|
Registered number: SC339337
ABERNORTH LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
|
|
ABERNORTH LIMITED
REGISTERED NUMBER: SC339337
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
Page 1
|
|
ABERNORTH LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
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
|
|
ABERNORTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
2.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).
|
|
|
|
|
|
|
|
The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
|
|
|
|
|
|
|
Turnover comprises revenue recognised by the company in respect of rental income received and receivable during the year, exclusive of Value Added Tax.
|
|
|
|
|
|
|
|
Investment properties are included in the Balance Sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
|
Page 3
|
|
ABERNORTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
2.ACCOUNTING POLICIES (continued)
|
|
|
|
|
|
|
Current tax, including UK corporation tax and foreign tax is provided at amounts expected to be paid
(or recovered) using the tax rates and laws that have been enacted or substantively enacted by the
balance sheet date.
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.
|
|
|
|
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.
|
3.INVESTMENT PROPERTY
|
|
|
|
|
|
|
At 1 April 2015 and 31 March 2016
|
|
|
|
|
|
|
|
|
Annual revaluation surplus/(deficit):
|
|
|
|
|
|
|
|
The 2016 valuations were made by the directors, on an open market value for existing use basis.
4.CREDITORS:
Amounts falling due within one year
Creditor amounts falling due in less than one year includes the following liabilities on which security has been given by the company. Bank loans and overdrafts - £69,705 (2015 - £66,392)
Page 4
|
|
ABERNORTH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
5.CREDITORS:
Amounts falling due after more than one year
Creditors amounts falling due after more than one year includes the following liabilities, on which security has been given by the company: Bank Loan - £1,261,510 (2015 - £1,331,214)
6.SECURITY
A bond and floating charge together with a first standard security over the assets of the company have been given to the company's bankers. Personal guarantees have also been provided by the directors.
7.SHARE CAPITAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
|
|
1,000 Ordinary A shares of £1 each
|
|
|
Page 5
|