Company Registration No. SC443639 (Scotland)
CRANTIT GATES DEVELOPMENT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2016
CRANTIT GATES DEVELOPMENT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CRANTIT GATES DEVELOPMENT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
74,081
61,769
Investments
2
100
-
74,181
61,769
Current assets
Stocks
22,357
-
Debtors
5,666
-
Cash at bank and in hand
3,507
100
31,530
100
Creditors: amounts falling due within one year
(117,464)
(62,357)
Net current liabilities
(85,934)
(62,257)
Total assets less current liabilities
(11,753)
(488)
Capital and reserves
Called up share capital
3
210
100
Profit and loss account
(11,963)
(588)
Shareholders' funds
(11,753)
(488)
For the financial period ended 31 August 2016 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 period 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 22 June 2017
Mr C Gregg
Director
Company Registration No. SC443639
CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 31 AUGUST 2016
- 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).
As at the balance sheet date, the company had net liabilities of £11,753. The company is funded with loans from the directors which are not expected to be repaid in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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 livestock and other produce sold in the period net of VAT (where applicable), and subsidy entitlements accruing in the period.
(where applicable), and subsidy entitlements accruing in the period.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. The company's interest in freehold land is stated at cost and is not subject to depreciation.
The company's interest in freehold land is stated at cost and is not subject to depreciation.
Plant and machinery
20% reducing balance basis
Freehold land is not subject to depreciation.
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Livestock is stated at the lower of cost and estimated selling price less keep costs up to the expected date
of sale. Cost comprises direct costs of purchase or rearing the animals and any overheads incurred in
raising the animals to their present state and condition.
Feedstock is stated at cost.
CRANTIT GATES DEVELOPMENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 March 2015
61,769
-
61,769
Additions
36,494
100
36,594
Disposals
(22,500)
-
(22,500)
At 31 August 2016
75,763
100
75,863
Depreciation
At 1 March 2015
-
-
-
Charge for the period
1,682
-
1,682
At 31 August 2016
1,682
-
1,682
Net book value
At 31 August 2016
74,081
100
74,181
At 28 February 2015
61,769
-
61,769
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 A shares of £1 each
100
100
110 B shares of £1 each
110
-
210
100
During the
year
, the company issued
110
'
B
' class shares, with a nominal value of £
110
, for consideration of £
110
.