Celtic Rose (Property) Limited - Period Ending 2015-07-31

Registration number: 07141165

Celtic Rose (Property) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Celtic Rose (Property) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 07141165

Celtic Rose (Property) Limited
Balance Sheet as at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			334,652			343,910
Current assets
Stocks					6,133			8,955
Debtors					3,299			880
Cash at bank and in hand					-			1,883
					9,432			11,718
Creditors: Amounts falling due within one year		3			(21,654)			(29,779)
Net current liabilities					(12,222)			(18,061)
Total assets less current liabilities					322,430			325,849
Creditors: Amounts falling due after more than one year		3			(585,643)			(564,696)
Net liabilities					(263,213)			(238,847)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					(263,215)			(238,849)
Shareholders' deficit					(263,213)			(238,847)

For the year ending 31 July 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 director acknowledges his 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 29 April 2016

P McGibbon
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Celtic Rose (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. The director P McGibbon considers the Company to be a going concern and will continue to support the Company for the forseeable future.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of MOT services and vehicle sales to customers on an accruals basis.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% Straight Line Method
Plant and machinery	25% Reducing Balance Method
Fixture and fittings	25% Reducing Balance Method
Motor vehicles	25% Reducing Balance Method

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Celtic Rose (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		383,840			383,840
Additions		271			271
At 31 July 2015		384,111			384,111
Depreciation
At 1 August 2014		39,930			39,930
Charge for the year		9,529			9,529
At 31 July 2015		49,459			49,459
Net book value
At 31 July 2015		334,652			334,652
At 31 July 2014		343,910			343,910

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		6,780			6,505
Amounts falling due after more than one year		131,213			136,942
Total secured creditors		137,993			143,447

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		101,557			108,375

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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