SKI_TIME_LIMITED - Accounts

SKI TIME LIMITED

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

SKI TIME LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

£

Fixed assets

Tangible assets

3

1,325

1,766

Current assets

Debtors

59,012

53,027

Cash at bank and in hand

23,950

12,215

82,962

65,242

Creditors: amounts falling due within one year

(249,001)

(222,625)

Net current liabilities

(166,039)

(157,383)

Total assets less current liabilities

(164,714)

(155,617)

Capital and reserves

Called up share capital

4

2

Profit and loss account

(164,716)

(155,619)

Shareholders' funds

(164,714)

(155,617)

For the financial year ended 31 May 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

-

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 May 2015

Michael Docker

Director

Company Registration No. 03264517

SKI TIME LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents rents receivable net of French TVA.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

25% reducing balance

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2

Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company had net current liabilities of £166,039.

The director considers the going concern basis to be appropriate because he has indicated his willingness to support the company for at least the ensuing twelve months, should it be necessary.

If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their net realisable amount, to provide for any further liabilities which might arise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.

SKI TIME LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 3 -

3

Fixed assets

Tangible assets

£

Cost

At 1 June 2013 & at 31 May 2014

13,150

Depreciation

At 1 June 2013

11,384

Charge for the year

441

At 31 May 2014

11,825

Net book value

At 31 May 2014

1,325

At 31 May 2013

1,766

4

Share capital

2014

2013

£

Allotted, called up and fully paid

2 Ordinary shares of £1 each

2

5

Related party relationships and transactions

The company is controlled by the director M. Docker, who together with his wife owns 100% of the issued share capital.

During the year the director's loan account became overdrawn by £nil (2013: £10,634). The maximum amount overdrawn in the year was £4,681. Interest of £nil (2013: £197) was charged to the director in respect of the period the loan was overdrawn.

Included in other creditors is a balance due to SCI Projects of £232,987 (2013: £205,842), a company in which M. Docker has an interest. During the year the total amount of rent payable to SCI Projects was £24,490 (2013: £24,820). Included in other debtors is a balance due from Dock and Let Limited of £46,062 (2013: £45,653), a company in which M. Docker also has an interest.