Formby Property Limited - Accounts to registrar

REGISTERED NUMBER: 07429228 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

for

Formby Property Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Stoneoak Investments Limited

C Lathey

REGISTERED OFFICE:

116 Duke Street

Liverpool

Merseyside

L1 5JW

REGISTERED NUMBER:

07429228 (England and Wales)

AUDITORS:

Cobham Murphy Limited

Statutory Auditors

116 Duke Street

Liverpool

Merseyside

L1 5JW

FIXED ASSETS

Investment property

3

2,000,000

CURRENT ASSETS

Stocks

1,204,612

-

Cash at bank

55,068

22,066

1,259,680

22,066

CREDITORS

Amounts falling due within one year

4

1,221,224

3,541

NET CURRENT ASSETS

38,456

18,525

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,038,456

2,018,525

CREDITORS

Amounts falling due after more than one
year

5

2,277,049

2,357,370

NET LIABILITIES

(238,593

)

(338,845

)

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

(238,594

)

(338,846

)

SHAREHOLDERS' FUNDS

(238,593

)

(338,845

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2017 and were signed on its behalf
by:

C Lathey - Director

1.	STATUTORY INFORMATION

Formby Property Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover, derived from ordinary activities, represents rent due in the year on an accruals basis. The rent is not

subject to VAT.

Investment property

Investment property are held to earn rentals and capital appreciation. Investment properties are initially measured

at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and

losses arising from changes in the fair value of investment properties are included in the profit and loss in the

period in which they arise.

This is the first year that FRS 102 has been applied, there are no transitional adjustments as the prior year

includes a loss on valuation as the value of investment properties was less than cost. Deferred tax is charged to

the profit and loss if the fair value of investment properties is higher than cost. As the fair value is less than cost

there has been no deferred tax charge in the year.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Loans represent a loan from Oakmore Investments Limited. Interest is charged at 5% per year. The loan is

initially recognised at the fair value of the proceeds, net of related transaction costs. The loan is then stated at

amortised cost using the effective interest method.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

2,000,000

NET BOOK VALUE

At 31 December 2016

2,000,000

At 31 December 2015

2,000,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2015

(616,931

)

Cost

2,616,931

2,000,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.16

31.12.15

£

Cost

2,616,931

Investment property was valued on an open market basis on 3 February 2016 by Peter J Kenny BSc (Hons) FRICS

.

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

Trade creditors

-

1,041

Amounts owed to group undertakings

1,204,772

-

Taxation and social security

13,701

-

Other creditors

2,751

2,500

1,221,224

3,541

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.16

31.12.15

£

Amounts owed to group undertakings

-

2,357,370

Other creditors

2,277,049

-

2,277,049

2,357,370

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rebecca Foster (Senior Statutory Auditor)

for and on behalf of Cobham Murphy Limited

7.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party. The ultimate parent company is Pine Hill

Holdings Limited, a company registered in Gibraltar, consolidated accounts are prepared but are not publicly

available.

Formby Property Limited - Accounts to registrar - small 17.2

Formby Property Limited - Accounts to registrar - small 17.2