Lochewe Developments Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: SC262409 (Scotland)

Lochewe Developments Limited

Abbreviated Accounts For The Year Ended 31 March 2016

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTOR:

W M Mitchell

REGISTERED OFFICE:

Bac Dubh

Poolewe

Achnasheen

Ross-Shire

IV22 2JU

REGISTERED NUMBER:

SC262409 (Scotland)

ACCOUNTANTS:

The Long Partnership

3-5 Mayfield

High Street

Dingwall

IV15 9ST

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited

financial statements, from which the unaudited abbreviated accounts (set out on pages three to six) 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 Lochewe Developments Limited for the year ended 31 March 2016 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.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Lochewe Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lochewe Developments Limited and state those matters that we have agreed to state to the director of Lochewe Developments Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Lochewe Developments 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 Lochewe Developments Limited. You consider that Lochewe Developments 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 Lochewe Developments 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.

The Long Partnership

3-5 Mayfield

High Street

Dingwall

IV15 9ST

22 December 2016

FIXED ASSETS

Tangible assets

2

551,962

590,104

CURRENT ASSETS

Debtors

43,499

80,005

Cash at bank

181

2,144

43,680

82,149

CREDITORS

Amounts falling due within one year

200,421

243,325

NET CURRENT LIABILITIES

(156,741

)

(161,176

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

395,221

428,928

CREDITORS

Amounts falling due after more than one year

21,995

77,992

NET ASSETS

373,226

350,936

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

373,126

350,836

SHAREHOLDERS' FUNDS

373,226

350,936

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 director acknowledges his 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 director on 22 December 2016 and were signed by:

W M Mitchell - 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).

Turnover

Turnover, which excludes value added tax and trade discounts, represents invoiced sales of goods and services supplied

during the year. Work carried out but not completed or invoiced at the year end has been brought into sales for the year.

Tangible fixed assets

The Directors have determined that any depreciation on freehold property spread over the useful economic life would be

immaterial and therefore is not charged within the accounts. In line with FRS 11, the Director reviews the 'value in use'

of the property on an annual basis and determine whether the asset is impaired. There are no indications of impairment.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of

gains and losses in the financial statement and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable

profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences

are excepted to reverse.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under

hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated

over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

680,604

Additions

28,000

Disposals

(42,500

)

At 31 March 2016

666,104

DEPRECIATION

At 1 April 2015

90,500

Charge for year

53,415

Eliminated on disposal

(29,773

)

At 31 March 2016

114,142

NET BOOK VALUE

At 31 March 2016

551,962

At 31 March 2015

590,104

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

100

Ordinary

£1

100