GOLF_COTTAGE_LIMITED - Accounts

GOLF COTTAGE LIMITED - Company Information

Print Friendly Version

Company Registration No. SC304514 (Scotland)

GOLF COTTAGE LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

GOLF COTTAGE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2013

- 1 -

2013

2012

Notes

Fixed assets

Tangible assets

415,340

Current assets

Debtors

51,432

100

Creditors: amounts falling due within one year

(51,022)

(359,550)

Net current assets/(liabilities)

410

(359,450)

Total assets less current liabilities

410

55,890

Creditors: amounts falling due after more than one year

(50,000)

Provisions for liabilities

(5,191)

410

699

Capital and reserves

Called up share capital

100

Profit and loss account

310

599

Shareholders' funds

410

699

For the financial year ended 31 December 2013 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 17 December 2014

Mark Parsinen

Director

Company Registration No. SC304514

GOLF COTTAGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2013

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 April 2008).

1.2

Turnover

Turnover represents rentals receivable.

1.3

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:

Tenant improvements

- 2% straightline

Fixtures, fittings & equipment

- 50% straightline

1.4

Deferred taxation

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.

Fixed assets

Tangible assets

Cost

At 1 January 2013

450,325

Disposals

(450,325)

At 31 December 2013

Depreciation

At 1 January 2013

34,985

On disposals

(34,985)

At 31 December 2013

Net book value

At 31 December 2013

At 31 December 2012

415,340

GOLF COTTAGE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2013

- 4 -

Creditors: amounts falling due after more than one year

2013

2012

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

50,000

Share capital

2013

2012

Allotted, called up and fully paid

2 Ordinary shares of £1 each

98 Redeemable preference shares of £1 each

100

The redeemable preference shares are redeemable at the company's discretion and have no automatic income entitlement, accordingly these shares have been recognised as equity.

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mark Parsinen - Funds advanced

4.00

145,918

1,205

(95,791)

51,332

145,918

1,205

(95,791)

51,332