Company Registration No. 06397832 (England and Wales)
FIRECREST ESTATES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
FIRECREST ESTATES LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
FIRECREST ESTATES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIRECREST ESTATES LIMITED FOR THE YEAR ENDED 31 MARCH 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Firecrest Estates Limited for the year ended 31 March 2015 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Firecrest Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Firecrest Estates Limited and state those matters that we have agreed to state to the Board of Directors of Firecrest Estates Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firecrest Estates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Firecrest Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Firecrest Estates Limited. You consider that Firecrest Estates Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Firecrest Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gerald Edelman
15 December 2015
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
FIRECREST ESTATES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
767,984
767,984
Investments
2
4,426,044
4,176,464
5,194,028
4,944,448
Current assets
Stocks
70,307
106,719
Debtors
286,016
289,748
Cash at bank and in hand
57,873
62,954
414,196
459,421
Creditors: amounts falling due within one year
(48,790)
(44,403)
Net current assets
365,406
415,018
Total assets less current liabilities
5,559,434
5,359,466
Capital and reserves
Called up share capital
3
5,000,000
5,000,000
Profit and loss account
559,434
359,466
Shareholders' funds
5,559,434
5,359,466
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.
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 15 December 2015
Mr D B Warriner-Brown
Director
Company Registration No. 06397832
FIRECREST ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
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 April 2008).
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
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.4
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2014
767,984
4,176,464
4,944,448
Additions
-
249,580
249,580
At 31 March 2015
767,984
4,426,044
5,194,028
At 31 March 2014
767,984
4,176,464
4,944,448
FIRECREST ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 4 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
5,000,000 Ordinary shares of £1 each
5,000,000
5,000,000
4
Ultimate parent company
The company is a wholly-owned subsidiary of Pan Albion Group Limited.
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