Abernyte Properties Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC173917 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 31 May 2014

for

Abernyte Properties Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

1,097,588

1,125,986

CURRENT ASSETS

Stocks

241,844

257,829

Debtors

64,091

63,979

Cash at bank and in hand

483,484

419,442

789,419

741,250

CREDITORS

Amounts falling due within one year

3

(381,514

)

(360,802

)

NET CURRENT ASSETS

407,905

380,448

TOTAL ASSETS LESS CURRENT LIABILITIES

1,505,493

1,506,434

CREDITORS

Amounts falling due after more than one year

3

(173,695

)

(219,930

)

PROVISIONS FOR LIABILITIES

(13,173

)

(12,511

)

ACCRUALS AND DEFERRED INCOME

(333

)

(443

)

NET ASSETS

1,318,292

1,273,550

CAPITAL AND RESERVES

Called up share capital

4

83,334

83,334

Share premium

160,490

160,490

Revaluation reserve

497,689

508,278

Capital redemption reserve

14,500

14,500

Profit and loss account

562,279

506,948

SHAREHOLDERS' FUNDS

1,318,292

1,273,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 19 February 2015 and were signed on its behalf by:

Mrs E Templeman - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under applicable law and United Kingdom Accounting Standards

(United Kingdom Generally Accepted Accounting Practice) and in accordance with the Financial Reporting

Standard for Smaller Entities (effective April 2008).

Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include the

revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods and services in respect of antique sales, commissions, rent and

food sales, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the

service is complete.

Tangible fixed assets and depreciation

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

Freehold property

-

2% on cost

Property improvements

-

5% on cost

Fittings & equipment

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any

incidental costs of acquisition.

Assets that have been revalued are subject to subsequent revaluations in the third and fifth year following the

previous revaluation, or when there are indications of a significant change in the value of the revalued assets.

The valuations are performed by a qualified external valuer. The basis of the valuation is existing use.

Revaluation surpluses are taken to the revaluation reserve. Deficits on subsequent revaluations are charged to

the profit and loss account if they are considered to arise as a result of the consumption of the economic benefits

provided by the asset. Other deficits on revaluation are charged to the revaluation reserve up to the amount of

the associated revaluation surplus. Any excess deficits are charged to the profit and loss account.

Where an asset that was previously revalued is disposed of, its book value is eliminated and an appropriate

transfer is made from the revaluation reserve to the profit and loss reserve.

An amount equal to the annual depreciation charge on revalued assets over the notional historical cost

depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss

reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items. Cost is represented by purchase price.

Deferred tax

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

sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in the

future have occurred by the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws enacted or substantively

enacted 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.

Finance lease agreements

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership

of an asset, the lease is treated as a finance lease. The asset is capitalised in the balance sheet as a tangible fixed

asset at its fair value and is depreciated in accordance with the above depreciation policies. Future instalments

under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between

the finance element, which is charged to the profit and loss account on a straight line basis, and the capital

element which reduces the outstanding obligation for future instalments.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with

the lessor are charged against profits on a straight line basis over the period of the lease.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit

and loss account over the estimated useful life of the assets to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 June 2013

1,789,305

Additions

35,833

At 31 May 2014

1,825,138

DEPRECIATION

At 1 June 2013

663,319

Charge for year

64,231

At 31 May 2014

727,550

NET BOOK VALUE

At 31 May 2014

1,097,588

At 31 May 2013

1,125,986

3.

CREDITORS

Creditors include an amount of £ 219,695 (31.5.13 - £ 265,930 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.5.14

31.5.13

£

£

Repayable by instalments

30,294

41,992

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.14

31.5.13

value:

£

£

83,334

Ordinary

£1

83,334

83,334