Abbreviated Company Accounts - ASGARD PROPERTY DEVELOPMENT LIMITED

ASGARD PROPERTY DEVELOPMENT LIMITED - Company Information

05203268 ASGARD PROPERTY DEVELOPMENT LIMITED 2014-08-31 false 2013-09-01 2014-08-31 true 05203268 2013-09-01 2014-08-31 05203268 2014-08-31 05203268 2013-08-31 05203268 uk-gaap-cd-bus:Director1 2013-09-01 2014-08-31 05203268 uk-gaap-cd-bus:Director2 2013-09-01 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-09-01 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-08-31 uk-gaap-cd-bus:OrdinaryShareClass2 2013-09-01 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass2 2014-08-31 uk-gaap-cd-bus:OrdinaryShareClass2 2013-08-31 iso4217:GBP shares

Registered Number 05203268

ASGARD PROPERTY DEVELOPMENT LIMITED

Abbreviated Accounts

31 August 2014

ASGARD PROPERTY DEVELOPMENT LIMITED Registered Number 05203268

Abbreviated Balance Sheet as at 31 August 2014

	Notes	2014	2013
		£	£
Current assets
Stocks		-	1,706,094
Debtors		943,605	5,760
Cash at bank and in hand		40,548	681
		984,153	1,712,535
Creditors: amounts falling due within one year		(1,603,879)	(2,594,979)
Net current assets (liabilities)		(619,726)	(882,444)
Total assets less current liabilities		(619,726)	(882,444)
Total net assets (liabilities)		(619,726)	(882,444)
Capital and reserves
Called up share capital	2	151	151
Profit and loss account		(619,877)	(882,595)
Shareholders' funds		(619,726)	(882,444)

For the year ending 31 August 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 directors acknowledge their 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 Board on 21 May 2015

And signed on their behalf by:
K Mitchell, Director

ASGARD PROPERTY DEVELOPMENT LIMITED Registered Number 05203268

Notes to the Abbreviated Accounts for the period ended 31 August 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Going concern
The financial statements have been prepared on a going concern basis in view of the financial support provided by the directors by way of loans to the company. The directors have agreed not to seek repayment of the loans provided to the company until other creditors have been settled.

Turnover policy
Turnover represents sales of property and rental income receivable. Property sales are recognised on exchange of contracts.

Valuation information and policy
Stock
Stocks of land and property under development are valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

2Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
150 Ordinary shares of £1 each	150	150
1 A Ordinary shares of £1 each	1	1