Future Developments (Lincoln) Limited - Limited company - abbreviated

REGISTERED NUMBER: 05732578

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

FUTURE DEVELOPMENTS (LINCOLN) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Chartered Certified Accountants' Report

4

DIRECTORS:

D Appleton

C Chisholm

G Houghton Snr

G Houghton Jnr

REGISTERED OFFICE:

8 Novus Business Park

Opus Avenue, York Business Park

Nether Poppleton

YORK

North Yorkshire

YO26 6BL

REGISTERED NUMBER:

05732578

ACCOUNTANTS:

Graham Sunley & Co Limited

Chartered Certified Accountants

52 Front Street

Acomb

York

North Yorkshire

YO24 3BX

CURRENT ASSETS

Stocks

872,922

841,741

Debtors

1,119

1,902

Cash at bank

47

7,767

874,088

851,410

CREDITORS

Amounts falling due within one year

2

771,664

751,312

NET CURRENT ASSETS

102,424

100,098

TOTAL ASSETS LESS CURRENT
LIABILITIES

102,424

100,098

CREDITORS

Amounts falling due after more than one
year

2

413,750

NET LIABILITIES

(311,326

)

(313,652

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

(311,426

)

(313,752

)

SHAREHOLDERS' FUNDS

(311,326

)

(313,652

)

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 17 December 2014 and were signed on its behalf
by:

C Chisholm - 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).

Turnover

Turnover represents the sale of properties during the year along with any other related income.

Income is recognised as turnover on the legal completion date.

Stocks and work-in-progress

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

Costs include all direct expenditure and interest on bank loans taken to fund the development of the properties.

Deferred tax

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

sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangements, as either financial assets, financial liabilities of equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Going concern

The going concern basis of accounting continues to be adopted however reference should be made to the later

detailed note which sets out the reasons for this adoption.

2.

CREDITORS

Creditors include an amount of £ 1,020,452 (31.3.13 - £ 997,781 ) for which security has been given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

100

Ordinary

1

100

4.	GOING CONCERN

The company is supported by Future Cleaning Services Limited in respect of it's loan repayments and general

expenditure. This will continue for the foreseeable future. There is no intention to withdraw the loan. A second

charge is held over the properties in respect of this loan.

The land held in stock has been granted planning permission for a number of Town Houses to be built. The plot

is in the early stages of development and it is expected that it will sell for a significant higher value. As such it is

believed that there are unrealised profits within the work in progress that will reverse the current insolvent

position. This is supported by financial budgets and costings.

The directors have a reasonable expectation that the company has adequate resources and support to continue in

operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of

accounting in preparing the annual financial statements.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to three)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Future Developments (Lincoln) Limited for the year ended 31 March 2014 which comprise the

Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and

other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of Future Developments (Lincoln) Limited, as a body, in accordance

with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial

statements of Future Developments (Lincoln) Limited and state those matters that we have agreed to state to the Board

of Directors of Future Developments (Lincoln) Limited, as a body, in this report in accordance with the requirements of

the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of

Directors, as a body, for our work or for this report.

It is your duty to ensure that Future Developments (Lincoln) Limited has kept adequate accounting records and to

prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit

of Future Developments (Lincoln) Limited. You consider that Future Developments (Lincoln) Limited is exempt from

the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Future Developments

(Lincoln) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or

information and explanations you have given to us and we do not, therefore, express any opinion on the statutory

financial statements.

Graham Sunley & Co Limited

Chartered Certified Accountants

52 Front Street

Acomb

York

North Yorkshire

YO24 3BX

17 December 2014

Future Developments (Lincoln) Limited - Limited company - abbreviated - 11.6

Future Developments (Lincoln) Limited - Limited company - abbreviated - 11.6