Company Registration No. 07107678 (England and Wales)
Montrose Property Development Ltd
Unaudited Abbreviated Financial Statements
For The Year Ended 31 December 2015
MONTROSE PROPERTY DEVELOPMENT LTD
Montrose Property Development Ltd
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
33,139
42,058
Investments
2
2
-
33,141
42,058
Current assets
Stocks
581,965
-
Debtors
29,861
67,516
Cash at bank and in hand
7,337
6,819
619,163
74,335
Creditors: amounts falling due within one year
3
(700,293)
(50,268)
Net current liabilities/(assets)
(81,130)
24,067
Total assets less current liabilities
(47,989)
66,125
Creditors: amounts falling due after more than one year
(7,206)
(9,827)
Provisions for liabilities
-
(8,412)
(55,195)
47,886
Capital and reserves
Called up share capital
4
4
2
Other reserves
(43,681)
-
Profit and loss account
(11,518)
47,884
Shareholders' funds
(55,195)
47,886
MONTROSE PROPERTY DEVELOPMENT LTD
Montrose Property Development Ltd
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
For the financial year ended 31 December 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 30 September 2016
Mr W Down
Director
Company Registration No. 07107678
MONTROSE PROPERTY DEVELOPMENT LTD
Montrose Property Development Ltd
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
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 January 2015).
The accounts have been prepared under the going concern concept; the Directors have confirmed that they will continue to support the company for a period of 12 months after the date of signing the financial statements.
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 the value, net of value added tax and discounts, of property sales and goods provided to customers and work carried out in respect of services provided to customers. Property sales are recognised under the completed contract method and therefore only when the risk and rewards of ownership are transferred or when the goods are physically delivered to the customer and when services are provided.
Property sales are recognised under the completed contract method and therefore only when the risk and rewards of ownership are transferred or when the goods are physically delivered to the customer and when services are provided.
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
15% reducing balance and 25% straight line
Motor vehicles
25% straight line
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Investments in subsidiaries are stated in the Financial Statements of the company at cost, less impairment losses, if any.
A subsidiary is an entity over which the company has the power to govern the financial and operating policies so as to obtain benefits from its activities. The company generally has such power when it, directly or indirectly, holds more than 50% of the issued share capital, or controls more than half of the voting power, or controls the composition of the board of directors.
MONTROSE PROPERTY DEVELOPMENT LTD
Montrose Property Development Ltd
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
1
Accounting policies
(Continued)
- 4 -
1.7
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing difference will reverse.
1.8
Development property in progress
Development property in progress is valued as the accumulated direct costs of property development including the purchase of land and buildings. Amounts are released to the profit and loss account when a sale takes place which is defined as a transfer of the risk and rewards of ownership.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2015
49,327
-
49,327
Transfer from merger reserve
8,271
-
8,271
Additions
-
2
2
At 31 December 2015
57,598
2
57,600
Depreciation
At 1 January 2015
7,269
-
7,269
Transfer from merger reserve
5,000
-
5,000
Charge for the year
12,190
-
12,190
At 31 December 2015
24,459
-
24,459
Net book value
At 31 December 2015
33,139
2
33,141
At 31 December 2014
42,058
-
42,058
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Montrose Property Services (Cotswold) Limited
United Kingdom
Ordinary
100.00
MONTROSE PROPERTY DEVELOPMENT LTD
Montrose Property Development Ltd
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
2
Fixed assets
(Continued)
- 5 -
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Montrose Property Services (Cotswold) Limited
Dormant company
2
-
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £458,338 (2014 - £0).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
400 Ordinary shares of 1p each
4
2
During the year 200 ordinary shares of £0.01 were issued for the share for share exchange with Montrose Property Services (Cotswolds) Limited.
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