ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-09-302017-09-30truetruedevelopment companytrue2016-10-01 SC105815 2016-10-01 2017-09-30 SC105815 2017-09-30 SC105815 2016-09-30 SC105815 c:Director2 2016-10-01 2017-09-30 SC105815 d:Non-currentFinancialInstruments 2017-09-30 SC105815 d:Non-currentFinancialInstruments 2016-09-30 SC105815 d:Non-currentFinancialInstruments d:AfterOneYear 2017-09-30 SC105815 d:Non-currentFinancialInstruments d:AfterOneYear 2016-09-30 SC105815 d:ShareCapital 2017-09-30 SC105815 d:ShareCapital 2016-09-30 SC105815 d:RetainedEarningsAccumulatedLosses 2017-09-30 SC105815 d:RetainedEarningsAccumulatedLosses 2016-09-30 SC105815 c:EntityHasNeverTraded 2016-10-01 2017-09-30 SC105815 c:FRS102 2016-10-01 2017-09-30 SC105815 c:AuditExempt-NoAccountantsReport 2016-10-01 2017-09-30 SC105815 c:FullAccounts 2016-10-01 2017-09-30 SC105815 c:PrivateLimitedCompanyLtd 2016-10-01 2017-09-30 iso4217:GBP

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EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED


Company registration number SC105815


FILING FINANCIAL STATEMENTS


FOR THE YEAR ENDED 30 SEPTEMBER 2017





























 
EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
REGISTERED NUMBER:SC105815

BALANCE SHEET
AS AT 30 SEPTEMBER 2017

2017
2016
Note
£
£

  

  

Total assets less current liabilities
  
 
-
 
-

Creditors: amounts falling due after more than one year
 3 
(6,259,544)
(6,259,544)

  

Net liabilities
  
(6,259,544)
(6,259,544)


Capital and reserves
  

Called up share capital 
  
830
830

Profit and loss account
  
(6,260,374)
(6,260,374)

  
(6,259,544)
(6,259,544)


For the year ended 30 September 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.

Members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial Reporting Standard 102.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G Cornes
Director

Date: 29 June 2018
The notes on pages 2 to 3 form part of these financial statements.

1

 
EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

1.


General information

These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the company drawn up for the year ended 30 September 2017.
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Scotland. Details of the registered office can be found on the company information page of these financial statements. The company's registered number is SC105815.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with applicable law and United Kingdom Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice applicable to Small Entities).
Before 1 October 2016 the financial statements were prepared in accordance with UK GAAP applicable prior to the adoption of FRS 102, as issued by the Financial Reporting Council, and referred to as 'previous UK GAAP'.  Information on the impact of first-time adoption of FRS 102 is given in note 5.  The date of transition is 1 October 2015.
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company accounting policies.
The following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered a period of twelve months from the date of the approval of the financial statements and despite the significant net liabilities it is considered appropriate to prepare the financial statements on the going concern basis. Net liabilities are £6,259,544 and it is made up of a loan from the parent undertaking, East Dunbartonshire Council. Following disposal of the property portfolio, the director is considering other development opportunities for the company. Additionally the company is in negotiations with its former banking partner with regards to the mis-selling of interest based hedged products.

 
2.3

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2

 
EAST DUNBARTONSHIRE DEVELOPMENT COMPANY LIMITED
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017

3.


Creditors: Amounts falling due after more than one year

2017
2016
£
£

Amounts owed to group undertakings
6,259,544
6,259,544

6,259,544
6,259,544



4.


Related party transactions

At the balance sheet date the company owed East Dunbartonshire Council £6,259,544 (2016: £6,259,544).


5.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

3