PAINTED_HORSE_PROPERTIES_ - Accounts

PAINTED HORSE INVESTMENTS LIMITED - Company Information

Print Friendly Version

Company Registration No. SC249228 (Scotland)

PAINTED HORSE PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2015

PAINTED HORSE PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PAINTED HORSE PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

230,000

485,882

Current assets

Debtors

5,142

4,338

Cash at bank and in hand

245,101

6,798

250,243

11,136

Creditors: amounts falling due within one year

(45,736)

(17,848)

Net current assets/(liabilities)

204,507

(6,712)

Total assets less current liabilities

434,507

479,170

Creditors: amounts falling due after more than one year

(81,235)

434,507

397,935

Capital and reserves

Called up share capital

Revaluation reserve

60,000

Profit and loss account

434,505

337,933

Shareholders' funds

434,507

397,935

For the financial year ended 31 May 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 26 January 2016

A D Coates

Director

Company Registration No. SC249228

PAINTED HORSE PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

- 2 -

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 rent due on investment properties and management consultancy services.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets 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:

Plant and machinery

33% on cost

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is 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 of this which might otherwise have been charged cannot be separately identified or quantified.

PAINTED HORSE PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 June 2014

486,605

Revaluation

(60,000)

Disposals

(195,882)

At 31 May 2015

230,723

Depreciation

At 1 June 2014 & at 31 May 2015

723

Net book value

At 31 May 2015

230,000

At 31 May 2014

485,882

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Related party relationships and transactions

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

AD Coates

(22,025)

25,000

2,975

(22,025)

25,000

2,975