Paradebase Limited - Period Ending 2015-03-30

Registration number: 03001451

Paradebase Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 March 2015
 

Paradebase Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Paradebase Limited
(Registration number: 03001451)
Abbreviated Balance Sheet at 30 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					847,144			847,861
Current assets
Debtors		3			47,538			46,526
Cash at bank and in hand					29,051			27,296
					76,589			73,822
Creditors: Amounts falling due within one year		4			(72,623)			(75,488)
Net current assets/(liabilities)					3,966			(1,666)
Total assets less current liabilities					851,110			846,195
Creditors: Amounts falling due after more than one year					(336,406)			(350,148)
Provisions for liabilities					(429)			(572)
Net assets					514,275			495,475
Capital and reserves
Called up share capital		5			25,000			25,000
Revaluation reserve					216,933			216,933
Profit and loss account					272,342			253,542
Shareholders' funds					514,275			495,475

Page 1

Paradebase Limited
(Registration number: 03001451)
Abbreviated Balance Sheet at 30 March 2015

For the year ending 30 March 2015 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 director acknowledges his 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 director on 23 December 2015

Mr P Jones Director

Page 2

Paradebase Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 March 2015

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 financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable in respect of the hire of beach chalets to customers and rental income received on the accruals basis.

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
Fixtures and fittings	25% of written down value

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: (i) 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. (ii) No depreciation is provided in respect of leasehold investment properties where the lease has over 20 years to run. 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 directors consider 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.

Page 3

Paradebase Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 March 2015

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

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 31 March 2014		863,728			863,728
At 30 March 2015		863,728			863,728
Depreciation
At 31 March 2014		15,867			15,867
Charge for the year		717			717
At 30 March 2015		16,584			16,584
Net book value
At 30 March 2015		847,144			847,144
At 30 March 2014		847,861			847,861

3

Debtors

Debtors includes £41,000 (2014 - £41,000) receivable after more than one year.

 

4

Creditors

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

Page 4

Paradebase Limited
Notes to the Abbreviated Accounts
For the Year Ended 30 March 2015

		2015 £			2014 £
Amounts falling due after more than one year		335,580			350,148

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

		2015 £			2014 £
After more than five years by instalments		336,406			350,148

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Ordinary shares of £1 each		25,000			25,000			25,000			25,000

6	Related party transactions

Director's advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mr P Jones
Advanced/Repaid interest charged at official rate	3,410	3,410	-	-

Page 5