Reach Projects Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06633653 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

FOR

REACH PROJECTS LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J R Scott

S T Scott

SECRETARY:

S T Scott

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

06633653 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

CURRENT ASSETS

Stocks

2,898,484

2,898,484

Debtors

2

123,365

Cash at bank

2,146

-

2,900,632

3,021,849

CREDITORS

Amounts falling due within one year

3,813,464

3,961,412

NET CURRENT LIABILITIES

(912,832

)

(939,563

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(912,832

)

(939,563

)

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

(912,834

)

(939,565

)

SHAREHOLDERS' FUNDS

(912,832

)

(939,563

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 20 March 2015 and were signed on its behalf by:

J R Scott - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis. The company, together with the related

companies of the "Indigoscott Group," are dependent on the continued support of their bank, National

Westminster Bank Plc. On 15 March 2012 a formal restructuring agreement was entered into with their bankers.

Under the terms of that agreement the company, together with the other "Indigoscott" companies, are only

obliged to pay the following:-

1. Net sale proceeds of the development stock owned by the Indigoscott Group at 15 March 2012 (subject to any

amount due to an individual company's mezzanine finance provider).

2. A total of £875,000, which the directors have agreed to pay personally over a five year period.

Any surplus borrowings will then be written off by the bank.

In view of the above, the Directors consider the going concern basis of preparing the financial statements to be

appropriate.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Stocks

Work in progress represents the lower of the costs incurred and the net value realisable for the work completed at

the balance sheet date. All costs apportioned to the projects are included within work in progress and considered

an inherent cost of that project.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

and 30 June 2014

9,363

DEPRECIATION

At 1 July 2013

and 30 June 2014

9,363

NET BOOK VALUE

At 30 June 2014

-

At 30 June 2013

-

3.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

£

2

Ordinary Shares

£1

2

2

4.	ULTIMATE PARENT COMPANY

Lancaster Lodge Developments Limited is the company's ultimate parent company