| Centerland Limited |
| Registered Number |
| 02617529 |
| Abbreviated Balance Sheet |
| As at 30 June 2014 |
|
|
Notes |
|
|
2014 |
|
|
2013 |
|
|
|
|
£ |
|
|
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,795,075 |
|
|
1,984,101 |
|
| Current assets |
| Debtors |
|
|
164,578 |
|
|
203,075 |
| Cash at bank and in hand |
|
|
6,098 |
|
|
9,241 |
|
|
|
170,676 |
|
|
212,316 |
|
| Creditors: amounts falling due within one year |
3 |
|
(763,212) |
|
|
(1,119,440) |
|
| Net current liabilities |
|
|
|
(592,536) |
|
|
(907,124) |
|
| Total assets less current liabilities |
|
|
|
1,202,539 |
|
|
1,076,977 |
|
| Creditors: amounts falling due after more than one year |
3 |
|
|
(365,013) |
|
|
(336,882) |
|
|
|
| Net assets |
|
|
|
837,526 |
|
|
740,095 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
4 |
|
|
200 |
|
|
200 |
| Share premium |
|
|
|
4,900 |
|
|
4,900 |
| Revaluation reserve |
|
|
|
289,650 |
|
|
352,349 |
| Profit and loss account |
|
|
|
542,776 |
|
|
382,646 |
|
| Shareholders' funds |
|
|
|
837,526 |
|
|
740,095 |
|
|
|
|
|
|
|
|
|
|
|
(Abbreviated Balance Sheet Continues Overleaf) |
|
|
|
|
|
|
| (Abbreviated Balance Sheet Continued) |
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr G R Hamblyn |
| Director |
| Approved by the board on 30 March 2015 |
|
| Centerland Limited |
| Notes to the Abbreviated Accounts |
| For the year ended 30 June 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The unaudited accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover represents income from property investment. |
|
|
Investment properties |
|
Statement of Standard Accounting Practice No 19 requires that the value of Investment Properties are considered annually by the Director and are stated at open market value as at the Balance Sheet date and any surplus or deficit on revaluation is transferred to the revaluation reserve. Depreciation is not provided in respect of freehold investment properties. The director considers that this accounting policy, which represents a departure from the statutory accounting rules, is necessary to provide a true and fair view as required under SSAP 19 Accounting for investment properties. |
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
|
|
Fixtures and fittings |
25% reducing balance basis |
|
|
|
Going Concern |
|
The bank loans which amounted to £714,896 as at 30th June 2014 have not been renewed at the date of approval of the unaudited accounts. The director has made significant efforts, to re-negotiate the bank loan facilities; it has so far proved difficult to agree with the bank the renewal of the company's bank loan facilities. If the renewal of the bank loan facilities is not forthcoming, then the director will need to dispose of the investment properties which amount to £1,795,000 as at 30th June 2014 held within the company to such an extent as to meet the bank loan obligation amounting to £714,896 as at 30th June 2014.
The director has concluded that a material uncertainty exists that casts a significant doubt upon the company's ability to continue as a going concern, therefore, the company may be unable to realise its assets and discharge its liabilities in the normal course of business. However, given the continuing efforts to secure a renewal of the bank loan facilities, the director continues to adopt the going concern basis of accounting. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 July 2013 |
1,993,834 |
|
Additions |
11,500 |
|
Surplus on revaluation |
128,500 |
|
Disposals |
(329,000) |
|
At 30 June 2014 |
1,804,834 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2013 |
9,733 |
|
Charge for the year |
26 |
|
At 30 June 2014 |
9,759 |
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2014 |
1,795,075 |
|
At 1 July 2013 |
1,984,101 |
|
|
|
|
|
|
|
|
| 3 |
Loans |
2014 |
|
2013 |
|
|
|
|
|
|
£ |
|
£ |
|
Creditors include: |
|
Secured bank loans and overdraft |
714,896 |
|
1,007,886 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
|
|
value |
|
Number |
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
200 |
|
200 |
|
200 |
|
|
|
|
|
|
|
|
|
