Company Registration No. 06287537 (England and Wales)
SP (ST. ALBANS) LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
SP (ST. ALBANS) LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SP (ST. ALBANS) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,750,000
2,750,000
Current assets
Debtors
864,225
616,333
Cash at bank and in hand
132,735
153,519
996,960
769,852
Creditors: amounts falling due within one year
3
(4,323,886)
(4,272,258)
Net current liabilities
(3,326,926)
(3,502,406)
Total assets less current liabilities
(576,926)
(752,406)
Creditors: amounts falling due after more than one year
4
(770,000)
(880,000)
(1,346,926)
(1,632,406)
Capital and reserves
Called up share capital
5
2
2
Profit and loss account
(1,346,928)
(1,632,408)
Shareholders' funds
(1,346,926)
(1,632,406)
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 15 March 2017
Mr S S Sandhu
Director
Company Registration No. 06287537
SP (ST. ALBANS) 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The company has net liabilities at the balance sheet date of £1,
346,926
. However the company's financers have indicated that they will continue to support the company and not demand repayment of their loans until the company can afford to
do so. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not include any adjustments that would result from a withdrawal of the loan facility by the company's financers.
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 rents and other property related income net of VAT.
1.4
Tangible fixed assets and depreciation
In accordance with SSAP 19 investment properties are revalued annually to open market value and no depreciation is provided.
The agregregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except where a deficit is deemed to represent a permanent diminution in value, in which case it is charged to the profit and loss account.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015 & at 31 March 2016
2,750,000
At 31 March 2015
2,750,000
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £110,000 (2015 - £110,000).
A further loan of £
3,390,588
included in other creditors is secured on the company's
share capital
.
SP (ST. ALBANS) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £770,000 (2015 - £880,000).
The bank loan of £
990
,000 is secured by a debenture and fixed and floating charge over the company's investment property and all other assets.
5
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
6
Ultimate parent company
The ultimate parent company is Burlington Investments Limited, a company registered in England and Wales.