ELEGANT_(WORCESTERSHIRE)_ - Accounts
ELEGANT_(WORCESTERSHIRE)_ - Accounts
Company Registration No. 08319924 (England and Wales)
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
Investments
2
-
-
Current assets
Stocks
-
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(584,915 )
(2,613,908 )
Net current assets
Total assets less current liabilities
Capital and reserves
Called up share capital
4
Profit and loss account
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board and authorised for issue on 16 September 2015
Director
Company Registration No. 08319924
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
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
1.4
Tangible fixed assets and depreciation
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 applicable accounting standard, SSAP 19, Accounting for investment properties, 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.
Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, 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
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2014
-
-
-
Additions
12,500
262,500
At 31 March 2015
12,500
262,500
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £150,000 (2014 - £2,006,186).
4
Share capital
2015
2014
£
£
Authorised
Allotted, called up and fully paid
5
Related party relationships and transactions
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr & Mrs McElholm -
-
100
109,528
-
-
109,628
100
109,528
-
-
109,628