ESSEX_PARK_(GARAGES)_LIMI - Accounts
ESSEX_PARK_(GARAGES)_LIMI - Accounts
Company Registration No. 01186269 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2014
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
Current assets
Investments
-
Cash at bank and in hand
Creditors: amounts falling due within one year
(34,616 )
(88,859 )
Net current assets/(liabilities)
(88,306 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
-
(1,286,770 )
927,453
1,027,555
Capital and reserves
Called up share capital
3
Revaluation reserve
-
Profit and loss account
(671,051 )
Shareholders' funds
Director's responsibilities:
-
-
Approved by the Board for issue on 19 May 2015
Director
Company Registration No. 01186269
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements have been prepared on the basis that the fundamental accounting concept of going concern is applied. Following a review of the company's accounting records, it is considered that the company will be able to continue in operational existence for the foreseeable future. The sale of the investment property after the balance sheet date has generated sufficient funds for the company to continue in operational existence for the forseeable future. On this basis the directors consider that the going concern continues to be appropriate and has therefore been applied.
1.2
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.
1.3
Investments
Current asset investments are stated at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2013
2,402,631
Disposals
(2,402,631)
At 31 August 2014
-
At 31 August 2013
2,402,631
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2014
- 3 -
4
Ultimate parent company
The company was controlled throughout the year by N F D Ives, a director and shareholder of the company.