Loanhead Properties Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: SC302938 (Scotland)

Abbreviated Accounts for the Year Ended 31 May 2016

for

Loanhead Properties Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

F Stephen

Mrs A E Stephen

SECRETARY:

Mrs A E Stephen

REGISTERED OFFICE:

7 Ythan Terrace

Ellon

ABERDEENSHIRE

AB41 9LJ

REGISTERED NUMBER:

SC302938 (Scotland)

ACCOUNTANTS:

J M Taylor

7 Ythan Terrace

Ellon

ABERDEENSHIRE

AB41 9LJ

FIXED ASSETS

Tangible assets

2

238,618

203,162

CURRENT ASSETS

Debtors

4,022

462

Cash at bank

51,560

77,424

55,582

77,886

CREDITORS

Amounts falling due within one year

222,078

216,148

NET CURRENT LIABILITIES

(166,496

)

(138,262

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

72,122

64,900

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

72,022

64,800

SHAREHOLDERS' FUNDS

72,122

64,900

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2016 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 11 November 2016 and were signed on its behalf by:

Mrs A E Stephen - 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 net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Land and buildings

-

4% on cost

Deferred tax

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

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2015

260,266

Additions

48,120

At 31 May 2016

308,386

DEPRECIATION

At 1 June 2015

57,104

Charge for year

12,664

At 31 May 2016

69,768

NET BOOK VALUE

At 31 May 2016

238,618

At 31 May 2015

203,162

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.16

31.5.15

value:

£

100

Ordinary

1.00

100

4.	RELATED PARTY DISCLOSURES

During the year, total dividends of £10,000 were paid to the directors .

During the year the director's Mr Frank Stephen & Mrs Alison Stephen advanced the company net amounts totalling

£200,029. This amount remained outstanding at 31/05/2016 and is included within Other creditors in the notes to the

accounts.

5.	ULTIMATE CONTROLLING PARTY

During the year the company was controlled by the directors by virtue of their percentage holding in the ordinary share

capital of the company which is detailed below.

Mr Frank Stephen - 50%

Mrs Alison Stephen - 50%