Corsegreat Developments Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00700240 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

CORSEGREAT DEVELOPMENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs A M Ireson

Mr J G S Smith-Bosanquet

Mr S G D C Smith-Bosanquet

Mrs W N Smith-Bosanquet

SECRETARY:

Mr J G S Smith-Bosanquet

REGISTERED OFFICE:

Stanchils

Hengrave

Bury St Edmunds

Suffolk

IP28 6NB

REGISTERED NUMBER:

00700240 (England and Wales)

ACCOUNTANTS:

Howard & Company

Chartered Accountants

Unit 17

Park Farm Business Centre

Fornham St. Genevieve

Bury St. Edmunds

Suffolk

IP28 6TS

FIXED ASSETS

Tangible assets

2

2,107,022

2,183,172

Investments

3

7

7

2,107,029

2,183,179

CURRENT ASSETS

Debtors

10,645

14,523

Cash at bank

5,738

20,640

16,383

35,163

CREDITORS

Amounts falling due within one year

283,076

342,442

NET CURRENT LIABILITIES

(266,693

)

(307,279

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,840,336

1,875,900

PROVISIONS FOR LIABILITIES

405

465

NET ASSETS

1,839,931

1,875,435

CAPITAL AND RESERVES

Called up share capital

4

38

38

Revaluation reserve

1,450,386

1,526,236

Profit and loss account

389,507

349,161

SHAREHOLDERS' FUNDS

1,839,931

1,875,435

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 11 December 2014 and were signed on its behalf by:

Mr S G D C Smith-Bosanquet - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller

Entities (effective April 2008).

Turnover

Turnover represents property income from rents and outgoings receivable under operating leases.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Deferred tax

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

the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Investment properties

In accordance with the Financial Reporting Standard for Smaller Entities (effective June 2008),

certain of the company's properties are held for long-term investment and are included in the Balance

Sheet at their open market values. The surplus or deficit on revaluation of such properties are

transferred to the investment property revaluation reserve. Depreciation is not provided in respect of

freehold investment properties. Leasehold investment properties are not amortised where the

unexpired term is over twenty years.

This policy represents a departure from the Companies Act 2006, which require depreciation to be

provided on all fixed assets. The directors consider that this policy is necessary in order that the

Financial Statements may give a true and fair view because current values and changes in current

values are of prime importance rather than the systematic annual depreciation. Depreciation is only

one of many factors rejected in the valuation and the amount which might otherwise have been

shown cannot be separately identified or quantified.

Income from investments

Investment income comprises dividends declared during the accounting period and interest

receivable on listed and unlisted investments.

Operating leases

Income from operating leases are credited to the profit and loss account on an accruals basis.

Payments received in advance for future periods are carried forward as deferred income.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2013

2,188,199

Revaluations

(75,850

)

At 31 March 2014

2,112,349

DEPRECIATION

At 1 April 2013

5,027

Charge for year

300

At 31 March 2014

5,327

NET BOOK VALUE

At 31 March 2014

2,107,022

At 31 March 2013

2,183,172

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

and 31 March 2014

7

NET BOOK VALUE

At 31 March 2014

7

At 31 March 2013

7

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

3,800

Ordinary

1p

38

38

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2014

and 31 March 2013:

31.3.14

31.3.13

£

£

Mrs W N Smith-Bosanquet

Balance outstanding at start of year

9,460

(828

)

Amounts advanced

10,322

14,397

Amounts repaid

(268,196

)

(4,109

)

Balance outstanding at end of year

(248,414

)

9,460

The above monies were lent on an unsecured, interest free basis for which no repayment terms have

been agreed.