Celtic Rose (Property) Limited - Period Ending 2016-07-31

Registration number: 07141165

Celtic Rose (Property) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Celtic Rose (Property) Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Registration number: 07141165

Celtic Rose (Property) Limited
Balance Sheet as at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			326,241			334,652
Current assets
Stocks					3,528			6,133
Debtors					4,034			3,299
Cash at bank and in hand					8,803			-
					16,365			9,432
Creditors: Amounts falling due within one year		3			(23,527)			(21,654)
Net current liabilities					(7,162)			(12,222)
Total assets less current liabilities					319,079			322,430
Creditors: Amounts falling due after more than one year		3			(589,859)			(585,643)
Net liabilities					(270,780)			(263,213)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					(270,782)			(263,215)
Shareholders' deficit					(270,780)			(263,213)

For the year ending 31 July 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the director on 27 April 2017

P McGibbon
Director

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

Celtic Rose (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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).

Going concern

The financial statements have been prepared on a going concern basis. The director P McGibbon considers the Company to be a going concern and will continue to support the Company for the forseeable future.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of MOT services and vehicle sales to customers on an accruals basis.

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
Freehold property	2% Straight Line Method
Plant and machinery	25% Reducing Balance Method
Fixture and fittings	25% Reducing Balance Method
Motor vehicles	25% Reducing Balance Method

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Celtic Rose (Property) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		384,111			384,111
Additions		835			835
Disposals		(271)			(271)
At 31 July 2016		384,675			384,675
Depreciation
At 1 August 2015		49,459			49,459
Charge for the year		8,986			8,986
Eliminated on disposals		(11)			(11)
At 31 July 2016		58,434			58,434
Net book value
At 31 July 2016		326,241			326,241
At 31 July 2015		334,652			334,652

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		6,468			6,780
Amounts falling due after more than one year		125,161			131,213
Total secured creditors		131,629			137,993

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years by instalments		93,637			101,557

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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