|
Registered number: 07652841
TRANQUILITY PARKS LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
|
|
TRANQUILITY PARKS LIMITED
REGISTERED NUMBER: 07652841
ABBREVIATED BALANCE SHEET
AS AT 30 SEPTEMBER 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
|
|
|
|
|
PROVISIONS FOR LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
TRANQUILITY PARKS LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 SEPTEMBER 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2016 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Mr H Simmons
|
|
|
|
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
|
|
TRANQUILITY PARKS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.ACCOUNTING POLICIES
|
|
|
Basis of preparation of financial statements
|
|
|
|
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of the sale of residential homes and rental of the pitches to the residential market. Rental income is recognised evenly over the rental period.
Turnover from the sale of residential homes is recognised on the date the customer takes delivery of the home.
Residential homes and other goods are deemed to have been delivered to customers when the customer has access to the significant benefits inherent in the goods and exposure to the risks inherent in these benefits.
|
|
|
|
Tangible fixed assets and depreciation
|
|
|
|
|
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
|
|
|
|
|
|
|
|
Leasing and hire purchase
|
|
|
|
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
|
|
|
|
|
|
|
|
Stocks of mobile homes for resale are stated at the lower of purchase cost and net realisable value. Homes under construction are valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of mobile homes.
|
Page 3
|
|
TRANQUILITY PARKS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
1.ACCOUNTING POLICIES (continued)
|
|
|
|
|
|
|
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
|
|
|
|
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
|
2.TANGIBLE FIXED ASSETS
Page 4
|
|
TRANQUILITY PARKS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
3.CREDITORS:
Amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £919,118 (2015 - £1,327,796).
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
5.SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
100 Ordinary shares of £1 each
|
|
|
The company is under the ultimate control of Mr and Mrs H Simmons who together own 100% of the issued share capital.
Page 5
|
