LONPALL_PROPERTY_COMPANY_ - Accounts
LONPALL_PROPERTY_COMPANY_ - Accounts
Company Registration No. 04767199 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
31 MAY 2014
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT 31 MAY 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
Current assets
Stocks
-
Debtors
Creditors: amounts falling due within one year
(263,284 )
(250,495 )
Net current liabilities
(27,753 )
(250,006 )
Total assets less current liabilities
(27,753 )
Capital and reserves
Called up share capital
3
Revaluation reserve
(67,691 )
(2,691 )
Profit and loss account
Shareholders' funds
(27,753 )
Approved by the Board for issue on 17 February 2015
Director
Company Registration No. 04767199
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2014
1
Accounting policies
1.1
Accounting convention
The company is not expected to continue in business for the foreseeable future, due to joint LPA receivers having been appointed over the company's investment property on 19 December 2014, and so the accounts have not been preared on the going concern basis.
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
1.4
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, 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.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 June 2013
300,000
Revaluation
(65,000)
Disposals
(235,000)
At 31 May 2014
-
At 31 May 2013
300,000
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid