Ian Richards ( Westcountry Construction) Ltd - Abbreviated accounts

IAN RICHARDS (WEST COUNTRY CONSTRUCTION) LIMITED - Company Information

Registered number

05203099

Ian Richards ( Westcountry Construction) Ltd

Abbreviated Accounts

31 May 2016

Ian Richards ( Westcountry Construction) Ltd
Registered number:		05203099
Abbreviated Balance Sheet
as at 31 May 2016

Notes			2016			2015
£				£
Fixed assets
Tangible assets	2		1,929			2,572
Investments	3		230,000			230,000
			231,929			232,572

Current assets
Stocks		650			600
Debtors		67,708			83,103
Cash at bank and in hand		759			833
		69,117			84,536

Creditors: amounts falling due within one year		(59,378)			(75,303)

Net current assets			9,739			9,233

Total assets less current liabilities			241,668			241,805

Creditors: amounts falling due after more than one year			(140,095)			(140,095)

Provisions for liabilities			(386)			(514)


Net assets			101,187			101,196

Capital and reserves
Called up share capital	5		101			101
Revaluation reserve			100,944			100,944
Profit and loss account			142			151

Shareholders' funds			101,187			101,196

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



I A Richards
Director
Approved by the board on 13 February 2017

Ian Richards ( Westcountry Construction) Ltd
Notes to the Abbreviated Accounts
for the year ended 31 May 2016

1	Accounting policies

	Basis of preparation
	The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			25% reducing balance basis
	Motor vehicles			25% reducing balance basis

	Investment Properties
	Depreciation has not been provided on the investment property, in accordance with SSAP 19, as
	the property is maintained to such a standard that no diminution in value is expected for the
	foreseeable future.

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

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.


2	Tangible fixed assets					£

	Cost
	At 1 June 2015					20,377
	At 31 May 2016					20,377

	Depreciation
	At 1 June 2015					17,805
	Charge for the year					643
	At 31 May 2016					18,448

	Net book value
	At 31 May 2016					1,929
	At 31 May 2015					2,572


3	Investments					£

	Cost
	At 1 June 2015					230,000

	At 31 May 2016					230,000

4	Loans					2016		2015
£							£
	Creditors include:
	Amounts falling due for payment after more than five years					140,095		140,095
	Secured bank loans					171,988		173,784


	The Capital Homes loan is secured on a second legal charge on the property known as
	2 Rospeath Cottages, Crowlas, Penzance.

	The directors have also provided a personal security guarantee on their private property against
	the bank loan and overdraft.

5	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		101		101		101


7	Transactions with directors

	At 31st May 2016 the directors, Mr I & Mrs L Richards, owed the company £54,166.17. (Maximum in the year £56,137.56.) The loan is interest free and is included in other debtors.