Picardy Enterprises Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC433174 (Scotland)

Picardy Enterprises Limited

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

G S Mackie

Mrs C A Mackie

REGISTERED OFFICE:

6 Castle Street

Edinburgh

Midlothian

EH2 3AT

REGISTERED NUMBER:

SC433174 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

EH3 6AT

FIXED ASSETS

Tangible assets

2

100

Investments

3

300

-

Investment property

4

309,832

310,232

309,932

CURRENT ASSETS

Debtors

82,501

1,306

Cash at bank

4,062

14,951

86,563

16,257

CREDITORS

Amounts falling due within one year

985

8,466

NET CURRENT ASSETS

85,578

7,791

TOTAL ASSETS LESS CURRENT
LIABILITIES

395,810

317,723

CREDITORS

Amounts falling due after more than
one year

403,200

338,200

NET LIABILITIES

(7,390

)

(20,477

)

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

(8,390

)

(21,477

)

SHAREHOLDERS' FUNDS

(7,390

)

(20,477

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 29 June 2016 and were signed on its
behalf by:

G S Mackie - 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).

Preparation of consolidated financial statements

The financial statements contain information about Picardy Enterprises Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Turnover and revenue recognition

Turnover represents net invoiced rental income, excluding value added tax.

Rent is recognised in accordance with the lease agreement.

Tangible fixed assets

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

Freehold property

-

Nil

Deferred tax

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

at the balance sheet date.

Investment property

Investment property is shown at 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.

This is in accordance with FRSSE which, unlike the Companies Act 2006, does not require

depreciation of investment property. Investment property is held for the investment potential and

not for use by the company and so their current value is of prime importance. The departure from

the provisions of the Act is required in order to give a true and fair view.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

100

NET BOOK VALUE

At 31 March 2016

100

At 31 March 2015

100

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

Additions

300

At 31 March 2016

300

NET BOOK VALUE

At 31 March 2016

300

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Thornton 7XV Limited

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2016

£

Aggregate capital and reserves

(350

)

Loss for the year

(450

)

North Gisborne Limited

Nature of business: Solar power farm

%

Class of shares:

holding

Ordinary

50.00

2016

£

Aggregate capital and reserves

251,976

Profit for the year

1,876

The company has the casting vote on all decisions made by the Board.

South Redhouse Limited

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2016

£

Aggregate capital and reserves

(500

)

Loss for the year

(600

)

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2015

and 31 March 2016

309,832

NET BOOK VALUE

At 31 March 2016

309,832

At 31 March 2015

309,832

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

6.	ULTIMATE PARENT COMPANY

The ultimate parent company is Greenspan Energy Limited, of which director G S Mackie is a

director and majority shareholder.