Old Rec Cottages Limited - Period Ending 2013-10-31

Registration number: 04943148

Old Rec Cottages Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2013
 

Old Rec Cottages Limited
Contents

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

Old Rec Cottages Limited
Company Information

Directors

Mr A J Morgan FRICS, FAAV Mr S L Morgan Mrs H A Morgan

Company secretary

Mrs H A Morgan

Registered office

The Old Rectory Cellan Lampeter Ceredigion SA48 8HX

Accountants

PJE Chartered Accountants 23, College Street Lampeter Ceredigion SA48 7DY

Page 1

Old Rec Cottages Limited
(Registration number: 04943148)
Abbreviated Balance Sheet at 31 October 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets		2			532,808			533,964
Current assets
Debtors					1,594			646
Cash at bank and in hand					-			1,084
					1,594			1,730
Creditors: Amounts falling due within one year					(389,477)			(393,730)
Net current liabilities					(387,883)			(392,000)
Net assets					144,925			141,964
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					144,825			141,864
Shareholders' funds					144,925			141,964

For the year ending 31 October 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 30 June 2014 and signed on its behalf by:

.........................................
Mr A J Morgan FRICS, FAAV
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Old Rec Cottages Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

Despite net current liabilities of £387,883 (2012: £392,000), the directors believe it appropriate to prepare the accounts on a going concern basis as amounts owed to the directors are subordinated beneath liabilities to other third parties.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery etc.	20% on cost

Investment properties

Some of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Old Rec Cottages Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2012		535,120			535,120
At 31 October 2013		535,120			535,120
Depreciation
At 1 November 2012		1,156			1,156
Charge for the year		1,156			1,156
At 31 October 2013		2,312			2,312
Net book value
At 31 October 2013		532,808			532,808
At 31 October 2012		533,964			533,964

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4	Related party transactions

At 31 October 2013 the balance owed to the directors was £386,403.

5

Control

The largest single shareholding in the company is 50% and therefore there is no ultimate controlling party.

Page 4