LIMEHILLOCK_DEVELOPMENT_L - Accounts

LIMEHILLOCK DEVELOPMENT LIMITED - Company Information

Print Friendly Version

Company Registration No. SC053122 (Scotland)

LIMEHILLOCK DEVELOPMENT LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2016

LIMEHILLOCK DEVELOPMENT LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

LIMEHILLOCK DEVELOPMENT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

684,239

883,860

Current assets

Debtors

14,350

4,435

Cash at bank and in hand

405,889

138,781

420,239

143,216

Creditors: amounts falling due within one year

(26,683)

(29,240)

Net current assets

393,556

113,976

Total assets less current liabilities

1,077,795

997,836

Provisions for liabilities

(1,647)

1,076,148

997,836

Capital and reserves

Called up share capital

2,000

Other reserves

130,389

126,540

Profit and loss account

943,759

869,296

Shareholders' funds

1,076,148

997,836

For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 22 February 2017

W G Bremner

Director

Company Registration No. SC053122

LIMEHILLOCK DEVELOPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for rental of property and property development. Turnover is recognised on the accruals basis.

1.3

Tangible fixed assets and depreciation

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

Freehold buildings

- 2% straight line

Plant and machinery

- 10% reducing balance

Investment properties are included in the balance sheet at their open market value.

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 all tangible assets to be depreciated. In the opinion of the director 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.

1.4

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

LIMEHILLOCK DEVELOPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2016

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 August 2015

913,841

Additions

93,764

Revaluation

(50,000)

Disposals

(237,500)

At 31 July 2016

717,605

Depreciation

At 1 August 2015

29,981

Charge for the year

3,385

At 31 July 2016

33,366

Net book value

At 31 July 2016

684,239

At 31 July 2015

883,860

Share capital

2016

2015

Allotted, called up and fully paid

2,000 Ordinary shares of £1 each

2,000