FESTIVAL_CITY_LIMITED - Accounts

FESTIVAL CITY LIMITED - Company Information

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Company Registration No. 02136268 (England and Wales)

FESTIVAL CITY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FESTIVAL CITY LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

FESTIVAL CITY LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FESTIVAL CITY LIMITED FOR THE YEAR ENDED 31 OCTOBER 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 4 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 Festival City Limited for the year ended 31 October 2014 set out on pages 3 to 8 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/regulations.

This report is made solely to the Board of Directors of Festival City Limited, as a body, in accordance with the terms of our engagement letter dated 10 July 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Festival City Limited and state those matters that we have agreed to state to the Board of Directors of Festival City 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 Festival City Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Festival City 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 Festival City Limited. You consider that Festival City Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Festival City 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

17 July 2015

Chartered Accountants

73 Cornhill

London

EC3V 3QQ

FESTIVAL CITY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2014

- 2 -

2014

2013

Notes

Fixed assets

Tangible assets

410,000

420,000

Current assets

Debtors

7,605

1,247

Cash at bank and in hand

16,533

7,614

17,780

Creditors: amounts falling due within one year

(24,922)

(18,561)

Net current liabilities

(17,308)

(781)

Total assets less current liabilities

392,692

419,219

Creditors: amounts falling due after more than one year

(460,051)

(470,964)

(67,359)

(51,745)

Capital and reserves

Called up share capital

100

Revaluation reserve

41,150

51,150

Profit and loss account

(108,609)

(102,995)

Shareholders' funds

(67,359)

(51,745)

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

Director's responsibilities:

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

The director acknowledges her 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 17 July 2015

Mrs L J Phillips

Director

Company Registration No. 02136268

FESTIVAL CITY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 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).

The financial statements have been prepared on a going concern basis, not withstanding that there is a deficiency of assets as at 31 October 2014 amounting to £67,359, the validity of which is dependent on the continued financial support of the company's shareholders and bankers. The financial statements do not include any adjustments that would result from discontinuance of their financial support. On this basis, the director consider it appropriate to prepare the financial statements on the going concern basis.

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

Turnover

Turnover represents amounts gross rent receivable and other property related income. Turnover is recognised in accordance with the lease agreements signed by tenants.

1.4

Tangible fixed assets and depreciation

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

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Loan issue cost

In accordance with FRS 4 (Capital Instruments) loans are included in the financial statements net of issued costs, which are amortised over the life of the loan.

FESTIVAL CITY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2014

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 November 2013

420,000

Revaluation

(10,000)

At 31 October 2014

410,000

At 31 October 2013

420,000

Creditors: amounts falling due within one year

The bank loan is secured on the company's investment properties and by a fixed and floating charge over its remaining assets.

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Loans from directors and shareholders

Description

Opening Balance

Amounts Advanced

Amounts Repaid

Closing Balance

Mrs L J Phillips

Director & shareholder

228,000

C D Phillips

Son to director & Company Secretary

1,080

(7,580)

(6,500)

There are no terms as to interest or repayment in respect of these balances.