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NORTHERN DEVELOPMENTS (ORKNEY) LIMITED - Company Information

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Company Registration No. SC285940 (Scotland)

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2015

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

21,635

46,635

Tangible assets

399,176

414,493

420,811

461,128

Current assets

Stocks

18,444

15,388

Debtors

48,925

40,009

Cash at bank and in hand

30,246

63,615

97,615

119,012

Creditors: amounts falling due within one year

(49,552)

(56,218)

Net current assets

48,063

62,794

Total assets less current liabilities

468,874

523,922

Creditors: amounts falling due after more than one year

(213,798)

(233,372)

Provisions for liabilities

(5,050)

(5,738)

250,026

284,812

Capital and reserves

Called up share capital

200,000

Profit and loss account

50,026

84,812

Shareholders' funds

250,026

284,812

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 JANUARY 2015

- 2 -

For the financial year ended 31 January 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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 14 April 2015

Mr A Scott

Director

Company Registration No. SC285940

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2015

- 3 -

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 amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land 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:

Land and buildings Freehold

2% - 10% straight line basis

Plant and machinery

20% reducing balance basis

Computer equipment

25% reducing balance basis

Fixtures, fittings & equipment

20% reducing balance basis

Motor vehicles

20% reducing balance basis

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 February 2014

250,000

606,283

856,283

Additions

4,957

At 31 January 2015

250,000

611,240

861,240

Depreciation

At 1 February 2014

203,365

191,791

395,156

Charge for the year

25,000

20,273

45,273

At 31 January 2015

228,365

212,064

440,429

Net book value

At 31 January 2015

21,635

399,176

420,811

At 31 January 2014

46,635

414,493

461,128

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £21,694 (2014 - £24,197).

The company's bank borrowings are secured with a standard security over the Torvaug Inn and a floating charge over the company's assets, both in favour of Clydesdale Bank PLC.

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

35,042

35,043

Total amounts repayable by instalments which are due in more than five years

97,200

119,316

The aggregate amount of creditors for which security has been given amounted to £181,755 (2014 - £201,329).

The company's bank borrowings are secured with a standard security over the Torvaug Inn and a floating charge over the company's assets, both in favour of Clydesdale Bank PLC.

NORTHERN DEVELOPMENTS (ORKNEY) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2015

- 5 -

Share capital

2015

2014

Allotted, called up and fully paid

200,000 Ordinary shares of £1 each

200,000

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

H Scott

G Scott

190