The Flat Company Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: SC207631 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 May 2014

for

The Flat Company Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

W Walters

D Zank

C Robertson

SECRETARY:

D Zank

REGISTERED OFFICE:

61a Queen Street

Edinburgh

EH2 4NA

REGISTERED NUMBER:

SC207631 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

FIXED ASSETS

Intangible assets

2

88,875

99,076

Tangible assets

3

2,580

5,702

Investments

4

89,545

89,545

181,000

194,323

CURRENT ASSETS

Debtors

194,265

219,144

Cash at bank

452,309

198,916

646,574

418,060

CREDITORS

Amounts falling due within one year

(610,152

)

(539,370

)

NET CURRENT ASSETS/(LIABILITIES)

36,422

(121,310

)

TOTAL ASSETS LESS CURRENT LIABILITIES

217,422

73,013

CREDITORS

Amounts falling due after more than one year

(100,000

)

-

NET ASSETS

117,422

73,013

CAPITAL AND RESERVES

Called up share capital

5

1,000

1,000

Profit and loss account

116,422

72,013

SHAREHOLDERS' FUNDS

117,422

73,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 12 September 2014 and were signed on its behalf by:

W Walters - Director

D Zank - Director

C Robertson - Director

1.	ACCOUNTING POLICIES

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.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts

where turnover is recognised when the company obtains the right to consideration.

Goodwill

Acquired goodwill is written off in equal annual instalments at a rate of 5% per annum over its estimated useful

economic life of 20 years.

Intangible fixed assets

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off

the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is

only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Tangible fixed assets

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

Imprvmts to prop

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates

that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profit on a straight line basis over the lease term.

Assets that are held under finance leases and hire purchase contracts are capitalised and depreciated over their

useful lives. The corresponding lease or higher purchase obligations are treated in the balance sheet as a liability.

The interest element of rental obligations is charged to the profit and loss account over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Fixed asset investments

Fixed asset investments are stated at cost and no depreciation is provided on them. Provision for diminution in

value is made only when the directors are of the opinion that there is a permanent diminution in the value of the

investment.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

212,959

AMORTISATION

At 1 June 2013

113,883

Amortisation for year

10,201

At 31 May 2014

124,084

NET BOOK VALUE

At 31 May 2014

88,875

At 31 May 2013

99,076

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 May 2014

198,738

DEPRECIATION

At 1 June 2013

193,036

Charge for year

3,122

At 31 May 2014

196,158

NET BOOK VALUE

At 31 May 2014

2,580

At 31 May 2013

5,702

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 June 2013

and 31 May 2014

89,545

NET BOOK VALUE

At 31 May 2014

89,545

At 31 May 2013

89,545

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

1,000

Ordinary

£1

1,000

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2014 and

31 May 2013:

31.5.14

31.5.13

£

£

W Walters

Balance outstanding at start of year

41,801

26,052

Amounts advanced

26,584

52,203

Amounts repaid

(39,502

)

(36,454

)

Balance outstanding at end of year

28,883

41,801

D Zank

Balance outstanding at start of year

7,712

(5,525

)

Amounts advanced

36,206

50,281

Amounts repaid

(38,905

)

(37,044

)

Balance outstanding at end of year

5,013

7,712

C Robertson

Balance outstanding at start of year

1,147

2,721

Amounts advanced

2,930

3,254

Amounts repaid

(3,232

)

(4,828

)

Balance outstanding at end of year

845

1,147