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ORGANFORD MANOR COUNTRY PARK LIMITED
REGISTERED NUMBER: 09064251
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 24 August 2016.
The notes on pages 2 to 3 form part of these financial statements.
Page 1
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 January 2015).
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Turnover comprises revenue recognised by the company in respect of the sale of holiday and residential homes, rental of pitches to holiday home and residential owners and short term lettings.
Turnover from the sale of holiday homes is recognised on the date the customer takes delivery of the home, rental income for pitches and holiday lets is recognised evenly over the rental period.
Residential and holiday homes and other goods are deemed to have been delivered to customers where the customer has access to the significant benefits inherent in the goods and services and exposure to the risks inherent in these benefits.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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4 years straight line method
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50 years straight line method
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Stocks of mobile and holiday homes for resale are stated at the lower of purchase cost and net realisable value. Homes under construction are valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of mobile and holiday homes.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 2
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ORGANFORD MANOR COUNTRY PARK LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
2.TANGIBLE FIXED ASSETS
Included in land and buildings is freehold land at valuation of £1,963,552 (2015 - £2,213,552) which is not depreciated.
3.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
IIncluded in creditors are secured amounts totalling £1,582,109 (2015 - £1,625,000).
4.SHARE CAPITAL
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Allotted, called up and fully paid
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100 Ordinary shares of £1 each
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Page 3
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