Abbreviated Company Accounts - KENRY DEVELOPMENTS LIMITED
Abbreviated Company Accounts - KENRY DEVELOPMENTS LIMITED
Registered Number NI044370
KENRY DEVELOPMENTS LIMITED
Abbreviated Accounts
31 March 2015
KENRY DEVELOPMENTS LIMITED Registered Number NI044370
Abbreviated Balance Sheet as at 31 March 2015
| Notes | 2015 | 2014 | |
|---|---|---|---|
| £ | £ | ||
| Current assets | |||
| Stocks |
|
|
|
| Debtors |
|
|
|
| Cash at bank and in hand |
|
|
|
|
|
|
||
| Net current assets (liabilities) |
|
|
|
| Total assets less current liabilities |
|
|
|
| Creditors: amounts falling due after more than one year |
( |
( |
|
| Total net assets (liabilities) |
( |
( |
|
| Capital and reserves | |||
| Called up share capital | 2 |
|
|
| Profit and loss account |
( |
( |
|
| Shareholders' funds |
( |
( |
|
For the year ending 31 March 2015 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
And signed on their behalf by:
KENRY DEVELOPMENTS LIMITED Registered Number NI044370
Notes to the Abbreviated Accounts for the period ended 31 March 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Other accounting policies
Work in progress is valued at the lower of cost and net realisable value. Cost is defined as that expenditure which has been incurred in bringing the product/service to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.
Taxation
The yearly charge for taxation is based on the profit for the year and is calculated with reference to the tax rates applying at the balance sheet date.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having funds to meet obligations as they fall due.
As a result of the ongoing economic crisis and its particular impact on the property sector, the company has reported losses during the period. The directors consider that the outlook for the property sector will remain challenging for some time to come, with significant constraints upon sales, lettings and rentals. These circumstances create material uncertainty over future profitability and cash flow.
The directors have concluded that the combination of these circumstances represents a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern. Nevertheless, after making enquiries and considering the uncertainties described above, the directors have a reasonable expectation that the company will have adequate resources to continue in operation existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the financial statements.