Edinburgh & Northern Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC074474 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2016

for

Edinburgh & Northern Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J Loudon

JBV Brown

SECRETARY:

J Loudon

REGISTERED OFFICE:

6C Essex Road

Edinburgh

EH4 6LG

REGISTERED NUMBER:

SC074474 (Scotland)

FIXED ASSETS

Tangible assets

2

551

900

Investments

3

502,500

Investment property

4

885,000

1,388,051

1,388,400

CURRENT ASSETS

Debtors

9,339

9,672

Cash at bank

32,469

30,826

41,808

40,498

CREDITORS

Amounts falling due within one year

(252,118

)

(283,240

)

NET CURRENT LIABILITIES

(210,310

)

(242,742

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,177,741

1,145,658

CAPITAL AND RESERVES

Called up share capital

5

22,000

Revaluation reserve

145,085

Profit and loss account

1,010,656

978,573

SHAREHOLDERS' FUNDS

1,177,741

1,145,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 30 September 2016 and were signed on its behalf
by:

J Loudon - Director

JBV Brown - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts for the year ended 31 August 2016 have been prepared on a going concern basis. The company

does not require an overdraft facility for the continuing operation of business and as at 31 August 2016 the

company had net current liabilities of £210,310 (31.08.15 - £242,742). The directors have indicated their

willingness to support the business and therefore have a reasonable expectation that the company has adequate

resources to continue in operation for the foreseeable future. As a result the directors are satisfied that it is

appropriate to adopt the going concern basis of accounting.

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of

freehold land and properties, and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of

rental income due for the accounting period, exclusive of value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates

calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful

life, as follows:

Office equipment 25% reducing balance

No amortisation or depreciation is provided in respect of freehold investment properties, in accordance with the

Financial Reporting Standard for Smaller Entities. This treatment is contrary to the requirements of the

Companies Act 2006 to provide for depreciation but is considered necessary to ensure the financial statements

give a true and fair view.

Investment property

Investment properties are valued at their open market value at the balance sheet date. Any surplus on revaluation

is transferred to the investment property revaluation reserve. Any deficit is deducted from the investment

property revaluation reserve, except for permanent diminutions in value, which are charged to the profit and loss

account.

Deferred tax

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

sheet date. Deferred tax is calculated at the rates of tax that are expected to apply in the periods when the timing

differences will reverse and has not been discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

1,877

DEPRECIATION

At 1 September 2015

977

Charge for year

349

At 31 August 2016

1,326

NET BOOK VALUE

At 31 August 2016

551

At 31 August 2015

900

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 September 2015

and 31 August 2016

502,500

NET BOOK VALUE

At 31 August 2016

502,500

At 31 August 2015

502,500

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 September 2015

and 31 August 2016

885,000

NET BOOK VALUE

At 31 August 2016

885,000

At 31 August 2015

885,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

20,000

'A' Ordinary Shares

£1

20,000

2,000

'B' Non Voting Ordinary Shares

£1

2,000

22,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans from directors subsisted during the years ended 31 August 2016 and 31 August 2015:

31.8.16

31.8.15

£

J Loudon

Balance outstanding at start of year

(138,000

)

(163,000

)

Amounts advanced

19,500

25,000

Amounts repaid

-

Balance outstanding at end of year

(118,500

)

(138,000

)

JBV Brown

Balance outstanding at start of year

(138,000

)

(163,000

)

Amounts advanced

19,500

25,000

Amounts repaid

-

Balance outstanding at end of year

(118,500

)

(138,000

)