Scrafton Developments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04864239 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2017

for

Scrafton Developments Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

G J Scott

A M Gibson

SECRETARY:

A M Gibson

REGISTERED OFFICE:

17 Burnville Road

Sunderland

Tyne & Wear

SR4 7LY

REGISTERED NUMBER:

04864239 (England and Wales)

ACCOUNTANTS:

TTR Barnes Limited

Chartered Accountants

3-5 Grange Terrace

Stockton Road

Sunderland

Tyne & Wear

SR2 7DG

BANKERS:

Lloyds TSB Bank plc

PO Box 45

Fawcett Street

Sunderland

Tyne and Wear

SR1 1SF

FIXED ASSETS

Tangible assets

3

262,920

262,920

CURRENT ASSETS

Cash at bank

782

75

CREDITORS

Amounts falling due within one year

4

40,978

42,629

NET CURRENT LIABILITIES

(40,196

)

(42,554

)

TOTAL ASSETS LESS CURRENT LIABILITIES

222,724

220,366

CREDITORS

Amounts falling due after more than one year

5

80,816

96,010

NET ASSETS

141,908

124,356

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

140,908

123,356

SHAREHOLDERS' FUNDS

141,908

124,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 16 January 2018 and were signed on its behalf by:

G J Scott - Director

1.	STATUTORY INFORMATION

Scrafton Developments 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.

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.

The financial statements have been prepared on the going concern basis,which assumes that the company will

continue in operational existence for the foreseeable future,which the directors consider to be appropriate.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 May 2017 are the first that are prepared in accordance with

FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date

of transition to FRS 102 Section 1A is 1 June 2015.

In preparing the financial statements, the directors have considered whether in applying the accounting policies

required by FRS102 Section 1a "Small Entities", the restatement of comparative items was required. The

transition to FRS102 Section 1a "Small Entities" has not resulted in any changes to accounting policies used.

Upon adoption of FRS102 Section 1A, there were no transitional adjustments required.

Turnover

Turnover represents rental income excluding value added tax.

Tangible fixed assets

In accordance with the Financial Reporting Standards for smaller entities (effective April 2008) no depreciation

is provided in respect of freehold properties held as investments. This is a departure from the requirements of

the Companies Act 2006, which requires all properties to be depreciated. The directors consider that to

depreciate them would not give a true and fair view.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their

settlement value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 June 2016

and 31 May 2017

262,920

NET BOOK VALUE

At 31 May 2017

262,920

At 31 May 2016

262,920

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

14,528

13,862

Corporation tax

4,401

3,795

Scrafton Limited

21,143

24,066

Accrued expenses

906

906

40,978

42,629

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

14,528

13,862

Bank loans - 2-5 years

43,584

41,585

Bank loans - over 5 years

22,704

40,563

80,816

96,010

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

22,704

40,563

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

95,344

109,872

The bank loans are secured by mortgage charges over the freehold properties.

7.

CONTROL

No person had overall control of the company throughout the current and previous years.

8.	FIRST YEAR ADOPTION

Upon transition to FRS102 Section 1A there were no adjustments required.

Transitional relief

Upon transition to FRS102 Section 1A the company did not take advantage of any transitional relief.