Abbreviated Company Accounts - MACROW PROPERTIES LIMITED

MACROW PROPERTIES LIMITED - Company Information

NI062273 MACROW PROPERTIES LIMITED 2015-12-31 false 2015-01-01 2015-12-31 true NI062273 2015-01-01 2015-12-31 NI062273 2015-12-31 NI062273 2014-12-31 NI062273 uk-gaap-cd-bus:Director1 2015-01-01 2015-12-31 NI062273 uk-gaap-cd-bus:Director2 2015-01-01 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-01-01 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 iso4217:GBP shares

Registered Number NI062273

MACROW PROPERTIES LIMITED

Abbreviated Accounts

31 December 2015

MACROW PROPERTIES LIMITED Registered Number NI062273

Abbreviated Balance Sheet as at 31 December 2015

	Notes	2015	2014
		£	£
Current assets
Stocks		900,000	700,000
Debtors		270,464	2,344
Cash at bank and in hand		10,946	52,898
		1,181,410	755,242
Creditors: amounts falling due within one year		(2,815,970)	(2,594,045)
Net current assets (liabilities)		(1,634,560)	(1,838,803)
Total assets less current liabilities		(1,634,560)	(1,838,803)
Total net assets (liabilities)		(1,634,560)	(1,838,803)
Capital and reserves
Called up share capital	2	3	3
Profit and loss account		(1,634,563)	(1,838,806)
Shareholders' funds		(1,634,560)	(1,838,803)

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 22 December 2016

And signed on their behalf by:
Mr R J Wilson, Director

MACROW PROPERTIES LIMITED Registered Number NI062273

Notes to the Abbreviated Accounts for the period ended 31 December 2015

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of preparation

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future having adequate funds to meet their obligations as they fall due. The validity of this assumption depends on the continued support of the company's bankers and the continued support of the company's shareholders.

Subsequent to the year end the company restructured its debt with the write off of circa £1.1 million and refinance of the residual dealt with another lender together with injections of further shareholder loans. Following the restructuring the directors considered the viability of the company's activities, and are of the opinion that despite accumulated losses, the company will maintain a sustainable position. Consequently they are satisfied that it is appropriate for the financial statements to be be prepared on a going concern basis at this time.

Other accounting policies
Revenue recognition

Turnover represents the sale of trading properties and rental income incidental to the development and trading activities, net of Value Added Tax.

Revenue from the sale of trading properties is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Stocks

Stocks of development properties are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present condition.

2Called Up Share Capital
Allotted, called up and fully paid:

	2015 £	2014 £
3 Ordinary shares of £1 each	3	3