Gilgarran Estates Limited - Period Ending 2015-08-31

Registration number: 05893064

Gilgarran Estates Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2015
 

Gilgarran Estates Limited
(Registration number: 05893064)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			98,662			100,819
Current assets
Stocks					470,544			469,008
Debtors					156			289
					470,700			469,297
Creditors: Amounts falling due within one year		3			(477,436)			(473,175)
Net current liabilities					(6,736)			(3,878)
Total assets less current liabilities					91,926			96,941
Creditors: Amounts falling due after more than one year		3			(159,908)			(165,677)
Net liabilities					(67,982)			(68,736)
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					(68,082)			(68,836)
Shareholders' deficit					(67,982)			(68,736)

The notes on pages 3 to 5 form an integral part of these financial statements.
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Gilgarran Estates Limited
(Registration number: 05893064)
Abbreviated Balance Sheet at 31 August 2015
......... continued

For the year ending 31 August 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 22 February 2016

.........................................
Mr K F Wirga
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
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Gilgarran Estates Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold Land	Nil
Plant and machinery	20% reducing balance basis
Fixtures and fittings	10% reducing balance basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Gilgarran Estates Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2014		139,526			139,526
Additions		195			195
At 31 August 2015		139,721			139,721
Depreciation
At 1 September 2014		38,707			38,707
Charge for the year		2,352			2,352
At 31 August 2015		41,059			41,059
Net book value
At 31 August 2015		98,662			98,662
At 31 August 2014		100,819			100,819

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		5,887			5,863
Amounts falling due after more than one year		159,908			165,677
Total secured creditors		165,795			171,540

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		136,360			142,225

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Gilgarran Estates Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

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