Company Registration No. SC341613 (Scotland)
NORTH GLEN ESTATES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
NORTH GLEN ESTATES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
NORTH GLEN ESTATES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
110,391
129,028
Current assets
Stocks
80,445
66,735
Debtors
10,899
40,626
Cash at bank and in hand
19,261
13,090
110,605
120,451
Creditors: amounts falling due within one year
3
(128,269)
(108,442)
Net current liabilities/(assets)
(17,664)
12,009
Total assets less current liabilities
92,727
141,037
Creditors: amounts falling due after more than one year
4
(1,672,276)
(1,547,790)
(1,579,549)
(1,406,753)
Capital and reserves
Called up share capital
5
1
1
Profit and loss account
(1,579,550)
(1,406,754)
Shareholder's funds
(1,579,549)
(1,406,753)
For the financial year ended 31 December 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 her 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 March 2017
Miss L Sorrentino
Director
Company Registration No. SC341613
NORTH GLEN ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
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 January 2015).
The financial statements have been prepared on a going concern basis, not withstanding that there is a deficiency of assets at 31 December 2015 amounting to £1,579,549, the viability of which is dependent upon the continued financial support of North Glen Estates Ltd (Turks and Caicos) who own the estate. The financial statements do not include any adjustments that would result from a discontinuance of the financial support. On this basis, the directors consider that it is appropriate for the financial statements to be prepared on the going concern basis.
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 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:
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
416,747
Additions
26,348
At 31 December 2015
443,095
Depreciation
At 1 January 2015
287,719
Charge for the year
44,985
At 31 December 2015
332,704
Net book value
At 31 December 2015
110,391
At 31 December 2014
129,028
NORTH GLEN ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £23,508 (2014 - £24,429).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £4,026 (2014 - £27,534).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 Ordinary shares of £1 each
1
1