John Courage (Cornwall) Limited - Period Ending 2013-12-31

Registration number: 1071421

John Courage (Cornwall) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

John Courage (Cornwall) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

John Courage (Cornwall) Limited
(Registration number: 1071421)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					647,974			652,862
Investments					146,809			206,633
					794,783			859,495
Current assets
Debtors					78,305			67,705
Cash at bank and in hand					28,527			25,295
					106,832			93,000
Creditors: Amounts falling due within one year					(61,799)			(41,979)
Net current assets					45,033			51,021
Total assets less current liabilities					839,816			910,516
Provisions for liabilities					(5,448)			(4,776)
Net assets					834,368			905,740
Capital and reserves
Called up share capital		3			100			100
Revaluation reserve					589,901			602,614
Profit and loss account					244,367			303,026
Shareholders' funds					834,368			905,740

For the year ending 31 December 2013 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 16 September 2014 and signed on its behalf by:

.........................................
Mr A J Courage
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

John Courage (Cornwall) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents rents receivable and amounts chargeable, net of value added tax.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Equipment	20% reducing balance
Computer Equipment	50% reducing balance
Motor Vehicles	20% reducing balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at market value at the balance sheet date and any surplus or deficit is transferred to revaluation reserve except for any permanent diminuations which are written off to profit and loss account

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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John Courage (Cornwall) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2013		690,977			206,633			897,610
Revaluations		-			20,821			20,821
Additions		2,746			18,756			21,502
Disposals		-			(99,401)			(99,401)
At 31 December 2013		693,723			146,809			840,532
Depreciation
At 1 January 2013		38,115			-			38,115
Charge for the year		7,634			-			7,634
At 31 December 2013		45,749			-			45,749
Net book value
At 31 December 2013		647,974			146,809			794,783
At 31 December 2012		652,862			206,633			859,495

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4	Related party transactions

Directors' advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
Mr A J Courage
Loan, interest free	45,530	35,926	35,926	4,704

Page 3