Company Registration No. 06693866 (England and Wales)
TAUNTANS LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
TAUNTANS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
TAUNTANS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TAUNTANS LIMITED FOR THE YEAR ENDED 30 JUNE 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tauntans Limited for the year ended 30 June 2015 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Tauntans Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tauntans Limited and state those matters that we have agreed to state to the Board of Directors of Tauntans Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tauntans Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Tauntans Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tauntans Limited. You consider that Tauntans Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tauntans Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
14 March 2016
TAUNTANS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2015
30 June 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,500,000
8,500,000
Current assets
Debtors
-
41,514
Cash at bank and in hand
22,917
22,917
22,917
64,431
Creditors: amounts falling due within one year
3
(861,330)
(1,358,560)
Net current liabilities
(838,413)
(1,294,129)
Total assets less current liabilities
7,661,587
7,205,871
Creditors: amounts falling due after more than one year
4
(6,847,290)
(6,524,748)
814,297
681,123
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
1,130,000
1,130,000
Profit and loss account
(315,803)
(448,977)
Shareholder's funds
814,297
681,123
For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his 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 10 March 2016
Mr U A Salya
Director
Company Registration No. 06693866
TAUNTANS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2015
- 3 -
1
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).
The accounts have been prepared on the going concern basis. The company is reliant on support from its parent company. The company has received confirmation from the parent company that this support will continue for at least a period of 12 months from the date of approval of these accounts.
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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation.
Investment properties are included in the balance sheet at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal on an individual investment property is expected to be permanent in which case it is recognised in the profit and loss account for the year.
This is in accordance with the FRSSE which, unlike the Schedule 1 of The Small Companies and Groups (Accounts and Directors' Report) Regulations 2008, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 July 2014 & at 30 June 2015
8,500,000
At 30 June 2014
8,500,000
TAUNTANS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2015
- 4 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £841,100 (2014 - £1,340,000).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £6,847,290 (2014 - £6,524,748).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100