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Registered number: 01389427
ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ellough Industrial Estates (1978) Limited for the year ended 31 December 2015 which comprise the Profit and loss account, the Statement of total recognised gains and losses, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of directors of Ellough Industrial Estates (1978) Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Ellough Industrial Estates (1978) Limited and state those matters that we have agreed to state to the Board of directors of Ellough Industrial Estates (1978) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ellough Industrial Estates (1978) Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Ellough Industrial Estates (1978) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Ellough Industrial Estates (1978) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Ellough Industrial Estates (1978) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
18 April 2016
Page 1
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
REGISTERED NUMBER: 01389427
ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Investment property reserve
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 6 form part of these financial statements.
Page 3
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises rent and related charges payable to the company by tenants for the occupation of properties owned by the company. In addition, turnover includes income from the provision of other services and goods to non-tenants. Turnover is exclusive of Value Added Tax and is recognised on the accruals basis. Income received in advance at the year end is included within creditors.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Assets in course of construction
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 4
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
1.ACCOUNTING POLICIES (continued)
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Government grants relating to tangible fixed assets are treated as deferred income and released to the Profit and loss account over the expected useful lives of the assets concerned. Other grants are credited to the Profit and loss account as the related expenditure is incurred.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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2.TANGIBLE FIXED ASSETS
Page 5
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ELLOUGH INDUSTRIAL ESTATES (1978) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
3.INVESTMENT PROPERTY
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Surplus/(deficit) on revaluation
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Annual revaluation surplus/(deficit):
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The 2015 valuations were made by Brown & Co, on an open market value for existing use basis.
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Net surplus in investment properties
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4.CREDITORS:
Amounts falling due within one year
Bank loans due within one year amounting to £36,705 (2014: £64,216) are secured.
5.CREDITORS:
Amounts falling due after more than one year
Bank loans due after more than one year amounting to £1,113,295 (2014: £821,517) are secured.
6.SHARE CAPITAL
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Allotted, called up and fully paid
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174,878 Ordinary 'A' shares of £1 each
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91,222 Ordinary 'B' shares of £1 each
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Page 6
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