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Registered number: 04053901
TIMBERGRAIN LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
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TIMBERGRAIN LIMITED
REGISTERED NUMBER: 04053901
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ABBREVIATED BALANCE SHEET
AS AT 30 SEPTEMBER 2014
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Investment property reserve
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Page 1
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ABBREVIATED BALANCE SHEET (continued)
AS AT 30 SEPTEMBER 2014
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
Page 2
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investments held as fixed assets are shown at cost less provision for impairment.
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Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Depreciation is only provided on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
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Page 3
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
2.TANGIBLE FIXED ASSETS
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At 1 October 2013 and 30 September 2014
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Page 4
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
3.INVESTMENT PROPERTY
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Surplus/(deficit) on revaluation
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Annual revaluation surplus/(deficit):
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The 2014 valuations were made by Henry Gover, on an open market value for existing use basis.
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Net surplus in investment properties
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4.FIXED ASSET INVESTMENTS
Participating interests
The company holds a participating interest in Roccabella Limited, holding 50% of it's share capital.
Page 5
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
Rainbow Property Partnership Limited was a 100% owned subsidiary until 2 October 2013 when all shares were disposed of at par value.
5.CREDITORS:
Amounts falling due after more than one year
The bank loan is secured by a legal charge over the properties known as 17 Weir Pond Road and Wainman Road Factory Estate.
6.SHARE CAPITAL
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Allotted, called up and fully paid
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1,000 Ordinary shares of £1 each
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7.RESERVES
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Investment property revaluation reserve
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Movement on investment property
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Page 6
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