Black Isle Projects Limited - Limited company - abbreviated - 11.6

BLACK ISLE PROJECTS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTOR:

T R Pearson

REGISTERED OFFICE:

Achnagarrie

Cromarty

Ross-shire

IV11 8XX

REGISTERED NUMBER:

SC365458 (Scotland)

ACCOUNTANTS:

MacKenzie Kerr Limited

Chartered Accountants

Redwood

19 Culduthel Road

Inverness

IV2 4AA

BANKERS:

TSB

39-41 Union Street

Inverness

IV1 1RD

FIXED ASSETS

Tangible assets

2

291,908

292,125

CURRENT ASSETS

Cash at bank

6,967

16,005

CREDITORS

Amounts falling due within one year

3,867

3,283

NET CURRENT ASSETS

3,100

12,722

TOTAL ASSETS LESS CURRENT LIABILITIES

295,008

304,847

CREDITORS

Amounts falling due after more than one year

(205,257

)

(224,673

)

PROVISIONS FOR LIABILITIES

(130

)

(173

)

NET ASSETS

89,621

80,001

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

89,521

79,901

SHAREHOLDERS' FUNDS

89,621

80,001

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 4 November 2014 and were signed by:

T R Pearson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements are prepared under the historical cost convention and the Financial Reporting

Standard for Smaller Entities (effective April 2008) except that the alternative rules set out in the 1st

Schedule to the Companies Act 2006 have been adopted in respect of investment properties. As explained

in the tangible fixed assets note, no depreciation is provided in respect of investment properties as it is

considered that this policy is necessary in order for the financial statements to show a true and fair view.

Turnover

Turnover represents property rental income received in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

No depreciation is provided for on investment properties in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in

periods different from those in which they are included in the company's accounts. Deferred tax is provided

in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the

average tax rates that are expected to apply when the timing differences reverse, based on current tax

rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is

no commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

and 30 September 2014

296,322

DEPRECIATION

At 1 October 2013

4,197

Charge for year

217

At 30 September 2014

4,414

NET BOOK VALUE

At 30 September 2014

291,908

At 30 September 2013

292,125

Investment properties are accounted for in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008). No depreciation is provided in respect of such properties. Although the

Companies Act 2006 would normally require systematic annual depreciation of fixed assets, it is believed

that this policy of not providing depreciation is necessary in order for the financial statements to give a true

and fair view since the current value of investment properties and changes in the current value are of prime

importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the

many factors reflected in the annual valuation, and the amount which might otherwise have been shown

cannot be separately identified or quantified.

The investment properties having been purchased in late 2011 the director considers it relevant to treat

purchase price as being the market value at 30 September 2014.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100