Schemelocal_Limited - Accounts

SCHEMELOCAL LIMITED - Company Information

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Company Registration No. 02657440 (England and Wales)

Schemelocal Limited

Unaudited abbreviated financial statements

For the year ended 31 October 2015

SCHEMELOCAL LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SCHEMELOCAL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

9,610,600

5,577,516

Investments

850,000

10,460,600

6,427,516

Current assets

Debtors

200,461

204,108

Cash at bank and in hand

81,557

3,160

282,018

207,268

Creditors: amounts falling due within one year

(188,094)

(140,225)

Net current assets

93,924

67,043

Total assets less current liabilities

10,554,524

6,494,559

Creditors: amounts falling due after more than one year

(2,281,031)

(2,278,054)

8,273,493

4,216,505

Capital and reserves

Called up share capital

102

Revaluation reserve

8,216,132

4,200,921

Profit and loss account

57,259

15,482

Shareholders' funds

8,273,493

4,216,505

For the financial year ended 31 October 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 29 June 2016

R Pathman

Director

Company Registration No. 02657440

SCHEMELOCAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for rent.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

10%-25% on cost

The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

SCHEMELOCAL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2015

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost or valuation

At 1 November 2014

5,668,766

850,000

6,518,766

Additions

19,029

Revaluation

4,015,211

At 31 October 2015

9,703,006

850,000

10,553,006

Depreciation

At 1 November 2014

91,250

Charge for the year

1,156

At 31 October 2015

92,406

Net book value

At 31 October 2015

9,610,600

850,000

10,460,600

At 31 October 2014

5,577,516

850,000

6,427,516

The company invested £850,000 in Rowark Investments LLP. During the year end 31 March 2015, Rowark Investments LLP made a profit of £8,181. The company's share of the profit is £1,309 and it is not reflected in these accounts. The directors' of the company consider the investment value of Rowark Investments LLP is fairly stated.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

1,810,789

1,859,028

Share capital

2015

2014

Allotted, called up and fully paid

102 Ordinary shares of £1 each

102

Ultimate parent company

The controlling party, which has remained unchanged from the previous year, was the directors by virtue of their 100% shareholding in the Company.