Montrose Property Development Ltd - Abbreviated accounts

Montrose Property Development Ltd - Abbreviated accounts

MONTROSE GROUP (COTSWOLD BUILDERS) LIMITED - Company Information

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Registered number
07107678
Montrose Property Development Ltd
Abbreviated Financial Statements
31 December 2014
Montrose Property Development Ltd
Registered number: 07107678
Abbreviated Balance Sheet
as at 31 December 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 42,058 5,957
Current assets
Debtors 67,516 236,917
Cash at bank and in hand 6,819 -
74,335 236,917
Creditors: amounts falling due within one year (50,268) (57,363)
Net current assets 24,067 179,554
Total assets less current liabilities 66,125 185,511
Creditors: amounts falling due after more than one year (9,827) (242,131)
Provisions for liabilities (8,412) -
Net assets 47,886 (56,620)
Capital and reserves
Called up share capital 3 2 2
Profit and loss account 47,884 (56,622)
Shareholders' funds 47,886 (56,620)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr W Down
Director
Approved by the board on 24 September 2015
Montrose Property Development Ltd
Notes to the Abbreviated Accounts
for the year ended 31 December 2014
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of property sales.

Sales are recognised under the completed contract method and therefore only when the risk and rewards of ownership are transferred.
Depreciation
Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery and office equipment 15% reducing balance & 15% straight line
Motor vehicles 25% straight line
Development property in progress
Development property in progress is valued as the accumulated direct costs of property development including the purchase of land and buildings. Amounts are released to the profit and loss account when a sale takes place which is defined as a transfer of the risk and rewards of ownership.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Leasing and hire purchase commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations 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.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
2 Tangible fixed assets £
Cost
At 1 January 2014 9,345
Additions 39,982
At 31 December 2014 49,327
Depreciation
At 1 January 2014 3,388
Charge for the year 3,881
At 31 December 2014 7,269
Net book value
At 31 December 2014 42,058
At 31 December 2013 5,957
3 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £0.01 each 200 2 2
4 Loans to directors
B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Joshua Frederick Richard Down
Loan (118,065) 121,197 - 3,132
Mr William Montague James Down
Loan (118,066) 121,197 - 3,131
(236,131) 242,394 - 6,263
5 Ultimate controlling party
During the year the company was controlled by the directors by virtue of their majority shareholding.
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