Abbreviated Company Accounts - THORNEY FARM DEVELOPMENTS LIMITED

THORNEY FARM DEVELOPMENTS LIMITED - Company Information

02933052 THORNEY FARM DEVELOPMENTS LIMITED 2016-09-29 false 2015-10-01 2016-09-29 true 02933052 2015-10-01 2016-09-29 02933052 2016-09-29 02933052 2015-09-30 02933052 uk-gaap-cd-bus:Director1 2015-10-01 2016-09-29 02933052 uk-gaap-cd-bus:Director2 2015-10-01 2016-09-29 uk-gaap-cd-bus:OrdinaryShareClass1 2015-10-01 2016-09-29 uk-gaap-cd-bus:OrdinaryShareClass1 2016-09-29 uk-gaap-cd-bus:OrdinaryShareClass1 2015-09-30 iso4217:GBP shares

Registered Number 02933052

THORNEY FARM DEVELOPMENTS LIMITED

Abbreviated Accounts

29 September 2016

THORNEY FARM DEVELOPMENTS LIMITED Registered Number 02933052

Abbreviated Balance Sheet as at 29 September 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	2,715,938	6,403,245
Investments	3	200	200
		2,716,138	6,403,445
Current assets
Debtors		5,888,358	1,648,317
Cash at bank and in hand		142,522	2
		6,030,880	1,648,319
Creditors: amounts falling due within one year		(1,917,727)	(4,212,711)
Net current assets (liabilities)		4,113,153	(2,564,392)
Total assets less current liabilities		6,829,291	3,839,053
Creditors: amounts falling due after more than one year		(1,639,437)	(1,639,437)
Provisions for liabilities		(1,047)	(2,540)
Total net assets (liabilities)		5,188,807	2,197,076
Capital and reserves
Called up share capital	4	3	3
Revaluation reserve		89,183	89,183
Profit and loss account		5,099,621	2,107,890
Shareholders' funds		5,188,807	2,197,076

For the year ending 29 September 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 directors acknowledge their 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.

Approved by the Board on 28 June 2017

And signed on their behalf by:
P G Woodbridge, Director

THORNEY FARM DEVELOPMENTS LIMITED Registered Number 02933052

Notes to the Abbreviated Accounts for the period ended 29 September 2016

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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).

Turnover policy
Turnover represents the amounts recoverable on the property development project.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Assets under construction
Plant and machinery 25% straight line
Motor vehicles 20% reducing balance

Finance and other development related costs are capitalised as incurred.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on the those investment properties which are leasehold and where the unexpired lease term is less that 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 directors 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.

Other accounting policies
Investments
Fixed asset investments are stated at cost less provision for diminution in value.

2Tangible fixed assets

	£
Cost
At 1 October 2015	6,411,656
Additions	930,696
Disposals	(4,606,302)
Revaluations	-
Transfers	-
At 29 September 2016	2,736,050
Depreciation
At 1 October 2015	8,411
Charge for the year	11,701
On disposals	-
At 29 September 2016	20,112
Net book values
At 29 September 2016	2,715,938
At 30 September 2015	6,403,245

3Fixed assets Investments
The company holds 100% of the ordinary issued share capital of Thorney Farm Estates Limited (TFE) and Thorney Farm Properties Limited (TFP). The principal activity of both subsidiaries is property investment. At 30 September 2016 TFE had capital and reserves of £8,484 and TFP £1,340,904. TFE recognised a profit for the year ended 30 September 2016 of £7,823 while TFP recognised a profit of £49,169.

4Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
3 A Ordinary shares of £1 each	3	3