WHITE_ROCK_ESTATES_LTD - Accounts
WHITE_ROCK_ESTATES_LTD - Accounts
Company Registration No. 07497039 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Cash at bank and in hand
-
Creditors: amounts falling due within one year
3
(693,277 )
(981,650 )
Net current liabilities
(686,004 )
(981,650 )
Total assets less current liabilities
(3,118 )
Creditors: amounts falling due after more than one year
(300,000 )
-
(7,472)
(3,118)
Capital and reserves
Called up share capital
4
Profit and loss account
(7,474 )
(3,120 )
Shareholders' funds
(7,472 )
(3,118 )
Director's responsibilities:
-
-
Approved by the Board for issue on 27 April 2017
Director
Company Registration No. 07497039
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), 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.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), 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.
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015 & at 31 July 2016
978,532
At 31 July 2015
978,532
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £300,000 (2015 - £300,000).
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid