Leoville Limited - Abbreviated accounts

Registered number

03370559

Leoville Limited

Abbreviated Accounts

25 March 2014

Leoville Limited
Registered number:		03370559
Abbreviated Balance Sheet
as at 25 March 2014

Notes			2014			2013
£				£
Fixed assets
Tangible assets	3		7,497			7,651

Current assets
Debtors		3,350			36,969
Cash at bank and in hand		86,919			45,070
		90,269			82,039

Creditors: amounts falling due within one year		(13,141)			(7,809)

Net current assets			77,128			74,230

Total assets less current liabilities			84,625			81,881


Provisions for liabilities			(91)			(122)


Net assets			84,534			81,759

Capital and reserves
Called up share capital	4		50			50
Profit and loss account			84,484			81,709

Shareholder's funds			84,534			81,759

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit 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 the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



C. C. Spann
Director
Approved by the board on 16 November 2014

Leoville Limited
Notes to the Abbreviated Accounts
for the year ended 25 March 2014

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	Turnover
	Turnover represents the value of goods provided to customers and work carried out in respect of services provided to customers and ground rents received from investment properties.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

	Plant and machinery			15% written down values

	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.


2	Investment properties

	The value of the investment properties are reviewed annually. No depreciation is provided in respect of the investment properties. The investment properties have been valued by the directors as not materially different from cost as at 25th March 2014 on the basis of rental income receivable. The Companies Act requires all properties to be depreciated however this requirement conflicts with the generally accepted accounting principle set out in the FRSSE. The directors consider that because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view. If this departure from the Act had not been made the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified because depreciation is only one of the many factors reflected in the annual valuation and the amount which otherwise would have been shown cannot be separately identified or quantified.


3	Tangible fixed assets					£

	Cost
	At 26 March 2013					8,744
	Disposals					(382)
	At 25 March 2014					8,362

	Depreciation
	At 26 March 2013					1,093
	Charge for the year					79
	On disposals					(307)
	At 25 March 2014					865

	Net book value
	At 25 March 2014					7,497
	At 25 March 2013					7,651


4	Share capital	Nominal		2014		2014		2013
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		50		50		50


5	Loans to directors
	Description and conditions	B/fwd	Paid		Repaid		C/fwd
£			£		£		£
	C. C. Spann
	Short term loan with an interest rate of 4% repayable on demand.	35,000		-		(35,000)		-

		35,000		-		(35,000)		-