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ARONCORP LIMITED
REGISTERED NUMBER: 04006438
ABBREVIATED BALANCE SHEET
AS AT 30 NOVEMBER 2016
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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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 November 2016 and of its profit 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:
The notes on pages 2 to 4 form part of these financial statements.
Page 1
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ARONCORP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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).
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Turnover represents amounts receivable for the sale of land and completed dwellings within the company's development property.
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Investments held as fixed assets are shown at cost less provision for impairment.
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Stock comprises property in the course of development and is stated at the lower of cost and net realisable value.
Cost includes all fees relating to the purchase of land, site development costs and project management fees incurred on the acquisition and development of the property. Interest costs and loan arrangement fees are written off as incurred. Net realisable value is based on estimated selling price less any future costs expected to be incurred prior to disposal.
Property acquisitions are accounted for when legally binding contracts, which are irrevocable and effectively unconditional, are exchanged.
Development sales are recognised when legal completion has taken place before the year end.
Any proceeds derived from the imposition of social planning conditions on the company are recognised when all work that is necessary to fulfil the conditions has been performed and are deducted as a contribution towards the cost of the company's property developments. Such proceeds are not treated as separate, apportionable elements of the development concerned and, beyond offset of the amount receivable, no other profit or loss is recognised on such amounts.
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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.
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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.
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Page 2
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ARONCORP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
2.FIXED ASSET INVESTMENTS
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At 1 December 2015 and 30 November 2016
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Subsidiary undertakings
The following is a subsidiary undertaking of the company:
The aggregate of the share capital and reserves as at 30 November 2016 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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3.DEBTORS
Debtors include £3,400 (2015 - £49,990) falling due after more than one year.
4.CREDITORS:
Amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £526,681 (2015 - £Nil).
Page 3
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ARONCORP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
5.SHARE CAPITAL
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Allotted, called up and fully paid
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102 'A' ordinary shares shares of £1 each
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98 'B' ordinary shares shares of £1 each
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'A' and 'B' shares have equal rights to voting, receiving dividends and participating in any surplus on winding up.
Page 4
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