Accounts filed on 31-12-2015
Accounts filed on 31-12-2015
trueArundel House Development Limited042990682015-12-31697606666013348992711016811000100023566530434668434668348992711016811545429160453350353562706214-949973-3637813860566527594360836163814354456163586382359853292742592703229924359150072643349Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Consolidation
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the
exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
The turnover shown in the profit and loss account represents rent and service charges invoiced during the year, exclusive of Value Added Tax.
Investment properties
The company's freehold properties are stated at directors valuation, considered to be
their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The directors consider that, because these properties are not held for consumption, but for their investment potential, departure from the requirements of the Companies Act is justified to enable the financial statements to show a true and fair view.Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Plant & MachineryStraight Line0.2000Fixtures & FittingsStraight Line0.20001446071446077428545364289215958005268634791500523566534299842998610261228309549150052356653117283883622892113210211495695Ordinary1000110001000Ordinary1100010001000Included within other creditors is £682338 (2014 - debtor of £164844) owed by B G Morris, the Director. This loan is interest free and repayable upon demand.
Movements on the loan during the year were:-
Withdrawal of funds by the director £95,846 (2014 - £23,575).
Funds and assets introduced by the director £938,000 (2014 - £126,485).
Included within funds and assets introduced by the director is the sale of the Torbay Boat Construction Company Limited for £915,000 by B G Morris to Arundel House Development Limited on 24 March 2015. £915,000 was considered to be the fair value of the company on 24 March 2015.
Ultimate controlULTIMATE CONTROL
The company was under the control of Mr B G Morris throughout the current and previous year. Mr B G Morris is the managing director and majority shareholder.2016-09-27B G Morristruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureArundel House Development Limited2015-01-012015-12-31Arundel House Development Limited2014-01-012014-12-31Arundel House Development Limited2013-12-31Arundel House Development Limited2014-12-31Arundel House Development Limited2014-12-31Arundel House Development Limited2015-12-31 2016-09-28
