HULEMOSS_PROPERTIES_LIMIT - Accounts
HULEMOSS_PROPERTIES_LIMIT - Accounts
Company Registration No. SC281465 (Scotland)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2013
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2013
- 1 -
2013
2012
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
3
(1,672,460 )
(1,648,935 )
Net current liabilities
(1,613,408 )
(1,610,646 )
Total assets less current liabilities
(1,063,408 )
(860,646 )
Capital and reserves
Called up share capital
4
Profit and loss account
(1,063,508 )
(860,746 )
Shareholders' funds
(1,063,408 )
(860,646 )
Directors' responsibilities:
-
-
Approved by the Board and authorised for issue on 30 July 2014
Director
Company Registration No. SC281465
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2013
- 2 -
1
Accounting policies
1.1
Accounting convention
The company's liabilities exceed its assets. The company is financed by a bank loan and by loans from related parties. The accounts have been prepared on a going concern basis that assumes these will continue to be available to the company.
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
1.4
Tangible fixed assets and depreciation
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2012
750,000
Revaluation
(200,000)
At 31 October 2013
550,000
At 31 October 2012
750,000
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2013
- 3 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £745,000 (2012 - £838,713).
4
Share capital
2013
2012
£
£
Allotted, called up and fully paid