Abbreviated Company Accounts - FERNLEIGH DEVELOPMENTS LIMITED
Abbreviated Company Accounts - FERNLEIGH DEVELOPMENTS LIMITED
Registered Number 08589182
FERNLEIGH DEVELOPMENTS LIMITED
Abbreviated Accounts
30 June 2015
FERNLEIGH DEVELOPMENTS LIMITED Registered Number 08589182
Abbreviated Balance Sheet as at 30 June 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 2 |
( |
( |
Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
For the year ending 30 June 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.
Approved by the Board on
And signed on their behalf by:
FERNLEIGH DEVELOPMENTS LIMITED Registered Number 08589182
Notes to the Abbreviated Accounts for the period ended 30 June 2015
1Accounting Policies
Basis of measurement and preparation of accounts
The company has reported a trading loss and has net current liabilities in the balance sheet due to the normal property development cycle not reflecting uplift in property values from planning permissions and subsequent development until properties are sold. The director s consider the going concern basis of preparation of the accounts to be appropriate due to the fact that the company will have realised the value uplift in development properties before the associated loan finance becomes payable.
Other accounting policies
Work in progress is valued at the lower of cost and net realisable value. This includes the cost of acquisition of development land, direct legal and professional fees and costs of construction services.
Related party relationships and transaction
The balance outstanding at the year end in respect of cash flow loans provided by the director is £379,794 (2014: £34,165).
The directors have provided joint and several personal guarantees in respect of the loan finance subject to a limit of £220,000 plus interest, charges and costs.
2015
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2014
£ |
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Secured Debts |
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