Silver Crescent Estates Ltd - Period Ending 2014-03-31

Registration number: 04871905

Silver Crescent Estates Ltd

and Abbreviated Accounts

for the Year Ended 31 March 2014
 

Silver Crescent Estates Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Silver Crescent Estates Ltd
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Silver Crescent Estates Ltd for the year ended 31 March 2014 set out on pages 2 to 4from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Silver Crescent Estates Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Silver Crescent Estates Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Silver Crescent Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Silver Crescent Estates Ltd. You consider that Silver Crescent Estates Ltd is exempt from the statutory audit requirement for the year.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

......................................

Agnitio
Chartered Accountants & Tax Advisors
Unit 4B, Greenmeadow Springs Business Park
Village Way
Cardiff
CF15 7NE

30 December 2014

Page 1

Silver Crescent Estates Ltd
(Registration number: 04871905)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					3,507,279			2,575,775
Current assets
Stocks					283,826			-
Debtors					840,161			36,171
Cash at bank and in hand					18,143			823,252
					1,142,130			859,423
Creditors: Amounts falling due within one year					(2,348,963)			(1,835,133)
Net current liabilities					(1,206,833)			(975,710)
Total assets less current liabilities					2,300,446			1,600,065
Creditors: Amounts falling due after more than one year					(2,006,973)			(1,417,439)
Net assets					293,473			182,626
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					293,472			182,625
Shareholders' funds					293,473			182,626

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 December 2014

.........................................
Mr Kashif Ahmed
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Silver Crescent Estates Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Land and property are not depreciated.

Asset class	Depreciation method and rate
Plant and machinery	20% straight line

Work in progress

Stock principally comprise properties held for sale, properties under construction and land. All inventories are carried at the lower of cost and net realisable value. Cost comprises land, direct materials, professional fees and, where applicable, direct labour costs that have been incurred in bringing the stocks to their present location and condition.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Silver Crescent Estates Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		2,589,186			2,589,186
Additions		1,194,566			1,194,566
Disposals		(258,850)			(258,850)
At 31 March 2014		3,524,902			3,524,902
Depreciation
At 1 April 2013		13,411			13,411
Charge for the year		4,212			4,212
At 31 March 2014		17,623			17,623
Net book value
At 31 March 2014		3,507,279			3,507,279
At 31 March 2013		2,575,775			2,575,775

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		1			1			1			1

4

Control

The company is controlled by the director who owns 100% of the called up share capital.

.

Page 4