Devonfields Limited - Period Ending 2016-03-31

 
 
 
 
 
 
 
  Devonfields Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2016
 
  Company Registration Number: 01877280

Devonfields Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Devonfields Limited
Abbreviated Balance Sheet
31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			4,905,502			4,070,765
Investments		2			2			2
					4,905,504			4,070,767
Current assets
Stocks					1,206,013			1,206,013
Debtors		3			121,914			145,904
Cash at bank and in hand					38,788			1,275,302
					1,366,715			2,627,219
Creditors: Amounts falling due within one year					(353,802)			(420,000)
Net current assets					1,012,913			2,207,219
Total assets less current liabilities					5,918,417			6,277,986
Creditors: Amounts falling due after more than one year					(1,830,675)			(1,960,001)
Net assets					4,087,742			4,317,985
Capital and reserves
Called up share capital		5			174,096			174,096
Share premium account					51,227			51,227
Revaluation reserve					481,393			382,370
Profit and loss account					3,381,026			3,710,292
Shareholders' funds					4,087,742			4,317,985

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Devonfields Limited
Abbreviated Balance Sheet
31 March 2016 ......... continued

For the year ending 31 March 2016 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 directors acknowledge their 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 Board on 15 September 2016 and signed on its behalf by:

Mrs J E Kilmartin
Director

Company Registration Number: 01877280

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Devonfields Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

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 January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents rental income and income from the sale of property excluding value added tax. Rental income is accounted for in the period to which it relates; income from the sale of property is accounted for when there is an unconditional exchange of contracts.

Depreciation

Depreciation is calculated so as to write off the cost or revaluation of an asset over the useful economic life of that asset as follows ;

Asset class	Depreciation method and rate
Motor Vehicles	25% Straight line
Equipment	20% Straight line

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: 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. 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.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Page 3

Devonfields Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

Pensions

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company. The annual contributions payable are charged to the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 April 2015		4,074,483			2			4,074,485
Revaluations		99,023			-			99,023
Additions		736,318			-			736,318
At 31 March 2016		4,909,824			2			4,909,826
Depreciation
At 1 April 2015		3,718			-			3,718
Charge for the year		604			-			604
At 31 March 2016		4,322			-			4,322
Net book value
At 31 March 2016		4,905,502			2			4,905,504
At 31 March 2015		4,070,765			2			4,070,767

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Cranbrook Local Centre Residential Management Company Limited	England	Ordinary	100.00%	Dormant

3

Debtors

Debtors includes £9,727 (2015 - £43,060) receivable after more than one year.

 

Page 4

Devonfields Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

4

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		140,000			140,000
Amounts falling due after more than one year		1,830,675			1,960,001
Total secured creditors		1,970,675			2,100,001

5	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		163,096			163,096			163,096			163,096
B Ordinary shares of £1 each		11,000			11,000			11,000			11,000
		174,096			174,096			174,096			174,096

Page 5