Provincial Land Limited Small abbreviated accounts

PROVINCIAL LAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 00947591

PROVINCIAL LAND

LIMITED

Unaudited

Abbreviated Accounts

30 June 2015

PROVINCIAL LAND LIMITED

Abbreviated Balance Sheet

30 June 2015

	2015	2014
Note	£	£	£
FIXED ASSETS	2
Tangible assets		522	768
		----	----

CURRENT ASSETS

Stocks	1,627,898		1,619,920
Debtors	6,912		12,310
Cash at bank and in hand	8,604		3,332
	------------		------------
	1,643,414		1,635,562
CREDITORS: Amounts falling due within one year	253,045		240,660
	------------		------------
NET CURRENT ASSETS		1,390,369	1,394,902
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,390,891	1,395,670

PROVISIONS FOR LIABILITIES	104	154
	------------	------------
	1,390,787	1,395,516
	------------	------------

CAPITAL AND RESERVES

Called up equity share capital	3		32,000	32,000
Profit and loss account		1,358,787	1,363,516
		------------	------------
SHAREHOLDERS' FUNDS		1,390,787	1,395,516
		------------	------------

For the year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

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

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

These abbreviated accounts were approved by the directors and authorised for issue on 26 January 2016 , and are signed on their behalf by:

Mr M P Shaw

Company Registration Number: 00947591

PROVINCIAL LAND LIMITED

Notes to the Abbreviated Accounts

Year Ended 30 June 2015

1. ACCOUNTING POLICIES

Basis of accounting

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

Turnover

Turnover in respect of the provision of quantity surveying services is recognised as the service is provided, exclusive of Value Added Tax. Turnover in respect of property development is recognised at the point that each property sale has legally and unconditionally completed, exclusive of Value Added Tax.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings-25% Straight line

Stocks

Stock is valued at the lower of cost and net realisable value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, and includes all direct costs. Direct costs that do not add value to work in progress are written off to cost of sales.

Pension costs

The company contributes to personal pension plans. The pension charge represents the amounts payable by the company to the plans in respect of the year.

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Rental income

Turnover in respect of rental income is recognised on an accruals basis, exclusive of Value Added Tax. Properties held as trading stock for re-sale are often let prior to sale in order to enhance the value for re-sale purposes. The properties let however, remain reflected as trading stock as the company holds the assets with the sole intention of selling them. No assets are held for investment purposes.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 July 2014	2,950
Additions	262
	-------
At 30 June 2015	3,212
	-------

DEPRECIATION

At 1 July 2014	2,182
Charge for year	508
	-------
At 30 June 2015	2,690
	-------

NET BOOK VALUE

At 30 June 2015	522
	----

At 30 June 2014	768
	----

3. SHARE CAPITAL

Allotted, called up and fully paid:

2015	2014
No	£	No	£
Ordinary A shares of £ 1 each	3,200	3,200	3,200	3,200
Ordinary B shares of £ 1 each	14,399	14,399	14,399	14,399
Ordinary C shares of £ 1 each	14,401	14,401	14,401	14,401
	--------	--------	--------	--------
	32,000	32,000	32,000	32,000
	--------	--------	--------	--------