Tourset Ltd - Abbreviated accounts 16.3
Tourset Ltd - Abbreviated accounts 16.3
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Year Ended 31 October 2016 |
for |
Tourset Ltd |
Tourset Ltd (Registered number: 03456935) |
Contents of the Abbreviated Accounts |
for the Year Ended 31 OCTOBER 2016 |
Page |
Abbreviated Balance Sheet | 1 |
Notes to the Abbreviated Accounts | 2 |
Tourset Ltd (Registered number: 03456935) |
Abbreviated Balance Sheet |
31 OCTOBER 2016 |
31.10.16 | 31.10.15 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors |
CREDITORS |
Amounts falling due within one year | 2 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 3 |
Profit and loss account | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors on behalf by: |
Tourset Ltd (Registered number: 03456935) |
Notes to the Abbreviated Accounts |
for the Year Ended 31 OCTOBER 2016 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has taken advantage of the exemption from preparing a cash flow statement on the |
grounds that it qualifies as a small company under the Companies Act 2006. |
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company |
qualifies as a small company. |
Stocks and work in progress |
Land held for development and construction work in progress are valued at the lower of cost and net |
realisable value. Other costs comprises materials,equipment,architect fees,survey and planning fees |
and other appropriate overheads valued at the lower of cost and net realisable value. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
Consolidation |
In the opinion of the directors, the parent company and its subsidiary undertakings comprise a small |
group hence the group accounts have not been prepared, under section 383 of Companies Act 2006. |
Property valuations and going concern |
The company's ability to continue as a going concern is dependent on realising the amounts on its |
undeveloped land stock in excess of the carrying value and the availability of the continued financial |
support from its bankers and group companies. |
On the basis of the above, the directors consider it appropriate to prepare the financial statements on |
the going concern basis. |
2. | CREDITORS |
Creditors include an amount of £ |
given. |
3. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.16 | 31.10.15 |
value: | £ | £ |
Ordinary | £1 |
4. | ULTIMATE PARENT COMPANY |
100% of the issued share capital of Tourset Limited is held by Jeremiah O'Reilly & Associates Limited, |
a Company incorporated in the Republic of Ireland. |
The ultimate holding company is controlled by Jeremiah O'Reilly. |
Tourset Ltd (Registered number: 03456935) |
Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 OCTOBER 2016 |
5. | RELATED PARTY DISCLOSURES |
The company's related party transactions, as defined by FRSSE, are summarised below. |
At the balance sheet date the company owed £1,461 (2015: £3,062 from) to Jeremiah O'Reilly & |
Associates Limited. Jeremiah O'Reilly & Associates Limited owns 100% ordinary share capital of the |
company. |
There is a personal Guarantee and Indemnity by Jeremiah O'Reilly on the bank loan taken by the |
company. |
Jeremiah O'Reilly who is a director of Tourset Limited, is the 100% shareholder of Jeremiah O'Reilly & |
Associates Limited. |