As at
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2014 £ |
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Fixed assets | |||
Total fixed assets: |
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Current assets | |||
Stocks: |
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Debtors: |
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Cash at bank and in hand: |
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Total current assets: |
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Creditors: amounts falling due within one year: |
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Net current assets (liabilities): |
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Total assets less current liabilities: |
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Total net assets (liabilities): |
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The notes form part of these financial statements
As at 31 December 2015
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2014 £ |
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Capital and reserves | |||
Called up share capital: | 2 |
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Profit and loss account: |
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Shareholders funds: |
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The financial statements were approved by the Board of Directors on
SIGNED ON BEHALF OF THE BOARD BY:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2015
Basis of measurement and preparation of accounts
Turnover policy
Turnover represents the income derived from property development and management undertaken during the period, and is net of any applicable Value Added Tax.
Other accounting policies
GOING CONCERN
The company incurred a loss for the year of £588,929 and at the balance sheet date had a shareholders’ deficit of £11,241,438.
The company relies on the continued support of its shareholders who at the balance sheet date had made loans to the company amounting to £15,754,963. The shareholders have indicated their intentions to continue supporting the company.
The ability of the company to continue trading in the longer term is dependent on a recovery of the market value of the company’s development property and/or the ability of the company to agree satisfactory terms with its lenders (including the shareholders) with regard to the repayment of their loans. This indicates the existence of conditions which could cast significant doubt on the company’s ability, in the longer term, to continue as a going concern. These financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
WORK IN PROGRESS/PROPERTY STOCKS
Properties in the course of development are included under stocks in the balance sheet at the lower of cost or net realisable value.
Cost includes cost of acquisition and development to date, including directly attributable fees and expenses. All finance costs relating to properties in the course of development are expensed.
Property transactions are recognised on legal completion. Properties are transferred between categories at the estimated market value on the transfer date. Turnover and costs relating to sales under forward funding transactions are recognised on a percentage of completion basis in accordance with the long term contract provisions of SSAP9.