RARE_DEVELOPMENTS_LIMITED - Accounts
RARE_DEVELOPMENTS_LIMITED - Accounts
Company Registration No. 03205709 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2015
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(3,053,284 )
(2,893,488 )
Net current liabilities
(3,041,609 )
(2,720,026 )
Total assets less current liabilities
(2,616,609 )
(2,470,026 )
Capital and reserves
Called up share capital
4
Profit and loss account
(2,616,612 )
(2,470,029 )
Shareholders' funds
(2,616,609 )
(2,470,026 )
Director's responsibilities:
-
-
Approved by the Board for issue on 23 May 2016
Director
Company Registration No. 03205709
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The company is dependent on the continued support of its funders.
The company's bank loan facility with the Irish Bank Resolution Corporation Limited expired in September 2012.
Since the year-end the remaining investment property was sold to a third party. The residual bank debt was acquired by Endo Investments Limited. The director is confident that this funding will not be withdrawn in the immediate future.
The director therefore considers that in preparing the financial statements he has taken into account all the information that could reasonably be expected to be available.
On this basis, he considers that it is appropriate to prepare the financial statements on a going concern basis.
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
1.4
Tangible fixed assets and depreciation
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 director 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.
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 director 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.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 May 2014
250,000
Revaluation
175,000
At 30 April 2015
425,000
At 30 April 2014
250,000
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £2,744,756).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid