Abbreviated Company Accounts - BILLY HENDERSON PROPERTIES LIMITED

BILLY HENDERSON PROPERTIES LIMITED - Company Information

Registered Number NI064569

BILLY HENDERSON PROPERTIES LIMITED

Abbreviated Accounts

31 May 2014

BILLY HENDERSON PROPERTIES LIMITED Registered Number NI064569

Abbreviated Balance Sheet as at 31 May 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	2	3,036	3,504
		3,036	3,504
Current assets
Stocks		3,313,247	3,529,320
Debtors		27,042	24,955
Cash at bank and in hand		578,803	106,480
		3,919,092	3,660,755
Creditors: amounts falling due within one year		(1,236,100)	(1,217,531)
Net current assets (liabilities)		2,682,992	2,443,224
Total assets less current liabilities		2,686,028	2,446,728
Creditors: amounts falling due after more than one year		(5,000,000)	(5,000,000)
Total net assets (liabilities)		(2,313,972)	(2,553,272)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(2,314,072)	(2,553,372)
Shareholders' funds		(2,313,972)	(2,553,272)

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 17 February 2015

And signed on their behalf by:
W Henderson, Director

BILLY HENDERSON PROPERTIES LIMITED Registered Number NI064569

Notes to the Abbreviated Accounts for the period ended 31 May 2014

1Accounting Policies

Basis of measurement and preparation of accounts
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).

Under FRS 1 the company is exempt from the requirement to prepare a cashflow statement on the grounds that it qualifies as a small company.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Turnover comprises revenue due in respect of development sales and is recognised when a right to
consideration is obtained from the performance of contractual obligations.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery 20% Reducing Balance

Other accounting policies
Going concern

The company meets its day to day working capital requirements through the continuing support of its directors. This arrangement is expected to continue and as such the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support outlined.

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value. Cost includes direct expenditure on acquisition or development.

Deferred taxation

Full provision for deferred tax assets and liabilities is provided at current tax rates on differences that arise between the recognition of gains and losses in the financial statements and their recognition in the tax computation, except for differences arising on the revaluation of fixed assets (if no commitment to sell), or gains on any asset sold that will benefit from rollover relief.

2Tangible fixed assets

	£
Cost
At 1 June 2013	12,252
Additions	291
Disposals	-
Revaluations	-
Transfers	-
At 31 May 2014	12,543
Depreciation
At 1 June 2013	8,748
Charge for the year	759
On disposals	-
At 31 May 2014	9,507
Net book values
At 31 May 2014	3,036
At 31 May 2013	3,504