HOLMGOLD_LIMITED - Accounts
HOLMGOLD_LIMITED - Accounts
Company Registration No. 03872923 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(92,768 )
(545,991 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(1,981,075 )
(900,000 )
57,181
130,216
Capital and reserves
Called up share capital
4
Revaluation reserve
Profit and loss account
Shareholders' funds
Directors' responsibilities:
-
-
Approved by the Board for issue on 10 November 2016
Director
Director
Company Registration No. 03872923
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
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
1.4
Tangible fixed assets and depreciation
Land and buildings Leasehold
Fixtures, fittings & equipment
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.
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.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
835,000
Additions
20,713
At 31 March 2016
855,713
Depreciation
At 1 April 2015
-
Charge for the year
1,816
At 31 March 2016
1,816
Net book value
At 31 March 2016
853,897
At 31 March 2015
835,000
3
Creditors: amounts falling due within one year
On 17 January 2011 the company entered into a "cross-collateral" agreement with Santander Corporate Banking.
The parties to the agreement are Holmgold Limited, Golborne Westborne Limited, Ben Andersen and William Wentworth Stanley.
The following security was required to be in place:
1. A first fixed land charge/first mortgage over the properties
2. A first legal assignment of:
a) All rents and leases
b) Any claim arising under the property management agreement and
c) Any insurance claims relating to the properties
3. A first legal charge over the rental income collection account
4. A fixed charge over the cash trap account
5. A first fixed charge over all shares in the borrower
6. A fixed and floating charge over all other assets or contractual claims
7. A personal guarantee from each of Ben Andersen and William Wentworth Stanley for all obligations of the borrowing entities under the facility agreement.
The parties to the agreement are Holmgold Limited, Golborne Westborne Limited, Ben Andersen and William Wentworth Stanley.
The following security was required to be in place:
1. A first fixed land charge/first mortgage over the properties
2. A first legal assignment of:
a) All rents and leases
b) Any claim arising under the property management agreement and
c) Any insurance claims relating to the properties
3. A first legal charge over the rental income collection account
4. A fixed charge over the cash trap account
5. A first fixed charge over all shares in the borrower
6. A fixed and floating charge over all other assets or contractual claims
7. A personal guarantee from each of Ben Andersen and William Wentworth Stanley for all obligations of the borrowing entities under the facility agreement.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid