Granitespace Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC360619 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 November 2014

for

Granitespace Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs E Smith

I Smith

SECRETARY:

McDougall and Co

REGISTERED OFFICE:

21 Carden Place

Aberdeen

Grampian

AB10 1UQ

REGISTERED NUMBER:

SC360619 (Scotland)

ACCOUNTANTS:

The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR

FIXED ASSETS

Tangible assets

2

335

447

Investment property

3

130,000

125,000

130,335

125,447

CURRENT ASSETS

Debtors

324

344

Cash at bank

3,586

3,357

3,910

3,701

CREDITORS

Amounts falling due within one year

4

29,126

25,293

NET CURRENT LIABILITIES

(25,216

)

(21,592

)

TOTAL ASSETS LESS CURRENT LIABILITIES

105,119

103,855

CREDITORS

Amounts falling due after more than one year

4

(62,240

)

(73,373

)

PROVISIONS FOR LIABILITIES

(67

)

-

NET ASSETS

42,812

30,482

CAPITAL AND RESERVES

Called up share capital

5

2

2

Revaluation reserve

13,404

8,404

Profit and loss account

29,406

22,076

SHAREHOLDERS' FUNDS

42,812

30,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 July 2015 and were signed on its behalf by:

I Smith - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April

2008).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Investment properties are accounted for in accordance with FRSSE 2008. No depreciation is provided in respect

of such properties. Although the Companies Act 2006 would normally require the systematic annual

deprecation of fixed assets it is believed that this policy of not providing depreciation is necessary in order for

the accounts to give a true and fair view, since the current value are of prime importance, rather than a

calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the most

recent valuation, and the amount which otherwise might have been shown cannot be separately identified or

quantified.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the

company has entered into a binding agreement to sell the assets and recognised the gains and losses expected to

arise on sale or where assets have been sold and it is expected that the taxable gain will be rolled over into a

replacement asset.

Rental income

Rental income receivable on investment properties and other properties owned by the company is included in the

period to which it relates.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

and 30 November 2014

951

DEPRECIATION

At 1 December 2013

504

Charge for year

112

At 30 November 2014

616

NET BOOK VALUE

At 30 November 2014

335

At 30 November 2013

447

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 December 2013

125,000

Revaluations

5,000

At 30 November 2014

130,000

NET BOOK VALUE

At 30 November 2014

130,000

At 30 November 2013

125,000

4.

CREDITORS

Creditors include an amount of £ 68,372 (2013 - £ 76,794 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

62,240

73,373

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr I Smith and Mrs E smith