|
Registered number: SC183756
YORK DEVELOPMENT COMPANY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
|
|
YORK DEVELOPMENT COMPANY LIMITED
REGISTERED NUMBER: SC183756
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 1
|
|
YORK DEVELOPMENT COMPANY LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act 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, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 5 form part of these financial statements.
Page 2
|
|
YORK DEVELOPMENT COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
|
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
|
|
|
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of its share of profit from syndicated properties on an accruals basis.
|
|
|
|
|
|
|
|
Investments held as fixed assets are shown at cost less provision for impairment.
|
|
|
|
|
|
|
|
Investment properties are included in the Balance Sheet at the original cost of the investment in the syndicated property.
The above treatment is contrary to the requirements of the Financial Reporting Standard for Smaller Entities (effective April 2008) which requires investment properties to be stated at their open market value. In the opinion of the directors revaluation of the investment properties is not practicable.
Further, this is contrary to the requirements of Companies Act 2006 which states that fixed assets should be depreciated. In the opinion of the directors this departure from the Act is necessary in order to give a true and fair view of the financial position of the company.
|
|
|
|
|
|
|
|
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
|
|
|
|
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
|
|
|
|
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
|
Page 3
|
|
YORK DEVELOPMENT COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES (continued)
|
|
|
|
|
|
|
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and Loss Account.
|
2.INVESTMENT PROPERTY
|
|
|
|
|
|
|
At 1 April 2015 and 31 March 2016
|
|
|
|
|
|
|
|
At 1 April 2015 and 31 March 2016
|
|
Syndicated investment properties are stated at the original cost of the investment and not as required by the Financial Reporting Standard for Smaller Entities (effective April 2008) at open market value. The directors do not feel the cost of a professional valuation is justified.
The above investment properties are subject to operating leases.
3.FIXED ASSET INVESTMENTS
The company is a member of a property investment partnership.
The amounts shown above represent the company's loans and capital contributions to the partnership.
Page 4
|
|
YORK DEVELOPMENT COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
4.SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOTTED, CALLED UP AND FULLY PAID
|
|
|
|
|
|
|
|
|
|
|
|
700,000 ordinary shares of £1 each
|
|
|
5.RESERVES
|
|
|
Investment property revaluation reserve
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2015 and 31 March 2016
|
|
There is no ultimate controlling party.
Page 5
|
