Willowfox Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 05261134 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2015

for

Willowfox Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

A Mussarat

G E Lake

SECRETARY:

N G E Lake

REGISTERED OFFICE:

MCR House

341 Great Western Street

Rusholme

Manchester

M14 4HB

REGISTERED NUMBER:

05261134 (England and Wales)

ACCOUNTANTS:

Uppal & Warr

Chartered Accountants

452 Manchester Road

Heaton Chapel

Stockport

SK4 5DL

FIXED ASSETS

Tangible assets

2

-

38,000,000

CURRENT ASSETS

Debtors

18,311,965

15,653,526

Cash at bank and in hand

3,364

905,982

18,315,329

16,559,508

CREDITORS

Amounts falling due within one year

13,116,219

51,991,227

NET CURRENT ASSETS/(LIABILITIES)

5,199,110

(35,431,719

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,199,110

2,568,281

CAPITAL AND RESERVES

Called up share capital

3

2

Revaluation reserve

-

13,301,301

Profit and loss account

5,199,108

(10,733,022

)

SHAREHOLDERS' FUNDS

5,199,110

2,568,281

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 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 24 March 2016 and were signed on its behalf by:

G E Lake - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents rental income from the property.

Tangible fixed assets

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

Freehold property

-

not provided

Security equipment

-

at varying rates

Fixtures and fittings

-

at varying rates

Office equipment

-

at varying rates

Deferred tax

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

sheet date.

Investments properties

Investment properties are accounted for in accordance with Statement of Standard Accounting Practice No 19,

with the effect that:

The valuation of investment properties is reviewed annually and any resultant surplus or deficit arising is

transfered to a revaluation reserve unless a deficit, 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.

No depreciation or amortisation is provided in respect of freehold or leasehold investment properties. The

directors consider that this accounting policy results in the financial statements giving a true and fair view.

Depreciation or amortisation is only one of many factors reflected in the annual revaluation and the amount

which might otherwise have been shown cannot be separately identified or quantified. In case where a deficit on

a revaluation occurs which is in excess of its revaluation reserve,the amount by which the deficit exceeds the

reserve is charged to profit and loss account.Taxation is not provided for on any revaluation surplus until a

property is sold and contracts thereon exchanged.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

38,557,639

Disposals

(38,557,639

)

At 31 August 2015

-

DEPRECIATION

At 1 September 2014

557,639

Eliminated on disposal

(557,639

)

At 31 August 2015

-

NET BOOK VALUE

At 31 August 2015

-

At 31 August 2014

38,000,000

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.15

31.8.14

value:

£

2

Ordinary

£1

2