Expressway55 (Deeside) Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 08544815 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Expressway55 (Deeside) Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

643,100

206,215

Investment property

3

4,720,000

5,363,100

4,926,215

CURRENT ASSETS

Debtors

68,116

1,306

Cash at bank

10,463

12,616

78,579

13,922

CREDITORS

Amounts falling due within one year

4

584,677

523,717

NET CURRENT LIABILITIES

(506,098

)

(509,795

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,857,002

4,416,420

CREDITORS

Amounts falling due after more than one
year

4

(2,542,530

)

(2,555,693

)

PROVISIONS FOR LIABILITIES

(127,698

)

(41,243

)

NET ASSETS

2,186,774

1,819,484

CAPITAL AND RESERVES

Called up share capital

5

1,298,000

Revaluation reserve

124,179

Profit and loss account

764,595

397,305

SHAREHOLDERS' FUNDS

2,186,774

1,819,484

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 1 August 2016 and were signed on its behalf by:

Jeoffrey Paul Batson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The balance sheet as at the year end shows the company has net current liabilities. The directors are satisfied

that sufficient cashflow will be available to meet these liabilities as they fall due. No other material uncertainties

that may cast significant doubt about the ability of the company to continue as a going concern have been

identified by the directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Revenue (described as turnover) represents rentals receivable, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Assets held for rental

-

25% on cost

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Investments

Fixed asset investments, including investment properties are included at open market values. Valuations are

reviewed annually and any movements are taken directly to the revaluation reserve. This treatment is in

accordance with Statement of Standard Accounting Practice 19, but is a departure from normal practice under

Companies Act 1985. This departure is required in order to give a true and fair view. No depreciation is charged

on investment properties.

Operating lease income

Assets acquired and held for use under operating leases are recorded as fixed assets and are depreciated on a

straight line basis to their estimated residual values over their estimated useful lives. Operating lease income is

recognised on a straight line basis over the period of the lease or to the date of the next rent review.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

274,953

Additions

505,623

At 31 December 2015

780,576

DEPRECIATION

At 1 January 2015

68,738

Charge for year

68,738

At 31 December 2015

137,476

NET BOOK VALUE

At 31 December 2015

643,100

At 31 December 2014

206,215

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2015

and 31 December 2015

4,720,000

NET BOOK VALUE

At 31 December 2015

4,720,000

At 31 December 2014

4,720,000

4.

CREDITORS

Creditors include an amount of £ 2,705,640 (2014 - £ 2,714,157 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

Repayable by instalments

1,875,690

1,866,660

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1,298,000

Ordinary

£1

1,298,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

An amount of £947 (2014: £947) owed to the directors is included within creditors: amounts falling due within

one year.