PRINCEDALE_DEVELOPMENT_LI - Accounts

PRINCEDALE DEVELOPMENT LIMITED - Company Information

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Company Registration No. 08586760 (England and Wales)

PRINCEDALE DEVELOPMENT LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2014

PRINCEDALE DEVELOPMENT LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

PRINCEDALE DEVELOPMENT LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRINCEDALE DEVELOPMENT LIMITED FOR THE PERIOD ENDED 31 MAY 2014

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Princedale Development Limited for the Period ended 31 May 2014 set out on pages 3 to 7 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 in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Princedale Development Limited, as a body, in accordance with the terms of our engagement letter dated 8 July 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Princedale Development Limited and state those matters that we have agreed to state to the Board of Directors of Princedale Development Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Princedale Development Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Princedale Development 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 loss of Princedale Development Limited. You consider that Princedale Development Limited is exempt from the statutory audit requirement for the Period.

We have not been instructed to carry out an audit or a review of the financial statements of Princedale Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gerald Edelman

25 February 2015

Chartered Accountants

25 Harley Street

London

W1G 9BR

PRINCEDALE DEVELOPMENT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 2 -

2014

Notes

Current assets

Stocks

4,234,573

Debtors

42,500

Cash at bank and in hand

689

4,277,762

Creditors: amounts falling due within one year

(100,947)

Total assets less current liabilities

4,176,815

Creditors: amounts falling due after more than one year

(3,333,119)

843,696

Capital and reserves

Called up share capital

850,000

Profit and loss account

(6,304)

Shareholders' funds

843,696

For the financial Period ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 25 February 2015

M O'Callaghan

Director

Company Registration No. 08586760

PRINCEDALE DEVELOPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 MAY 2014

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Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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

Stock

Properties in the course of development and held for resale purposes are not treated as investment properties but as stock of properties. Stock of properties is valued at the lower of cost and net realisable value.

1.4

Borrowing costs

Borrowing costs directly attributable to the cost and development of the property are capitalised and included within stock.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £3,333,119.

Share capital

2014

Allotted, called up and fully paid

850,000 Ordinary shares of £1 each

850,000

During the year 850,000 ordinary shares of £1 each were allotted and fully paid at par for cash consideration.