Stag Developments Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 01944046

Abbreviated Unaudited Accounts

For The Year Ended 31 March 2014

for

Stag Developments Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M P Robinson

Mrs J M Robinson

D S R Robinson

W M Robinson

P S Robinson

SECRETARY:

D S R Robinson

REGISTERED OFFICE:

18 The Old George

Nailsworth

Gloucestershire

GL6 0BA

REGISTERED NUMBER:

01944046

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

National Westminster Bank Plc

3 Temple Back East

Temple Quay

Bristol

BS1 9BW

FIXED ASSETS

Tangible assets

2

30,849

17,359

Investment property

3

1,486,481

1,355,000

1,517,330

1,372,359

CURRENT ASSETS

Stocks

708,091

154,534

Debtors

29,636

235,054

Cash at bank

197,405

28,250

935,132

417,838

CREDITORS

Amounts falling due within one year

4

639,906

294,611

NET CURRENT ASSETS

295,226

123,227

TOTAL ASSETS LESS CURRENT LIABILITIES

1,812,556

1,495,586

CREDITORS

Amounts falling due after more than one year

4

601,075

285,011

NET ASSETS

1,211,481

1,210,575

CAPITAL AND RESERVES

Called up share capital

5

184,684

184,684

Share premium

134,043

134,043

Revaluation reserve

267,088

323,768

Profit and loss account

625,666

568,080

SHAREHOLDERS' FUNDS

1,211,481

1,210,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 23 September 2014 and were signed on its behalf by:

M P Robinson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective

April 2008).

However, compliance with this standard requires departure from the requirements of the Companies Act 2006

relating to the depreciation of investment properties as described below.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover comprises development property sales and rents receivable and rechargeable expenses, excluding

value added tax, in respect of the Company's investment property portfolio.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Furniture, fittings and equipment

-

25% on cost

Motor vehicles

-

25% on cost

Investment property

Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008). No depreciation is provided in respect of such properties, other than where the properties

are held under a lease which has less than twenty years remaining. Although the Companies Act 2006 would

normally require the systematic annual depreciation of fixed assets, it is believed that this policy of not providing

depreciation is necessary in order for the accounts to give a true and fair view, since the current value of the

investment properties and changes in current value, are of prime importance rather than the calculation of

systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation

and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stocks

Stocks are stated at the lower of cost or net realisable value and comprises property purchased for

redevelopment and redevelopment costs incurred to date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

33,002

Additions

20,960

Disposals

(14,725

)

At 31 March 2014

39,237

DEPRECIATION

At 1 April 2013

15,643

Charge for year

7,470

Eliminated on disposal

(14,725

)

At 31 March 2014

8,388

NET BOOK VALUE

At 31 March 2014

30,849

At 31 March 2013

17,359

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2013

1,355,000

Additions

381,481

Disposals

(250,000

)

At 31 March 2014

1,486,481

NET BOOK VALUE

At 31 March 2014

1,486,481

At 31 March 2013

1,355,000

4.

CREDITORS

Creditors include an amount of £ 642,093 (31.3.13 - £ 328,058 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

184,684

Ordinary

£1

184,684

184,684

6.	ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Robinson Stag Limited, a company incorporated in England and

Wales.

7.	DEFERRED TAX ON REVALUATION OF INVESTMENT PROPERTIES

No deferred tax arising on the revaluation of the company's investment properties has been provided. This is

compliant with Financial Reporting Standard 19 - 'Deferred Tax' as the directors do not intend to dispose of the

property. The notional liability is approximately £Nil (2013 - £16,000).