Accounts filed on 31-07-2013
Accounts filed on 31-07-2013
trueLunderston Bay LimitedSC1873702013-07-313275995351840333727703615178967759677533727703615178023708233727703852260-1925206362529928968379106769132004116291679293140101398200013814356529037886351814653187483817506371913797Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Going concern
The company has made a loss of £242,408 for the year, following a loss of £419,347 for the prior year. Additionally, the company has been dependent on the continued financial support of a director and the main shareholder, Dr J Kinloch, through net cash advances to the company each year to allow the company to meet its ongoing financial obligations.
Despite the levels oftrading losses and the requirement for ongoing financial support from a shareholder/director, the directors consider that the going concern basis continues to be appropriate in the preparation of the company's annual financial statements, for the following reasons.
Following the death of Dr Kinloch on 30 April 2013, the directors have reviewed the company's prospects, including specifically the level of losses incurred, and the need for financial support.
The directors have reviewed the commercial operations of the company and have undertaken a series of measures designed to improve profitability, and reduce overall trading losses. In addition, the company's investment bond was encashed after the year-end, which has injected cash of in excess of £1.75m into the company.
Accordingly, the directors consider that based on the actions taken by them following the year-end, to liquidate the investment bond and also to improve the profitability of the company, the company will have sufficient financial resources to meet all of its obligations for at least the 12 months period from the date of approval of these accounts.
Turnover
The turnover shown in the profit and loss account represents the value of sales of livestock, shooting rights and felled timber during the year, exclusive of Value Added Tax.
Other operating income reflects rents and revenue grants received in the year.
Stocks
Stock, which comprises livestock, is valued at market values provided by specialist valuers.
Fixed Assets
All fixed assets are initially recorded at cost.
Investments
Investments in managed funds, comprising Unit trusts, are stated at market value. Annual adjustments are made to reflect changes to the market value.
Government Grants
Grants received relating to revenue items are credited to the profit and loss
account when they are received.
Land & BuildingsStraight Line0.0200Plant & MachineryStraight Line0.2000Motor VehiclesStraight Line0.250030628413062841124818811880036018524497292612889-16316069909269909255125705675730-1631601947280188709560185Ordinary3871000.259677596775Ordinary0.2596775967753870992014-04-29Ms Alexandra J Simpsontruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureLunderston Bay Limited2012-08-012013-07-31Lunderston Bay Limited2011-08-012012-07-31Lunderston Bay Limited2011-07-31Lunderston Bay Limited2012-07-31Lunderston Bay Limited2012-07-31Lunderston Bay Limited2013-07-31 2014-07-09
