

follows:

(i) investment properties are revalued annually. The surplus or deficit on revaluation is transferred to

the revaluation reserve unless the deficit is below original cost, or its reversal, on an individual

investment property is expected to be permanent, in which case it is recognised in the profit and loss

account for the year; and

(ii) no amortisation is provided in respect of leasehold investment properties with over 20 years to

run.

Although the Companies Act 2006 would normally require the systematic annual depreciation of

fixed assets, the directors believe that this policy of not providing amortisation is necessary in order

for the accounts to give a true and fair view, since the current value of investment properties and

changes in that current value are of prime importance rather than a calculation of systematic annual

depreciation. Amortisation is only one of the many factors reflected in the annual valuation and the

amount which might otherwise have been shown cannot be separately identified or quantified.

4.

CREDITORS

Creditors include an amount of £ 318,926 (31.7.13 - £ 318,926 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.7.14

31.7.13

£

£

Repayable otherwise than by instalments

318,926

318,926

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.14

31.7.13

value:

£

£

100

Ordinary

£1

100

100

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs E C Moss.