COLMAN_(MID_WEST)_LIMITED - Accounts

COLMAN (MID WEST) LIMITED - Company Information

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Company Registration No. 08257313 (England and Wales)

COLMAN (MID WEST) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

COLMAN (MID WEST) LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

COLMAN (MID WEST) LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COLMAN (MID WEST) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Colman (Mid West) Limited for the year ended 31 December 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Colman (Mid West) Limited, as a body, in accordance with the terms of our engagement letter dated 11 November 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Colman (Mid West) Limited and state those matters that we have agreed to state to the Board of Directors of Colman (Mid West) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colman (Mid West) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Colman (Mid West) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Colman (Mid West) Limited. You consider that Colman (Mid West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Colman (Mid West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gerald Edelman

2 September 2016

Chartered Accountants

73 Cornhill

London

EC3V 3QQ

COLMAN (MID WEST) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

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2015

2014

Notes

Fixed assets

Tangible assets

1,358,168

1,500,000

Current assets

Debtors

104,485

33,463

Cash at bank and in hand

2,176

104,485

35,639

Creditors: amounts falling due within one year

(1,515,865)

(1,785,031)

Net current liabilities

(1,411,380)

(1,749,392)

Total assets less current liabilities

(53,212)

(249,392)

Capital and reserves

Called up share capital

Revaluation reserve

(335,000)

Profit and loss account

281,787

85,607

Shareholders' funds

(53,212)

(249,392)

For the financial year ended 31 December 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 2 September 2016

J S Colman

Director

Company Registration No. 08257313

COLMAN (MID WEST) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

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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 January 2015).

The financial statements have been prepared on a going concern basis. During the year the company made a profit of £207248 before taxation and at the balance sheet date the company had net current liabilities of £1411380.

The directors consider the going concern basis to be appropriate because in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due and also will receive continuing support from the directors. If the company were unable to obtain such funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.

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 comprises gross rental income from properties.

1.4

Tangible fixed assets and depreciation

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.

Fixed assets

Tangible assets

Cost or valuation

At 1 January 2015

1,835,000

Additions

18,168

Revaluation

(335,000)

Disposals

(160,000)

At 31 December 2015

1,358,168

At 31 December 2014

1,500,000

COLMAN (MID WEST) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

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Share capital

2015

2014

Allotted, called up and fully paid

1 Ordinary share of £1 each