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COUNTY DEVELOPMENT COMPANY (CANTERBURY) LIMITED
REGISTERED NUMBER: 00654553
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ABBREVIATED BALANCE SHEET
AS AT 30 JUNE 2016
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Investment property reserve
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Page 1
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COUNTY DEVELOPMENT COMPANY (CANTERBURY) LIMITED
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ABBREVIATED BALANCE SHEET (continued)
AS AT 30 JUNE 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 8 November 2016.
___________________________
Mr R S Midlane
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
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COUNTY DEVELOPMENT COMPANY (CANTERBURY) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
1.Accounting policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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20% reducing balance basis
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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2.Tangible fixed assets
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At 1 July 2015 and 30 June 2016
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3.Investment property
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At 1 July 2015 and 30 June 2016
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The 2016 valuations were made by R S Midlane, on an open market value for existing use basis.
Page 3
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COUNTY DEVELOPMENT COMPANY (CANTERBURY) LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
3.Investment property (continued)
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At 1 July 2015 and 30 June 2016
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4.Debtors
Debtors include £2,009,750 (2015 - £2,066,846) falling due after more than one year.
5.Creditors:
Amounts falling due within one year
The bank loan is repayable by instalments and attracts an interest rate based on base rate plus 4.00%. The loan is repayable in 2017 and is secured on the company's freehold properties and supported by a cross guarantee from County Development Company (Tankerton) Limited.
6.Creditors:
Amounts falling due after more than one year
Other creditors includes a loan of £309,735 (2015: £308,842) that is repayable by instalments and attracts an interest rate based on an average of banks base rate plus 3%. The loan is repayable in 2019 and is secured on a freehold property.
7.Share capital
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Allotted, called up and fully paid
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20,000 Ordinary shares of £1 each
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8.Reserves
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Investment property revaluation reserve
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At 1 July 2015 and 30 June 2016
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Page 4
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