Abbreviated Company Accounts - SC DEESIDE 104 LIMITED

Abbreviated Company Accounts - SC DEESIDE 104 LIMITED

SC DEESIDE 104 LIMITED - Company Information

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Registered Number 05463789

SC DEESIDE 104 LIMITED

Abbreviated Accounts

31 May 2015

SC DEESIDE 104 LIMITED Registered Number 05463789

Abbreviated Balance Sheet as at 31 May 2015

Notes 2015 2014
£ £
Fixed assets
Investments 2 1,725,169 1,271,860
1,725,169 1,271,860
Current assets
Stocks 2,305,625 1,850,000
Debtors 665,956 599,340
Cash at bank and in hand 7,373 6,173
2,978,954 2,455,513
Creditors: amounts falling due within one year 3 (5,732,169) (5,735,425)
Net current assets (liabilities) (2,753,215) (3,279,912)
Total assets less current liabilities (1,028,046) (2,008,052)
Total net assets (liabilities) (1,028,046) (2,008,052)
Capital and reserves
Called up share capital 4 1 1
Profit and loss account (1,028,047) (2,008,053)
Shareholders' funds (1,028,046) (2,008,052)
  • For the year ending 31 May 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 directors acknowledge their 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.

Approved by the Board on 7 June 2016

And signed on their behalf by:
Mr S Chantler, Director

SC DEESIDE 104 LIMITED Registered Number 05463789

Notes to the Abbreviated Accounts for the period ended 31 May 2015

1Accounting Policies

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

As shown on the balance sheet the company has net current liabilities and an overall deficit on the balance sheet. This has arisen because the company has property developments in stock awaiting future sale which are financed by bank borrowings. Interest on these borrowings is charged as an expense as it is incurred and as a result the company has recorded trading losses in prior years.

In October 2015 the property in stock was sold and the director now intends to liquidate the company.

Turnover policy
Turnover represents the proceeds of development land and buildings and rents received from developed properties let whilst held as trading stock awaiting future sale, net of VAT. The company also receives a profit share from Stretton Dairy LLP.

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Stock
Stock is valued at the lower of cost and net realisable value.

2Fixed assets Investments
Cost at 1 June 2014: £1,271,860
Additions: £712,745
Net book value at 31 May 2015: £1,725,169
Net book value at 31 May 2014: £1,271,860

The above investment arises from the company being a member of Stretton Dairy LLP, an LLP registered in England, whose principal activity is property development. The members' interest at 31 May 2015 were £1,731,482 and the profit for the year was £637,390.

3Creditors
2015
£		 2014
£
Secured Debts 5,262,758 5,262,758
4Called Up Share Capital
Allotted, called up and fully paid:
2015
£		 2014
£
1 Ordinary shares of £1 each 1 1

5Transactions with directors

Name of director receiving advance or credit: Mr S Chantler
Description of the transaction: Director's loan account
Balance at 1 June 2014: £ 0
Advances or credits made: £ 47,212
Advances or credits repaid: £ 0
Balance at 31 May 2015: £ 47,212

The above balance was repaid by the director on 7 October 2015.