Willowgrove Developments Limited - Period Ending 2014-06-30

Registration number: 02844442

Willowgrove Developments Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

Willowgrove Developments Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Willowgrove Developments Limited
(Registration number: 02844442)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					225,796			124,914
Current assets
Debtors					55,250			95
Cash at bank and in hand					23,159			27,557
					78,409			27,652
Creditors: Amounts falling due within one year					(151,260)			(44,956)
Net current liabilities					(72,851)			(17,304)
Total assets less current liabilities					152,945			107,610
Provisions for liabilities					(181)			(338)
Net assets					152,764			107,272
Capital and reserves
Called up share capital		3			3			3
Profit and loss account					152,761			107,269
Shareholders' funds					152,764			107,272

For the year ending 30 June 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 her 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 10 March 2015

 Mrs Tina Taylorson
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Willowgrove Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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 the expected useful economic life as follows:

Asset class	Depreciation method and rate
Investment Properties	Nil
Office Equipment	20% straight line

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 2

Willowgrove Developments Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2013		125,575			125,575
Additions		101,274			101,274
At 30 June 2014		226,849			226,849
Depreciation
At 1 July 2013		661			661
Charge for the year		392			392
At 30 June 2014		1,053			1,053
Net book value
At 30 June 2014		225,796			225,796
At 30 June 2013		124,914			124,914

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		3			3			3			3

Page 3