Company Registration No. 03489161 (England and Wales)
SIMONSTONE HALL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
SIMONSTONE HALL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SIMONSTONE HALL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
-
974,691
Current assets
Stocks
-
23,694
Debtors
11,174
59,532
Cash at bank and in hand
614,749
28,017
625,923
111,243
Creditors: amounts falling due within one year
(961,323)
(906,330)
Net current liabilities
(335,400)
(795,087)
Total assets less current liabilities
(335,400)
179,604
Capital and reserves
Called up share capital
3
870,002
870,002
Profit and loss account
(1,205,402)
(690,398)
Shareholders' funds
(335,400)
179,604
For the financial year ended 31 March 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 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 19 December 2016
Mr C J Mitchell
Director
Company Registration No. 03489161
SIMONSTONE HALL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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).
The Directors consider it appropriate to prepare the financial statements on a going concern basis, due to the continued financial support of the Director, Mr M R Cannon.
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 other than freehold land 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
2% on cost (see below)
Computer equipment
25% staight line
Fixtures, fittings & equipment
25 % reducing balance
No depreciation is provided on freehold
property on the grounds of immateriality, due to the long useful economic life and the high residual value of the property
.
In the light of any evidence of a reduction in the property value below cost, an impairment review will be carried out.
SIMONSTONE HALL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 April 2015
1,633,987
Disposals
(1,633,987)
At 31 March 2016
-
Depreciation
At 1 April 2015
659,296
On disposals
(659,296)
At 31 March 2016
-
Net book value
At 31 March 2016
-
At 31 March 2015
974,691
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
870,002 Ordinary of £1 each
870,002
870,002
4
Related party relationships and transactions
Directors loan
The Director, Mr M R Cannon has provided the company with working capital in the form of an interest free loan which is repayable on demand. As at 31st March 2016, and included within 'Creditors: amounts due within one year' the balance of this loan amounted to £945,798 (2015: £753,397).
Other transactions
Mr M R Cannon occasionally used hotel facilities during the year, for which he was charged full market value. The total value of transactions amounted to £4,442 (2015: £6,391) which were paid for in full.
The Directors of the company are also all voting members of High Cotterdale Sporting Society Limited. During the year Simonstone Hall Limited, occasionally provided catering and hotel facilities to the above, all of which were invoiced at full market value, and were paid in full. The total value of these transactions amounted to £1,730 (2015: £3,408).