ARDVORLICH_ESTATE_LIMITED - Accounts

ARDVORLICH ESTATE LIMITED - Company Information

Print Friendly Version

ARDVORLICH ESTATE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 15 APRIL 2016

Company Registration No. SC035482 (Scotland)

ARDVORLICH ESTATE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

ARDVORLICH ESTATE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

15 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

1,430,253

1,495,208

Current assets

Stocks

175

Debtors

314,031

333,865

Cash at bank and in hand

170,512

22,940

484,718

356,980

Creditors: amounts falling due within one year

(284,822)

(319,927)

Net current assets

199,896

37,053

Total assets less current liabilities

1,630,149

1,532,261

Creditors: amounts falling due after more than one year

(586,790)

(630,679)

Provisions for liabilities

(211,350)

(216,050)

832,009

685,532

Capital and reserves

Called up share capital

6,000

Profit and loss account

826,009

679,532

Shareholders' funds

832,009

685,532

ARDVORLICH ESTATE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

15 APRIL 2016

- 2 -

For the financial year ended 15 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 13 January 2017

A D Stewart

V M Stewart

Director

Company Registration No. SC035482

ARDVORLICH ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 15 APRIL 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property

Not depreciated

Property improvements

10% per annum of cost

Plant and machinery

15% per annum of net book value

Fixtures, fittings and equipment

10% per annum of net book value

Motor vehicles

25% per annum of net book value

No depreciation is charged on freehold property on the basis that their estimated residual values are not materially different from their carrying amounts at the balance sheet date. This is a departure from FRS 15 'Tangible Fixed Assets' which requires all tangible fixed assets to be depreciated. The directors review these assets for impairment at each balance sheet date in accordance with FRS 11 'Impairment of Fixed Assets', and any adjustment is written off to the profit and loss account.

1.4

Stock

Stock is valued at the lower of cost and net realisable value.

1.5

Pensions

The company operates a defined contribution scheme for the benefit of the employees. Contributions payable by the company are charged to the profit and loss account in accordance with FRS 17.

1.6

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.

Deferred tax is measured on a non-discounted basis.

1.7

Operating leases

Income from operating leases is recognised on a straight line basis over the lease term.

ARDVORLICH ESTATE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 15 APRIL 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 16 April 2015

1,798,748

Additions

13,383

At 15 April 2016

1,812,131

Depreciation

At 16 April 2015

303,540

Charge for the year

78,338

At 15 April 2016

381,878

Net book value

At 15 April 2016

1,430,253

At 15 April 2015

1,495,208

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £43,889 (2015 - £40,959).

Creditors: amounts falling due after more than one year

2016

2015

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

379,331

485,745

The aggregate amount of creditors for which security has been given amounted to £586,790 (2015 - £630,679).

Share capital

2016

2015

Allotted, called up and fully paid

6,000 Ordinary shares of £1 each

6,000