Tolethorpe Developments Limited - Period Ending 2016-06-30

Registration number: 06287698

Tolethorpe Developments Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Tolethorpe Developments Limited
(Registration number: 06287698)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					325,416			1,057
Current assets
Stocks					-			367,000
Debtors					719			250
Cash at bank and in hand					29,826			9,311
					30,545			376,561
Creditors: Amounts falling due within one year					(333,925)			(395,050)
Net current liabilities					(303,380)			(18,489)
Net assets/(liabilities)					22,036			(17,432)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					21,936			(17,532)
Shareholders' funds/(deficit)					22,036			(17,432)

For the year ending 30 June 2016 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 director acknowledges his 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 director on 20 January 2017

.........................................
M J Francis
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Tolethorpe Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% straight line basis
Office equipment	25% straight line basis

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, 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 treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore 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 which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Tolethorpe Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		2,929			2,929
Additions		325,815			325,815
Disposals		(265)			(265)
At 30 June 2016		328,479			328,479
Depreciation
At 1 July 2015		1,872			1,872
Charge for the year		1,344			1,344
Eliminated on disposals		(153)			(153)
At 30 June 2016		3,063			3,063
Net book value
At 30 June 2016		325,416			325,416
At 30 June 2015		1,057			1,057

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A shares of £1 each		50			50			50			50
Ordinary B shares of £1 each		50			50			50			50
		100			100			100			100

Page 3