Drumlyn Developments Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: NI029826 (Northern Ireland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

DRUMLYN DEVELOPMENTS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

M C Townsley

REGISTERED OFFICE:

85

University Street

Belfast

BT7 1HP

REGISTERED NUMBER:

NI029826 (Northern Ireland)

ACCOUNTANTS:

M.B.McGrady & Co

Chartered Accountants

85 University Street

Belfast

Co. Antrim

BT7 1HP

FIXED ASSETS

Tangible assets

2

1,168

1,374

Investment property

3

500,000

501,168

501,374

CURRENT ASSETS

Debtors

7,434

10,000

Cash at bank

1,149

3,199

8,583

13,199

CREDITORS

Amounts falling due within one year

27,434

28,248

NET CURRENT LIABILITIES

(18,851

)

(15,049

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

482,317

486,325

GOVERNMENT GRANTS

53,508

NET ASSETS

428,809

432,817

CAPITAL AND RESERVES

Called up share capital

4

15,002

Revaluation reserve

236,508

Profit and loss account

177,299

181,307

SHAREHOLDERS' FUNDS

428,809

432,817

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 3 April 2017 and were signed by:

M C Townsley - 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

The turnover shown in the profit and loss account represents rents invoiced during the year, exclusive of 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.

Fixtures and fittings

-

15% on reducing balance

No depreciation is provided on investment properties as recommended in Statement of Standard Accounting

Practice No. 19. This is a departure from the requirements of Companies Act 2006 which requires all properties

to be depreciated. Such properties are not held for consumption but for investment and the directors consider that

to depreciate them would not give a true and fair view. Depreciation is only one amongst many factors reflected

in the annual revaluation of properties and accordingly the amount of depreciation which might otherwise have

been charged cannot be separately identified or quantified. The directors consider that this policy results in the

accounts giving a true and fair view.

Investment property

Investment properties are included in the balance sheet at open market value and any surpluses or deficits arising

are taken to the revaluation reserve.

Interest payable on finance raised for investment properties is capitalised during the development period.

Thereafter it is charged to cost of sales as incurred. A property ceases to be treated as being in course of

development at the earlier of the development being fully let or a date within two years of practical completion.

Deferred tax

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

sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or

a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed

assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent

that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no

provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not

that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement

assets are sold.

Deferred tax assets are recognised only to the extent that the director considers that it is 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 is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to

the profit and loss account over the estimated useful life of the assets to which they relate.

Deferred taxation

No provision has been made in these accounts for the liability to taxation on capital gains, estimated by the

directors at £13,397 (2015:£14,878) which would arise if the company's property were to be sold at the amount

at which it has been revalued and included in these accounts. There were no other timing differences which

would give rise to a potential deferred tax liability at the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

10,340

DEPRECIATION

At 1 September 2015

8,966

Charge for year

206

At 31 August 2016

9,172

NET BOOK VALUE

At 31 August 2016

1,168

At 31 August 2015

1,374

3.	INVESTMENT PROPERTY

Total

£

COST

At 1 September 2015

and 31 August 2016

500,000

NET BOOK VALUE

At 31 August 2016

500,000

At 31 August 2015

500,000

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

15,002

Ordinary

1

15,002