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DRAKE PROPERTY DEVELOPMENT LTD
REGISTERED NUMBER: 04509240
ABBREVIATED BALANCE SHEET
AS AT 31 AUGUST 2015
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CREDITORS: amounts falling due within one year
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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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The director considers 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 director acknowledges his 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 August 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 1
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DRAKE PROPERTY DEVELOPMENT LTD
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 AUGUST 2015
The abbreviated accounts, which have been prepared in accordance with the 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 on 27 May 2016.
The notes on pages 3 to 4 form part of these financial statements.
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DRAKE PROPERTY DEVELOPMENT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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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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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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2.TANGIBLE FIXED ASSETS
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At 1 September 2014 and 31 August 2015
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3.DEBTORS
Debtors include £695 (2014 - £695) falling due after more than one year.
Page 3
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DRAKE PROPERTY DEVELOPMENT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
5.SHARE CAPITAL
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Allotted, called up and fully paid
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6.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Included within other debtors is a loan to Mr C Drake , the director, of £2,588 (2014 owed to Mr C Drake : £2)
7.RELATED PARTY TRANSACTIONS
The director Mr C Drake is also a director of Camberhall Estates Ltd & Drake Land Developments Ltd, Landspeed Affordable Homes (Cowes) Ltd and Eckersley White Ltd
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Amounts due from/(to) Camberhall Estates Ltd
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Amounts due from/(to) Drake Land Developments Ltd
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Amounts due from/(to) Landspeed Affordable Homes (Cowes) Ltd
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Amounts due from/(to) Horizontal Ltd
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Amounts due from/(to) Eckersley White Ltd
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Page 4
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