VILLAFONT_(WEST_BRIDGFORD - Accounts

VILLAFONT (WEST BRIDGFORD) LIMITED - Company Information

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Company Registration No. 08668806 (England and Wales)

VILLAFONT (WEST BRIDGFORD) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2015

VILLAFONT (WEST BRIDGFORD) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

VILLAFONT (WEST BRIDGFORD) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 1 -

2015

2014

Notes

Current assets

Stocks

1,235,615

994,793

Debtors

68,682

8,415

Cash at bank and in hand

3,620

1,307,917

1,003,208

Creditors: amounts falling due within one year

(187,905)

(385,532)

Total assets less current liabilities

1,120,012

617,676

Creditors: amounts falling due after more than one year

(741,193)

(618,924)

378,819

(1,248)

Capital and reserves

Called up share capital

Profit and loss account

378,817

(1,250)

Shareholders' funds

378,819

(1,248)

For the financial Year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 May 2016

C A McGoff

Director

Company Registration No. 08668806

VILLAFONT (WEST BRIDGFORD) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents amounts receivable for the sale of residential properties net of VAT and trade discounts.

1.3

Stock and work in progress

Stock consists of land acquired, together with associated purchase costs (including legal costs) and subsequent residential property construction costs. Stock is valued at the lower of cost and net realisable value.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £741,193 (2014 - £618,924).

Share capital

2015

2014

Allotted, called up and fully paid

19,000 Ordinary A shares of £0.0001 each

1,000 Ordinary B shares of £0.0001 each

During the prior period 2 Ordinary shares of £1 each were allotted at par. These were later re-designated as 19,000 A Ordinary shares of £0.0001 each and 1,000 B Ordinary shares of £0.0001 each.

Both classes of Ordinary shares rank pari-pasu in all respects.

Related party relationships and transactions

During the year the Chattanooga Family Investment Company advanced funds to the company totalling £768,816 (2014: £604,488), received repayments of £704,096 (2014: £nil) and charged interest totalling £57,549 (2014: £14,436). At the balance sheet date the company owed Chattanooga Family Investment Company £741,193 (2014: £618,924). Chattanooga Family Investment Company is a related party due to a common director. Interest is charged at 8.5% over base and the balance is secured by a fixed and floating charge over the land owned by the company.