ECHLIN_HOLDINGS_LIMITED - Accounts

ECHLIN_HOLDINGS_LIMITED - Accounts

ECHLIN HOLDINGS LIMITED - Company Information

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Company Registration No. 08820305 (England and Wales)
ECHLIN HOLDINGS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2015
ECHLIN HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 6
ECHLIN HOLDINGS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ECHLIN HOLDINGS LIMITED FOR THE PERIOD ENDED 31 MAY 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 6 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Echlin Holdings Limited for the Period ended 31 May 2015 set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Echlin Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 8 July 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Echlin Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Echlin Holdings Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Echlin Holdings Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Echlin Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Echlin Holdings Limited. You consider that Echlin Holdings Limited is exempt from the statutory audit requirement for the Period.
We have not been instructed to carry out an audit or a review of the financial statements of Echlin Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gerald Edelman
5 February 2016
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
ECHLIN HOLDINGS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MAY 2015
31 May 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,615
-
Investments
2
1,750,848
1,000,848
1,752,463
1,000,848
Current assets
Stocks
-
14,686
Debtors
301,058
2,640
Cash at bank and in hand
43,907
-
344,965
17,326
Creditors: amounts falling due within one year
(1,080,363)
(684,432)
Net current liabilities
(735,398)
(667,106)
Total assets less current liabilities
1,017,065
333,742
Creditors: amounts falling due after more than one year
(350,000)
(350,000)
667,065
(16,258)
Capital and reserves
Called up share capital
3
300
300
Revaluation reserve
750,000
-
Profit and loss account
(83,235)
(16,558)
Shareholders'  funds
667,065
(16,258)
ECHLIN HOLDINGS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2015
31 May 2015
- 3 -
For the financial Period ended 31 May 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 financial statements for the Period in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 5 February 2016
S A McNally
Director
Company Registration No. 08820305
ECHLIN HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 MAY 2015
- 4 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Going concern

The financial statements have been prepared on a going concern basis. During the year the company made a loss of £66,677 and at the balance sheet date the company had net current liabilities of £735,398.

 

The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from the company's directors and creditors. If the company were unable to obtain such funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount to provide for any further liabilities which might arise.

1.3
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).
1.4
Turnover

Turnover represents amounts receivable for services in relation to building project management net of VAT. Revenue is recognised as earned when and to the extent that the company obtains the right to consideration in exchange for its performance.in relation to building project management net of VAT.

 

Revenue is recognised as earned when and to the extent that the company obtains the right to consideration in exchange for its performance.

1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% Reducing balance method
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.8

Comparative figures

Comparative figures are for the period from 19 December 2013 to 31 December 2014.

ECHLIN HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2015
- 5 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost or valuation
At 1 January 2015
-
1,000,848
1,000,848
Additions
2,154
-
2,154
Revaluation
-
750,000
750,000
At 31 May 2015
2,154
1,750,848
1,753,002
Depreciation
At 1 January 2015
-
-
-
Charge for the period
539
-
539
At 31 May 2015
539
-
539
Net book value
At 31 May 2015
1,615
1,750,848
1,752,463
At 31 December 2014
-
1,000,848
1,000,848
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Ossington Developments Limited
England & Wales
Ordinary
90.00
Princedale Development Limited
England & Wales
Ordinary
80.00
Ossington Developments Limited
England & Wales
Preference
65.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Ossington Developments Limited
Property Development
997,527
(3,351)
Princedale Development Limited
Property Development
838,307
(5,389)
ECHLIN HOLDINGS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 MAY 2015
- 6 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
300 Ordinary Shares of £1 each
300
300

 

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