Company Registration No. 03466178 (England and Wales)
ELDA DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
ELDA DEVELOPMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ELDA DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2016
30 November 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,002,821
1,003,412
Current assets
Stocks
16,295
12,495
Debtors
14,062
3,620
Cash at bank and in hand
95,303
105,662
125,660
121,777
Creditors: amounts falling due within one year
(214,301)
(232,082)
Net current liabilities
(88,641)
(110,305)
Total assets less current liabilities
914,180
893,107
Capital and reserves
Called up share capital
3
100
100
Revaluation reserve
600,411
600,411
Profit and loss account
313,669
292,596
Shareholders' funds
914,180
893,107
For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 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 22 May 2017
Mr Massimo Marcovecchio
Director
Company Registration No. 03466178
ELDA DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 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 January 2015).
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 consultancy services provided and rents receivable.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than investment properties 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 and buildings Freehold
Over 10 years
Fixtures, fittings & equipment
33% Reducing balance
The improvements to property are not depreciated.
In accordance with SSAP 19, no depreciation is provided on the company's freehold investment properties. This is a departure from the requirements of Companies Act 2006 that all properties should be depreciated. In the opinion of the directors, this departure is necessary for the financial statements to give a true and fair view, as properties are included in the financial statements at their open market value.
1.5
Stock and work in progress
Work in progress is valued at the lower of cost and net realisable value.
1.6
In accordance with SSAP 19, investment properties are revalued annually, and any aggregate surplus or deficit is taken to the revaluation reserve. Temporary deficits are deducted from the revaluation reserve, and any permanent diminuation in value is charged to the profit and loss account. No depreciation is provided in respect of investment properties.
ELDA DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 December 2015 & at 30 November 2016
1,017,361
Depreciation
At 1 December 2015
13,949
Charge for the year
591
At 30 November 2016
14,540
Net book value
At 30 November 2016
1,002,821
At 30 November 2015
1,003,412
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Director's Loan Account
3.00
(3,334)
18,121
138
4,910
10,015
(3,334)
18,121
138
4,910
10,015