Company Registration No. 01075877 (England and Wales)
CULLENCROFT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
CULLENCROFT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
CULLENCROFT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
328,531
339,446
Current assets
Stocks
66,139
72,037
Debtors
5,122
5,519
71,261
77,556
Creditors: amounts falling due within one year
3
(17,458)
(19,649)
Net current assets
53,803
57,907
Total assets less current liabilities
382,334
397,353
Creditors: amounts falling due after more than one year
4
(186,760)
(196,203)
195,574
201,150
Capital and reserves
Called up share capital
5
40,100
40,100
Share premium account
1,273
1,273
Revaluation reserve
156,652
156,652
Profit and loss account
(2,451)
3,125
Shareholders' funds
195,574
201,150
For the financial year ended 31 March 2015 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 year 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 9 October 2015
I Long
S Hanna
Director
Director
Company Registration No. 01075877
CULLENCROFT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land at Union Farm
Nil
Tenants Improvements - Buildings & Fencing
4% reducing balance
Tenants Improvements - Fish Lake & Trees
Nil
Tenants Improvements - Roads & Bridges
2.5% reducing balance
Farm Machinery & Motor Vehicles
25 % reducing balance
% reducing balance
Tenants Fixtures & Fittings
10% reducing balance
Tractor
25 % reducing balance
% reducing balance
Software/hardware
20% reducing balance 25% reducing balance
Motor vehicles
25% reducing balance
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
CULLENCROFT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2014
368,416
Additions
1,780
At 1 April 2014 & at 31 March 2015
370,196
Depreciation
At 1 April 2014
28,970
Charge for the year
12,695
At 31 March 2015
41,665
Net book value
At 31 March 2015
328,531
At 31 March 2014
339,446
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £13,725 (2014 - £6,401).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0.0000 (2014 - £3,695).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
40,000 'B' Ordinary shares of £1 each
40,000
40,000
40,100
40,100
6
Related party relationships and transactions Other transactions Included in other creditors due after more than one year is a balance of £ 186,760 (201 4 : £19 2 , 5 08) due to Ashbourne Trust Limited, the ultimate parent company. The loan is interest free and repayable on demand. Included within other creditors is £ 572 owed to Mr I Long, the director.
Other transactions
Included in other creditors due after more than one year is a balance of £
186,760
(201
4
: £19
2
,
5
08) due to Ashbourne Trust Limited, the ultimate parent company. The loan is interest free and repayable on demand.
Included within other creditors is £
572
owed to Mr I Long, the director.