Carlton City Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 06156491 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 November 2015

for

Carlton City Limited

Page

Company Information

1

Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

A J Davies

M Gray

SECRETARY:

A J Davies

REGISTERED OFFICE:

Dalton House

60 Windsor Avenue

London

SW19 2RR

REGISTERED NUMBER:

06156491 (England and Wales)

ACCOUNTANTS:

M&S Accountancy and Taxation Ltd

Chartered Tax Advisers and Accountants

Dalgety House

Viewfield Terrace

Dunfermline

Fife

KY12 7HY

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to seven) 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 Carlton City Limited for the year ended 30 November 2015 which

comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's

accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Carlton City Limited, as a body, in accordance with

the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the

financial statements of Carlton City Limited and state those matters that we have agreed to state to the Board

of Directors of Carlton City Limited, as a body, in this report in accordance with the requirements of the

Institute of Chartered Accountants of Scotland as detailed on the website noted below.* To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company

and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Carlton City 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 Carlton City Limited. You consider that Carlton City 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 Carlton City

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.

* http://www.icas.org.uk/accountspreparationguidance

M&S Accountancy and Taxation Ltd

Chartered Tax Advisers and Accountants

Dalgety House

Viewfield Terrace

Dunfermline

Fife

KY12 7HY

7 December 2016

FIXED ASSETS

Tangible assets

2

1,087

6,938

Investment property

3

2,810,057

6,617,080

2,811,144

6,624,018

CURRENT ASSETS

Debtors

1,203,060

1,078,273

Cash at bank and in hand

791

31,424

1,203,851

1,109,697

CREDITORS

Amounts falling due within one year

4

(9,057,811

)

(12,398,915

)

NET CURRENT LIABILITIES

(7,853,960

)

(11,289,218

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,042,816

)

(4,665,200

)

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

(5,042,916

)

(4,665,300

)

SHAREHOLDERS' FUNDS

(5,042,816

)

(4,665,200

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2015 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 7 December 2016 and were signed on its
behalf by:

A J Davies - 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 January 2015).

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Investment property

The company's property is held for long-term investment. Investment properties are accounted for in

accordance with SSAP 19, as follows:

(i) no depreciation is provided in respect of investment properties. In the opinion of the directors there

is no significant difference between cost and the open market value of the properties.

(ii) no depreciation is provided in respect of leasehold investment properties where the lease has over

20 years to run.

This treatment as regards the company's investment property may be a departure from the requirements

of the Companies Act concerning the depreciation of fixed assets. However, this property is not held for

consumption but for investment and the directors consider that systematic annual depreciation would be

inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or

quantified.

Going concern

The company's ability to trade is dependant on the continued support from the directors and Carlton

Development Group Limited, a company controlled by the directors. The company has obtained

confirmation from Carlton Development Group Limited along with the company directors that they will

continue to provide all necessary financial support to the company to allow it to continue trading for at

least 12 months from the date of signing these accounts. On this basis, the directors consider it

appropriate to prepare the financial statements on a going concern basis.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2014

22,203

Additions

1,450

Disposals

(22,203

)

At 30 November 2015

1,450

DEPRECIATION

At 1 December 2014

15,265

Charge for year

363

Eliminated on disposal

(15,265

)

At 30 November 2015

363

NET BOOK VALUE

At 30 November 2015

1,087

At 30 November 2014

6,938

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 December 2014

6,617,080

Disposals

(3,807,023

)

At 30 November 2015

2,810,057

NET BOOK VALUE

At 30 November 2015

2,810,057

At 30 November 2014

6,617,080

4.

CREDITORS

Creditors include an amount of £ 3,010,705 for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100

6.	TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the year ended 30 November 2015 and

the period ended 30 November 2014:

2015

2014

£

A J Davies

Balance outstanding at start of year

(2,450,688

)

(2,626,665

)

Amounts advanced

473,733

367,660

Amounts repaid

(27,000

)

(191,683

)

Balance outstanding at end of year

(2,003,955

)

(2,450,688

)

M Gray

Balance outstanding at start of year

(1,368,969

)

(1,335,969

)

Amounts advanced

52,069

125,000

Amounts repaid

(125,915

)

(158,000

)

Balance outstanding at end of year

(1,442,815

)

(1,368,969

)

A J Davies made a guarantee on behalf of the company to Investec Bank lc of £Nil (2014 - £150,000).