Albemarle Developments Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05295852

Albemarle Developments Limited

Abbreviated Unaudited Accounts for the Year Ended 30 June 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

T R Baines

P A Waddell

A J Rennie

SECRETARY:

P A Waddell

REGISTERED OFFICE:

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

REGISTERED NUMBER:

05295852

ACCOUNTANTS:

Hughes Waddell

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

CURRENT ASSETS

Accrued income

1,303,057

523,623

Debtors

73,081

37,514

Cash at bank

-

32,040

1,376,138

593,177

CREDITORS

Amounts falling due within one year

1,484,470

708,663

NET CURRENT LIABILITIES

(108,332

)

(115,486

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(108,332

)

(115,486

)

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

(108,432

)

(115,586

)

SHAREHOLDERS' FUNDS

(108,332

)

(115,486

)

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

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

The directors acknowledge their 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 Board of Directors on 24 November 2014 and were signed on its behalf by:

T R Baines - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about Albemarle Developments Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover

Turnover represents the recharge of development costs during the year.

Accrued income

The company carries forward as accrued income all direct and related expenditure in respect of uncompleted

contracts for the development of properties or options on properties held for future development and resale

valued at the lower of cost and net realisable value. Where appropriate, interest on loans specifically relating to

a particular development is included as related expenditure. The company undertakes developments on such

terms that it cannot determine profit until the property is complete. Therefore, no attributable profit is taken on

such uncompleted developments.

Deferred tax

Deferred taxation is provided on all reversible timing differences that arise when comparing the accounting profit

with the profits that are chargeable to taxation. Deferred taxation is not provided on any permanent timing

differences that may arise. At the balance sheet date, the required provision for deferred taxation is compared

with the provision at the beginning of the period and any difference is credited or debited to the profit and loss

account. Deferred tax assets are only recognised when there is a reasonable certainty that they will be

recoverable in the future.

Investments

Investments are stated at cost less a provision for impairment in value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have agreed to support the

company to ensure that all third party creditors are paid in full.

2.	FIXED ASSET INVESTMENTS

The company's investments at the balance sheet date in the share capital of companies include the following:

Stonegate Developments Limited (Formerly Citygrove Westgate Ltd)

Nature of business: Property development

%

Class of shares:

holding

Ordinary shares of £1 each

100.00

30.6.14

30.6.13

£

£

Aggregate capital and reserves

(126,754

)

(124,221

)

Loss for the year

(2,533

)

(74

)

A provision for diminution in value against the original cost of £12,740 was made in the accounts to 30 June

2009.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.14

30.6.13

value:

£

£

100

Ordinary

£1

100

100

4.	RELATED PARTY DISCLOSURES

At 30 June 2014 the following loan existed between the company and related undertakings:

30.06.14

30.06.13

Loan received from related undertaking:

£

£

Citygrove Securities plc

1,110,805

432,842

The loan is interest free, unsecured and has no fixed repayment date.

Mr T R Baines is a director and shareholder of Citygrove Securities plc.

Mr P A Waddell is a director of Citygrove Securities plc.

Full provision of £102,839 was made in the year ended 30 June 2009 against the debt due to the company by its

subsidiary Stonegate Developments Limited (formerly Citygrove Westgate Limited) and against the cost of the

investment in that company of £12,740. Mr T R Baines and Mr P A Waddell are directors of Stonegate

Developments Limited.

5.	ULTIMATE CONTROLLING PARTY

The company was under the control of one of its directors, Mr T R Baines, throughout the year.