CATHEDRAL_(ELTHAM)_LIMITE - Accounts

CATHEDRAL (ELTHAM) LIMITED - Company Information

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Company Registration No. 04020466 (England and Wales)

CATHEDRAL (ELTHAM) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

Richard Anthony

Chartered Accountants

CATHEDRAL (ELTHAM) LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

CATHEDRAL (ELTHAM) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Current assets

Stocks

1,260,042

Debtors

314,098

69,684

Cash at bank and in hand

181

10,368

314,279

1,340,094

Creditors: amounts falling due within one year

(101,264)

(1,155,370)

Total assets less current liabilities

213,015

184,724

Capital and reserves

Called up share capital

Profit and loss account

213,014

184,723

Shareholders' funds

213,015

184,724

For the financial year ended 31 March 2016 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 5 October 2016

S Friel

Director

Company Registration No. 04020466

CATHEDRAL (ELTHAM) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

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).

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 and profits

Turnover comprises sales of trading properties. Rental income is normally recognised on invoicing, adjusted for certain rents invoiced in advance, the effect of lease incentives such as rent free periods, and accrued income receivable following rent reviews. Sales of trading properties are recognised on completion.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

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:

No depreciation has been provided on investment property during the year.

1.5

Stock

Stocks and land held for development are valued at the lower of cost and net realisable value. Cost includes attributable overheads and interest. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

All land and property held by the company is treated as trading stock. Where properties are let, this is with short term intentions of enhancing the value of properties to facilitate the resale.

1.6

Interest

Interest costs are charged to the profit and loss account to the extent that they are covered by rent receivable from the stock of properties. The balance of interest costs incurred are capitalised as all loan finance directly relates to the stock of properties.