East Coast Developments (Yorkshire) Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 06133075 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

EAST COAST DEVELOPMENTS (YORKSHIRE)

LIMITED

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Investment property

2

3,800,000

3,250,000

CURRENT ASSETS

Debtors

7,955

3,837

Cash at bank

99,569

7,205

107,524

11,042

CREDITORS

Amounts falling due within one year

3

678,197

706,576

NET CURRENT LIABILITIES

(570,673

)

(695,534

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,229,327

2,554,466

CREDITORS

Amounts falling due after more than one year

3

895,183

996,941

NET ASSETS

2,334,144

1,557,525

CAPITAL AND RESERVES

Called up share capital

4

20

Revaluation reserve

1,694,589

1,147,364

Profit and loss account

639,535

410,141

SHAREHOLDERS' FUNDS

2,334,144

1,557,525

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 19 December 2016 and were signed on its behalf by:

Mr G J P Ledden - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain

assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

Turnover

Turnover represents amounts receivable for rents and amenities recharged, net of VAT and trade discounts.

Investment property

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

January 2015), it is a departure from the general requirement of the Companies Act 2006 for 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.

Deferred tax

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

date.

Deferred tax is not recognised on revaluation gains and losses unless, by the balance sheet date, the company has entered

into a binding agreement to sell the asset and has revalued the asset to the selling price.

Revenue recognition

Rental income is invoiced in advance and is recognised on an accruals basis. Amenities recharged are recognised when the

amenities have been charged to the company. These are then recharged to tenants on a percentage of usage basis.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2015

3,250,000

Additions

2,775

Revaluations

547,225

At 31 March 2016

3,800,000

NET BOOK VALUE

At 31 March 2016

3,800,000

At 31 March 2015

3,250,000

3.

CREDITORS

Creditors include an amount of £ 1,049,006 (2015 - £ 1,137,396 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

239,390

336,526

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

20

Ordinary

£1

20

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2016 and 31 March 2015:

2016

2015

£

Mr P Richings

Balance outstanding at start of year

(275,102

)

(275,102

)

Amounts advanced

50,000

-

Amounts repaid

-

Balance outstanding at end of year

(225,102

)

(275,102

)

Mr G J P Ledden

Balance outstanding at start of year

(224,990

)

(274,990

)

Amounts advanced

-

50,000

Amounts repaid

-

Balance outstanding at end of year

(224,990

)

(224,990

)

All above loans are unsecured, interest free and repayable on demand.