| Pilotdown Limited |
| Registered number: |
02779936 |
| Abbreviated Balance Sheet |
| as at 31 March 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,662,105 |
|
|
1,664,625 |
|
| Current assets |
| Debtors |
|
|
170,789 |
|
|
103,893 |
| Cash at bank and in hand |
|
|
2,653 |
|
|
3,356 |
|
|
|
173,442 |
|
|
107,249 |
|
| Creditors: amounts falling due within one year |
|
|
(1,100,744) |
|
|
(1,081,698) |
|
| Net current liabilities |
|
|
|
(927,302) |
|
|
(974,449) |
|
| Net assets |
|
|
|
734,803 |
|
|
690,176 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
3 |
|
|
2 |
|
|
2 |
| Revaluation reserve |
|
|
|
608,007 |
|
|
608,007 |
| Profit and loss account |
|
|
|
126,794 |
|
|
82,167 |
|
| Shareholders' funds |
|
|
|
734,803 |
|
|
690,176 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit 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 the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| C Ogunmakin |
| Director |
| Approved by the board on 16 May 2016 |
|
| Pilotdown Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 March 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents rental income receivable. |
|
|
Investment properties |
|
In accordance with the Financial Reporting Standard for Smaller Entities ( the FRSSE), investment properties are revalued annually by the directors. Any aggregate surplus or temporary deficit from the original cost is transferred to the revaluation reserve. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.
On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve.
No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. The Companies Act requires all properties to be depreciated, but that requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The directors consider that, as the properties are held for long term investment, a true and fair view is given by following the FRSSE. Depreciation is only one of many factors reflected in the annual valuation of properties and the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% reducing balance |
|
|
Joint ventures |
|
The amounts invested in joint ventures are recognised in these financial statements in accordance with the provisions of Financial Reporting Standard 9. Accordingly, any profit share due on the joint ventures is accounted for upon receipt. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 April 2014 |
1,672,323 |
|
At 31 March 2015 |
1,672,323 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2014 |
7,698 |
|
Charge for the year |
2,520 |
|
At 31 March 2015 |
10,218 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2015 |
1,662,105 |
|
At 31 March 2014 |
1,664,625 |
|
|
|
|
|
|
|
|
| 3 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
