Friarwood Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 00904198 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

FRIARWOOD LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

E C F Bowen

SECRETARY:

Mrs I Bowen

REGISTERED OFFICE:

26 New Kings Road

Fulham

London

SW6 4ST

REGISTERED NUMBER:

00904198 (England and Wales)

ACCOUNTANTS:

J M Pitman & Co.

Chartered Accountants

Dometo House

Molesey Road

Walton on Thames

Surrey

KT12 3PW

BANKERS:

National Westminster Bank Plc

City of London Office Branch

P O Box 12258

1 Princes Street

London

EC2R 8PA

FIXED ASSETS

Intangible assets

2

284

284

Tangible assets

3

1,303,991

1,310,025

1,304,275

1,310,309

CURRENT ASSETS

Stocks

1,450,000

1,675,000

Debtors

104,589

99,345

Cash at bank

1,651

150

1,556,240

1,774,495

CREDITORS

Amounts falling due within one year

4

1,219,354

1,353,831

NET CURRENT ASSETS

336,886

420,664

TOTAL ASSETS LESS CURRENT LIABILITIES

1,641,161

1,730,973

PROVISIONS FOR LIABILITIES

165,755

165,755

NET ASSETS

1,475,406

1,565,218

CAPITAL AND RESERVES

Called up share capital

5

1,000

1,000

Revaluation reserve

709,763

709,763

Profit and loss account

764,643

854,455

SHAREHOLDERS' FUNDS

1,475,406

1,565,218

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 director acknowledges his 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 director on 16 December 2014 and were signed by:

E C F Bowen - 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 net value of sales made in the year after deducting value added tax and trade

discounts. 4% of the company's turnover was derived from markets outside the United Kingdom.

Tangible fixed assets

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

Freehold building

Depreciation is not provided

Leasehold property

8.33% on cost

Leasehold improvement

8.33% on cost

Office and cellar equipment

25%pa on reducing balance

Motor vehicles

25%pa on reducing balance

Computer Equipment

33%pa on cost

The company's freehold property was revalued on 1st May 2002 at £1,250,000. The director considers

that after taking into account the company's policy of maintaining the property in a continual state of

sound repair and making improvements from time to time, the residual value of the property, assessed

on the price prevailing at the time of revaluation, is not materially different from the amount at which it

is stated in the financial statements. The director considers that the remaining useful life of the

property is at least 50 years and therefore the depreciation charge would be insignificant. The director

performs annual impairment reviews in accordance with the requirements of the financial reporting

standard to ensure that the carrying value is not lower than the recoverable amount. Any future

permanent diminution in value will be charged through the profit and loss account as identified.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for slow

moving,spoilt and out of condition stock. Stock now also includes forward purchase of wine (purchased

during grape harvest) which is stated at cost less a provision quantified by the director based on his

knowledge and assessment of its likely realisable value at the balance sheet date. There is no addition

for storage as the director is of the opinion that the figure is neither meaningful nor material.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

284

NET BOOK VALUE

At 31 March 2014

284

At 31 March 2013

284

3.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 April 2013

and 31 March 2014

1,542,684

DEPRECIATION

At 1 April 2013

232,659

Charge for year

6,034

At 31 March 2014

238,693

NET BOOK VALUE

At 31 March 2014

1,303,991

At 31 March 2013

1,310,025

The company's freehold property was revalued on 1st May 2002 at £1,250,000. As stated under

accounting policies, no depreciation is provided on the freehold building. Based on a provision of 2%

p.a. on cost of the building only, the charge for the year would have been £14,826. The cumulative

depreciation to the 31st March 2014 would then be £357,498 (2013- £342,672).

4.

CREDITORS

Creditors include an amount of £ 316,440 (2013 - £ 442,381 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The movements on his current account with the company were as follows:

£

Balance at 1st April 2013

395,965

Cash Introduced

20.000

Less: net amount drawn

(5,718

)

Balance due to Director at 31st March 2014

410,247

The above balance is included in "other creditors" in the balance sheet.

The director has considered it appropriate to charge interest on monies advanced to the company and

due to him at the rate of 4% per annum on £300,000. Net interest of £9,600 after tax was paid in the

year.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £20,000 (2013 - £20,000) were paid to the director .