REGISTERED NUMBER: 05276752 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 December 2016

for

Abbots Quay Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Trembath

Mrs M A Trembath

SECRETARY:

Mrs M A Trembath

REGISTERED OFFICE:

Quay Auto Centre

Higher Union Road

Kingsbridge

Devon

TQ7 1EQ

REGISTERED NUMBER:

05276752 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Tangible assets

3

151,784

151,919

Investment property

4

1,750,000

1,750,000

1,901,784

1,901,919

CURRENT ASSETS

Debtors

5

3,581

1,131

Cash at bank

20,237

12,895

23,818

14,026

CREDITORS

Amounts falling due within one year

6

55,486

64,651

NET CURRENT LIABILITIES

(31,668

)

(50,625

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,870,116

1,851,294

CREDITORS

Amounts falling due after more than one year

7

(778,983

)

(804,817

)

PROVISIONS FOR LIABILITIES

(90,183

)

(96,744

)

NET ASSETS

1,000,950

949,733

CAPITAL AND RESERVES

Called up share capital

4,020

4,020

Profit and loss account - not distributable

576,407

566,789

Retained earnings

420,523

378,924

SHAREHOLDERS' FUNDS

1,000,950

949,733

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

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

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 September 2017 and were signed on its behalf by:

R J Trembath - Director

1.	STATUTORY INFORMATION

Abbots Quay Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Rental income is recognised on the accruals basis in respect of the period to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Plant and machinery - 25% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

151,381

2,270

153,651

DEPRECIATION

At 1 January 2016

-

1,732

1,732

Charge for year

-

135

135

At 31 December 2016

-

1,867

1,867

NET BOOK VALUE

At 31 December 2016

151,381

403

151,784

At 31 December 2015

151,381

538

151,919

Included in cost of land and buildings is freehold land of £ 151,381 (2015 - £ 151,381 ) which is not depreciated.

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

and 31 December 2016

1,750,000

NET BOOK VALUE

At 31 December 2016

1,750,000

At 31 December 2015

1,750,000

Cost or valuation at 31 December 2016 is represented by:

£

Valuation in 2009

724,000

Valuation in 2011

774,000

Valuation in 2013

16,000

Valuation in 2015

236,000

1,750,000

If the investment property had not been revalued it would have been included at the following historical cost:

31.12.16

31.12.15

£

£

Cost

1,093,325

1,093,325

The Investment property was valued on an open market basis on 31 December 2016 by Mr R Trembath .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

2,340

-

Other debtors

1,241

1,131

3,581

1,131

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

33,615

32,752

Trade creditors

-

4,440

Taxation and social security

17,334

17,656

Other creditors

4,537

9,803

55,486

64,651

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans

532,574

567,288

Other creditors

246,409

237,529

778,983

804,817

31.12.16

31.12.15

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

398,114

436,280

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank loans

566,189

600,040

The loan is secured on the property owned by the company, included in the accounts as investment property.