Corbel Investments Limited - Period Ending 2016-03-31

After more than five years by instalments

CORBEL INVESTMENTS LIMITED - Company Information

Registration number: NI020775

Corbel Investments Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016

Corbel Investments Limited
(Registration number: NI020775)
Abbreviated Balance Sheet at 31 March 2016

	Note	2016 £	2015 £
Fixed assets
Tangible fixed assets	2	1,429,870	1,605,409
Investments	3	1,075,750	953,720
		2,505,620	2,559,129
Current assets
Debtors		1,186,989	1,181,482
Cash at bank and in hand		4,977	21
		1,191,966	1,181,503
Creditors: Amounts falling due within one year	4	(896,978)	(652,465)
Net current assets		294,988	529,038
Total assets less current liabilities		2,800,608	3,088,167
Creditors: Amounts falling due after more than one year		(846,003)	(1,243,676)
Net assets		1,954,605	1,844,491
Capital and reserves
Called up share capital	6	2	2
Revaluation reserve	7	668,114	748,244
Profit and loss account		1,286,489	1,096,245
Shareholders' funds		1,954,605	1,844,491

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.

The notes on pages 3 to 6 form an integral part of these financial statements.
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Corbel Investments Limited
(Registration number: NI020775)
Abbreviated Balance Sheet at 31 March 2016
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 26 September 2016 and signed on its behalf by:

.........................................
Mr Robert Alexander Henry
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
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Corbel Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Going concern

Bank loan repayments are currently £95,000 per annum. The rental surplus after expenses and corporation tax fails to meet this commitment. The directors have confirmed that they will continue to provide the necessary financial assistance to the company to meet this shortfall. The Company continues to be dependent on the long term support of the Bank and the Directors. The Directors believe that this support will continue to be available and that it is therefore appropriate to apply the Going Concern basis of accounting.

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention, modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Income comprises rent and other income received and receivable during the accounting period.

Results for the year

Results for the year are stated after writing off revenue costs as incurred.

Investment properties

Investment properties are stated at market valuation at the balance sheet date. Any surplus or deficit arising from revaluation is transferred to revaluation reserve except that any shortfall against original cost will be transferred to the profit and loss account when identified.

Depreciation

Fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives on a straight line basis. No depreciation is charged on investment properties.

Deferred tax

Deferred tax is accounted for on all material differences arising from the inclusion of items of income and expenditure on taxation computations in periods different from those in which they are included in the financial statements. Provision is only made in respect of tax liabilities arising on a disposal of investment properties if such an event is likely to arise in the forseeable future.

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Corbel Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Tangible fixed assets

The properties held by the company at 31st March 2016 were bought in March 1988, January 1992 and March 2006. These have been valued as follows:

	2016	2015
	£	£
Market value (per professional valuation - June 2011)	1,200,000	1,200,000
Market value (per directors)	-	300,000
Market value (per post year end sales proceeds)	219,870	-
At cost	10,000	105,409
	1,429,870	1,605,409

The Directors consider that the professional valuation of £1.2m continues to be representative of current market value.
No provision is required to be made for taxation on the revaluation surplus on investment properties at 31st March 2016 (2015: Nil).
The directors have adopted the appropriate accounting standard in departing from the otherwise specific requirement to provide depreciation on any fixed asset which has a limited useful economic life. If depreciation had been charged on the original cost of the property at the rate of 4% per year using the straight line method, the charge to the profit and loss account in the period would have been £30,070 (2015: £30,070).

3	Investments

	2016	2015
	£	£
Investment in private company shares
at investment manager valuation (September 2016)	1,075,750	953,720
	1,075,750	953,720

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Corbel Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Creditors: Amounts falling due within one year

Creditors due within one year includes bank overdraft and bank loan secured by a fixed and floating charge over the assets and undertakings of the Company and a legal mortgage over properties held. At 31st March 2016 this amounted to £282,000 (2015: £59,755).

5	Creditors: Amounts falling due after more than one year

	2016	2015
	£	£
Bank loan	846,003	1,243,676

Included in the creditors are the following amounts due after more than five years:

The bank loan is secured by a fixed and floating charge over the assets and undertakings of the Company and a legal mortgage over properties held.

6	Share capital

Allotted, called up and fully paid shares

	2016			2015
		No.	£		No.	£
Ordinary shares of £1 each		2	2		2	2

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Corbel Investments Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

7	Revaluation reserve

	2016	2015
	£	£
Balance at 1st April 2015	748,244	748,244
Deficit on property revaluation	(80,130)	-
Balance at 31st March 2016	668,114	748,244

No provision is required to be made for taxation on the revaluation surplus on investment properties at 31st March 2016 (2015: Nil).

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