Hillview Developments Limited - Limited company accounts 11.7

REGISTERED NUMBER: SC161081 (Scotland)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 May 2015

for

Hillview Developments Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Statement of Total Recognised Gains and Losses

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

Mrs N Millar

A Saccomando

Mrs G Saccomando

SECRETARY:

A Saccomando

REGISTERED OFFICE:

Auchengree Farm

Lenzie Road

Stepps

Glasgow

G33 6BZ

REGISTERED NUMBER:

SC161081 (Scotland)

The directors present their report with the financial statements of the company for the year ended 31 May 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 June 2014 to the date of this report.

Mrs N Millar

A Saccomando

Mrs G Saccomando

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mrs N Millar - Director

21 August 2015

TURNOVER

216,309

214,418

Administrative expenses

26,865

27,957

OPERATING PROFIT

2

189,444

186,461

Interest payable and similar charges

1,136

-

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

188,308

186,461

Tax on profit on ordinary activities

3

41,593

41,034

PROFIT FOR THE FINANCIAL YEAR

146,715

145,427

PROFIT FOR THE FINANCIAL YEAR

146,715

145,427

Unrealised surplus on revaluation of properties

-

256,116

TOTAL RECOGNISED GAINS AND LOSSES
RELATING TO THE YEAR

146,715

401,543

FIXED ASSETS

Investments

5

693,450

-

Investment property

6

2,276,895

2,200,000

2,970,345

2,200,000

CURRENT ASSETS

Debtors

7

104,325

312,003

Cash at bank

258,748

257,212

363,073

569,215

CREDITORS

Amounts falling due within one year

8

(579,572

)

(153,584

)

NET CURRENT (LIABILITIES)/ASSETS

(216,499

)

415,631

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,753,846

2,615,631

CAPITAL AND RESERVES

Called up share capital

9

100,000

Revaluation reserve

10

1,000,937

Profit and loss account

10

1,652,909

1,514,694

SHAREHOLDERS' FUNDS

2,753,846

2,615,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2015 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 financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 21 August 2015 and were signed on its behalf by:

Mrs N Millar - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of

rental income due for the accounting period, exclusive of value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties are valued at their open market value at the balance sheet date. Any surplus on revaluation

is transferred to the investment property revaluation reserve. Any deficit is deducted from the investment

property revaluation reserve, except for permanent diminutions in value, which are charged to the profit and loss

account.

Deferred tax

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

sheet date. Deferred tax is calculated at the rates of tax that are expected to apply in the periods when the timing

differences will reverse and has not been discounted.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.5.15

31.5.14

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.5.15

31.5.14

£

Current tax:

UK corporation tax

41,593

40,947

Prior year adjustment

-

87

Tax on profit on ordinary activities

41,593

41,034

4.

DIVIDENDS

31.5.15

31.5.14

£

Ordinary shares of £1 each

Final

8,500

12,000

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

Additions

693,450

At 31 May 2015

693,450

NET BOOK VALUE

At 31 May 2015

693,450

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 June 2014

2,200,000

Additions

76,895

At 31 May 2015

2,276,895

NET BOOK VALUE

At 31 May 2015

2,276,895

At 31 May 2014

2,200,000

Cost or valuation at 31 May 2015 is represented by:

£

Valuation in 1997

113,915

Valuation in 2000

480,906

Valuation in 2002

150,000

Valuation in 2014

256,116

Cost

1,275,958

2,276,895

If the investment property had not been revalued it would have been included at the following historical cost:

31.5.15

31.5.14

£

Cost

1,199,063

The investment property was valued on an open market basis on 31 May 2014 by Hg Consulting Ltd, Chartered Surveyors

.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.15

31.5.14

£

Trade debtors

67,999

41,143

Other debtors

36,326

270,860

104,325

312,003

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.15

31.5.14

£

Taxation and social security

52,604

58,150

Other creditors

526,968

95,434

579,572

153,584

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

100,000

Ordinary

£1

100,000

10.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

At 1 June 2014

1,514,694

1,000,937

2,515,631

Profit for the year

146,715

Dividends

(8,500

)

(8,500

)

At 31 May 2015

1,652,909

1,000,937

2,653,846

11.	TRANSACTIONS WITH DIRECTORS

The following loans to directors subsisted during the years ended 31 May 2015 and 31 May 2014:

31.5.15

31.5.14

£

A Saccomando

Balance outstanding at start of year

37,034

35,391

Amounts advanced

495

1,643

Amounts repaid

(24,011

)

-

Balance outstanding at end of year

13,518

37,034

Mrs G Saccomando

Balance outstanding at start of year

17,698

15,391

Amounts advanced

3,048

2,307

Amounts repaid

-

Balance outstanding at end of year

20,746

17,698

Mrs N Millar

Balance outstanding at start of year

76,080

8,153

Amounts advanced

-

67,927

Amounts repaid

(345,000

)

-

Balance outstanding at end of year

(268,920

)

76,080