Tourset Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 03456935 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2015

for

Tourset Ltd

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2

CURRENT ASSETS

Stocks

250,000

850,000

Debtors

22,610

19,608

Cash at bank

-

6,815

272,610

876,423

CREDITORS

Amounts falling due within one year

2

(1,567,811

)

(1,521,071

)

NET CURRENT LIABILITIES

(1,295,201

)

(644,648

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,295,201

)

(644,648

)

CAPITAL AND RESERVES

Called up share capital

3

2

Profit and loss account

(1,295,203

)

(644,650

)

SHAREHOLDERS' FUNDS

(1,295,201

)

(644,648

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 June 2016 and were signed on its
behalf by:

J O'Reilly - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has taken advantage of the exemption from preparing a cash flow statement on the

grounds that it qualifies as a small company under the Companies Act 2006.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Stocks and work in progress

Land held for development and construction work in progress are valued at the lower of cost and net

realisable value. Other costs comprises materials,equipment,architect fees,survey and planning fees

and other appropriate overheads valued at the lower of cost and net realisable value.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Consolidation

In the opinion of the directors, the parent company and its subsidiary undertakings comprise a small

group hence the group accounts have not been prepared, under section 383 of Companies Act 2006.

Property valuations and going concern

The company's ability to continue as a going concern is dependent on realising the amounts on its

undeveloped land stock in excess of the carrying value and the availability of the continued financial

support from its bankers and group companies.

The current economic conditions have created uncertainties in the property market and the company's

ability to realise its undeveloped land stock. The directors have revalued the company's undeveloped

land stock at £250,000 with reference to the current market conditions and developments since the

balance sheet date.

On the basis of the above, the directors consider it appropriate to prepare the financial statements on

the going concern basis.

2.

CREDITORS

Creditors include an amount of £ 1,565,471 (31.10.14 - £ 1,518,731 ) for which security has been

given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.15

31.10.14

value:

£

2

Ordinary

£1

2

4.	ULTIMATE PARENT COMPANY

100% of the issued share capital of Tourset Limited is held by Jeremiah O'Reilly & Associates Limited,

a Company incorporated in the Republic of Ireland.

The ultimate holding company is controlled by Jeremiah O'Reilly.

5.	RELATED PARTY DISCLOSURES

The company's related party transactions, as defined by FRSSE, are summarised below.

At the balance sheet date the company owed £3,062 (2014: £nil ) from Jeremiah O'Reilly & Associates

Limited. Jeremiah O'Reilly & Associates Limited owns 100% ordinary share capital of the company.

There is a personal Guarantee and Indemnity by Jeremiah O'Reilly on the bank loan taken by the

company.

Jeremiah O'Reilly who is a director of Tourset Limited, is the 100% shareholder of Jeremiah O'Reilly &

Associates Limited.