ACCOUNTS - Final Accounts preparation

JOSSEVI LIMITED - Company Information

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Registered number: NI063607

SARCON (NO.246) LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

SARCON (NO.246) LIMITED

REGISTERED NUMBER: NI063607

ABBREVIATED BALANCE SHEET

AS AT 31 MARCH 2014

2014

2013

Note

CURRENT ASSETS
Stocks	-		500,000
Cash at bank	3,817		3,817

	3,817		503,817
CREDITORS: amounts falling due within one year	(660,266)		(660,266)
NET CURRENT LIABILITIES		(656,449)		(156,449)

TOTAL ASSETS LESS CURRENT LIABILITIES

(656,449)

(156,449)

CREDITORS: amounts falling due after more than one year	2		-		(468,072)
NET LIABILITIES			(656,449)		(624,521)

CAPITAL AND RESERVES
Called up share capital	3	10,000	10,000
Other reserves		589,673	589,673
Profit and loss account		(1,256,122)	(1,224,194)

SHAREHOLDERS' DEFICIT

(656,449)

(624,521)

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SARCON (NO.246) LIMITED

ABBREVIATED BALANCE SHEET (continued)

AS AT 31 MARCH 2014

The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by the sole director on 18 December 2014.

John Rogers

Director

The notes on pages 3 to 4 form part of these financial statements.

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SARCON (NO.246) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

	1.2	Turnover
		Turnover comprises revenue recognised by the company in respect of properties sold.

	1.3	Stocks and Work In Progress
		Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. There was a revaluation during 2009 resulting in a significant reduction from cost to realisable value and the Director has has further provided for diminution in its value during the current year. The properties have been sold during the year.

2.CREDITORS:
Amounts falling due after more than one year

The Ulster Bank Loans are secured by the Director's personal guarantees.There is a debenture over the fixed and floating security on the company's assets including its properties previously owned at Piney Hills, Belfast and Greenwood Avenue, Belfast. It is unclear as to the extent that these personal guarantees will be called, if at all, as at date of signing off these accounts, as there was in excess of £3.3m shortful of funds from the original money lent by the Bank.

3.SHARE CAPITAL

	2014	2013
	£	£
Allotted, called up and fully paid

10,000 Ordinary shares of £1 each	10,000	10,000

4.DIRECTOR'S PERSONAL GUARANTEES

The Ulster Bank has guarantees from the director totaling £400,000 and on any interest shortfall. See also note "Going Concern" to these accounts.

5.RELATED PARTY TRANSACTIONS

The company is under sole ownership of the director, Mr J Rogers. Mr Rogers is the sole director and
shareholder of Terra Estates Ltd. £591,060 was owed to this company at year end.

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SARCON (NO.246) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

6.GOING CONCERN

The company is dependant on the continued support of Ulster Bank, who have not indicated their future
intentions regarding the company to the director.

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