J. Murray Homes Limited - Period Ending 2014-10-31

Registration number: 06333115

J. Murray Homes Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

J. Murray Homes Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 5

J. Murray Homes Limited
(Registration number: 06333115)
Abbreviated Balance Sheet at 31 October 2014

		Note			31 October 2014 £			31 October 2013 £
Fixed assets
Tangible fixed assets					59,000			87,366
Current assets
Debtors					-			7,028
Cash at bank and in hand					243			1,459
					243			8,487
Creditors: Amounts falling due within one year					(147,154)			(113,806)
Net current liabilities					(146,911)			(105,319)
Total assets less current liabilities					(87,911)			(17,953)
Creditors: Amounts falling due after more than one year					-			(41,675)
Provisions for liabilities					-			(538)
Net liabilities					(87,911)			(60,166)
Capital and reserves
Called up share capital		4			100			100
Revaluation reserve					-			12,950
Profit and loss account					(88,011)			(73,216)
Shareholders' deficit					(87,911)			(60,166)

For the year ending 31 October 2014 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the director on 30 July 2015

Mr J O Wright
 Director

The notes on pages 2 to 5 form an integral part of these financial statements.
Page 1

J. Murray Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

Going concern

The director acknowledges the insolvent balance sheet, and has pledged to support the company so it can continue to meet its obligations as they arise. Therefore the financial statements have been prepared on a going concern basis.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Asset class	Amortisation method and rate
Goodwill	over 5 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line basis
Investment properties	Not depreciated
Office equipment	20% straight line basis

Investment properties

Page 2

J. Murray Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

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 director considers 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. The investment property is stated at its open market value, based on its subsequent selling price after the year end

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

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

J. Murray Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2013		9,500			93,227			102,727
Revaluations		-			(25,675)			(25,675)
Disposals		-			(8,552)			(8,552)
At 31 October 2014		9,500			59,000			68,500
Depreciation
At 1 November 2013		9,500			5,861			15,361
Charge for the year		-			1,305			1,305
Eliminated on disposals		-			(7,166)			(7,166)
At 31 October 2014		9,500			-			9,500
Net book value
At 31 October 2014		-			59,000			59,000
At 31 October 2013		-			87,366			87,366

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 October 2014 £			31 October 2013 £
Amounts falling due within one year		43,698			5,130
Amounts falling due after more than one year		-			41,676
Total secured creditors		43,698			46,806

Included in the creditors are the following amounts due after more than five years:

Page 4

J. Murray Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

		31 October 2014 £			31 October 2013 £
After more than five years by instalments		-			21,156

4	Share capital

Allotted, called up and fully paid shares

	31 October 2014						31 October 2013
		No.			£			No.			£
£1 ordinary of £1 each		100			100			100			100

Page 5