Solent City Developments Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 03029917 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

SOLENT CITY DEVELOPMENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

I Wellcoat

C C K Wellcoat

REGISTERED OFFICE:

7 White Heather Court

Hythe Marina Village

Southampton

SO45 6DT

REGISTERED NUMBER:

03029917 (England and Wales)

ACCOUNTANTS:

Underwood Barron LLP

Monks Brook House

13/17 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

BANKERS:

National Westminster Bank plc

38 High Street

Lymington

SO41 9SY

FIXED ASSETS

Tangible assets

2

-

-

Investment property

3

1,300,000

1,597,229

1,300,000

1,597,229

CURRENT ASSETS

Debtors

1,800

-

Cash at bank

73,871

46,392

75,671

46,392

CREDITORS

Amounts falling due within one year

4

75,445

127,704

NET CURRENT ASSETS/(LIABILITIES)

226

(81,312

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,300,226

1,515,917

CREDITORS

Amounts falling due after more than one year

4

1,175,000

1,391,115

NET ASSETS

125,226

124,802

CAPITAL AND RESERVES

Called up share capital

5

2

2

Revaluation reserve

98,603

-

Profit and loss account

26,621

124,800

SHAREHOLDERS' FUNDS

125,226

124,802

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 12 April 2016 and were signed on its behalf by:

I Wellcoat - Director

1.	ACCOUNTING POLICIES

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).

Turnover

Turnover represents the net rental income from investment properties, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on cost

Investment property

In previous years in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008),

(i) investment properties were revalued annually and the aggregate surplus or deficit is transferred to a

revaluation reserve, and (ii) no depreciation was provided in respect of freehold investment properties. The

requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the

generally accepted accounting principle set out in the Financial Reporting Standard fo Smaller Entities (effective

April 2008). The Directors consider that to depreciate such properties would not give a true and fair view, but that

a true and fair view is given by following the Financial Reporting Standard for Smaller Entities (effective April

2008) as described above. If this departure had not been made the profit for the financial year would have been

reduced by depreciation on the revalued properties of £31,945 (2014: £31,945).

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

4,008

DEPRECIATION

At 1 April 2015

and 31 March 2016

4,008

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

-

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

1,597,229

Disposals

(395,832

)

Revaluations

98,603

At 31 March 2016

1,300,000

NET BOOK VALUE

At 31 March 2016

1,300,000

At 31 March 2015

1,597,229

4.

CREDITORS

Creditors include an amount of £ 0 (31.3.15 - £ 239,818 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.3.16

31.3.15

£

£

Repayable by instalments

-

121,303

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

£

2

Ordinary

£1

2

2