Elliot Charles Holdings Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 03929151 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

ELLIOT CHARLES HOLDINGS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A C E Inchbald

L A Inchbald

REGISTERED OFFICE:

The Old White Horse

29 High Street

Flitton

Bedford

Bedfordshire

MK45 5DY

REGISTERED NUMBER:

03929151 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

5 Argosy Court

Scimitar Way

Whitley Business Park

Coventry

CV3 4GA

FIXED ASSETS

Tangible assets

2

171

646

Investments

3

-

-

171

646

CURRENT ASSETS

Stocks

75,000

80,000

Debtors

59,784

74,264

Cash at bank

8,042

12,693

142,826

166,957

CREDITORS

Amounts falling due within one year

4

741,256

847,976

NET CURRENT LIABILITIES

(598,430

)

(681,019

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(598,259

)

(680,373

)

CREDITORS

Amounts falling due after more than one year

93,384

87,675

NET LIABILITIES

(691,643

)

(768,048

)

CAPITAL AND RESERVES

Called up share capital

5

10,300

10,300

Share premium

800

800

Profit and loss account

(702,743

)

(779,148

)

SHAREHOLDERS' FUNDS

(691,643

)

(768,048

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 14 March 2016 and were signed on its behalf by:

A C E Inchbald - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on the going concern basis which assumes the continued support

of the company's directors, bankers and creditors.

Accounting convention

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 represents:

(i) net invoiced sales, excluding value added tax, adjusted for work in progress.

(ii) profit shares from joint ventures.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on cost

Computer equipment

-

33.33% on cost and 25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Investments

Investments are stated at cost. An annual impairment review is prepared by the directors and the

carrying value of the investment is adjusted accordingly.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

19,277

DEPRECIATION

At 1 April 2014

18,631

Charge for year

475

At 31 March 2015

19,106

NET BOOK VALUE

At 31 March 2015

171

At 31 March 2014

646

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2015

2014

£

£

Associated company

2,010,705

2,010,705

Impairment provision

(2,010,705

)

(2,010,705

)

-

-

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Joint venture

Elliot Charles Investments LLP

Nature of business: Property investors

%

Class of shares:

holding

Designated member

50.00

31.3.15

31.3.14

£

£

Aggregate capital and reserves

145,535

501,117

Profit for the year

-

207,376

4.

CREDITORS

Creditors include an amount of £ 192,329 (2014 - £ 192,329 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

10,100

A Ordinary

£1

10,100

10,100

200

B Ordinary

£1

200

200

10,300

10,300

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors due within one year are loan notes for a face value of £2,000,000 (2014:

£2,000,000) in favour of ACE Inchbald which partially funded the company's purchase of 800 shares in

Grantmaster Limited.

Under the matching concept, during 2009 ACE Inchbald agreed to a potential reduction in the valuation

of the loan note to reflect the impairment provision against the company investment in Grantmaster

Limited.

During the period to 31 March 2012 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated £360,000 of value.

During the year to 31 March 2014 the directors reviewed the position of the potential reduction in the

valuation of ACE Inchbald's loan notes and reinstated a further £430,000 of value.

At 31 March 2015 there remains a balance of £241,000 (2014: £390,000) in respect of these loan

notes which are yet to be redeemed.