Willowloch Limited Accounts

WILLOWLOCH LIMITED - Company Information






Willowloch Limited
	Company No. 09159005
		Abbreviated Accounts
		31 March 2016

at	31 March 2016

Company No.		09159005	Notes	2016	2015
				£	£
Fixed assets

	Tangible assets		2	1,500,000	824,470

				1,500,000	824,470
Current assets



	Cash at bank and in hand			530	-
				530	-
Creditors: Amounts falling due within one year				-	(85,818)
Net current assets/(liabilities)				530	(85,818)
Total assets less current liabilities				1,500,530	738,652
Creditors: Amounts falling due after more than one year				(787,410)	(834,462)



Net assets/(liabilities)				713,120	(95,810)

Capital and reserves
	Called up share capital		3	225,000	100

	Revaluation reserve			675,530	-

	Profit and loss account			(187,410)	(95,910)

Shareholder's funds				713,120	(95,810)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ended 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 24 October 2016

And signed on its behalf by:

Z. Sarwar
Director
24 October 2016

for the year ended 31 March 2016

Accounting policies

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) ["the FRSSE"].

Turnover

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers.

Freehold investment property

In accordance with the FRSSE, investment properties are revalued annually and any surplus or deficit is transferred to revaluation reserve. No depreciation is provided in respect of investment properties.
This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that, because these properties are not held for consumption, but for their investment potential it is necessary to adopt the requirements of the FRSSE in order to give a true and fair view.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks and research and development costs) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is reviewed where circumstances indicate that the carrying value of an assets may not be fully recoverable.

Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred taxation

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts.
Deferred tax is provided in full on timing differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are recorded in sterling using the exchange rate ruling at the date of the transaction.
Exchange differences are are taken into account in arriving at the operating profit.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a 'finance lease'. Assets held under finance leases, or hire purchase contracts, are recorded in the balance sheet as tangible fixed assets and depreciated over their estimated useful lives or the term of the finance lease or hire purchase contract, whichever is shorter. Future instalments under such finance leases or hire purchase contracts, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account, and the capital element which reduces the outstanding obligation for future instalments.

All other leases are accounted for as 'operating leases' and the rental charges are charged to the profit and loss account on a straight line basis over the life of the lease.

Pension costs

Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

2	Fixed assets
		Tangible fixed assets	Total
		£	£
	Cost or revaluation
	At 1 April 2015	824,470	824,470

	Revaluation	675,530	675,530


	At 31 March 2016	1,500,000	1,500,000







	Net book values
	At 31 March 2016	1,500,000	1,500,000
	At 31 March 2015	824,470	824,470

3	Share Capital
		Nominal value	2016	2016	2015
		£	Number	£	£
	Allotted, called up and fully paid:
	ordinary	1.00	225,000	225,000	100




				225,000	100

		Nominal value	2016	2016
		£	Number	£
	Shares issued during the period:
	ordinary	1.00	224,900	224,900




				224,900

	Shares were issued during the year to