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ALBEMARLE SHOREHAM AIRPORT LIMITED
REGISTERED NUMBER:
06506097
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ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
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Creditors:
amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 3 form part of these financial statements.
1
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ALBEMARLE SHOREHAM AIRPORT LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
1.
Accounting policies
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of long leasehold land and buildings
and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)
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At the balance sheet date the company's current liabilities exceeded current assets by £1,219,285 (2014: £1,221,989). The company continues to have the support of its principal creditors and the directors are therefore satisfied the financial statements have been correctly prepared on a going concern basis.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Long-term leasehold property
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.
Revaluation gains and losses are recognised in the statement of total recognised gains and losses unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the losses are recognised in the profit and loss account.
No depreciation is charged on the revalued properties. This is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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2
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ALBEMARLE SHOREHAM AIRPORT LIMITED
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NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
2.
Tangible fixed assets
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At 1 April 2014 and 31 March 2015
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3.
Creditors:
Amounts falling due within one year
Bank loans and overdrafts totalling £Nil (2014: £90,000) and amounts owed to group undertakings totalling £1,386,386 (2014: £1,632,812) are secured by a fixed and floating charge over the company's land and buildings.
4.
Share capital
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Allotted, called up and fully paid
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2
Ordinary shares
shares of £
1
each
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5.
Ultimate parent undertaking and controlling party
The company is a wholly owned subsidiary of Albemarle (Shoreham) LLP. There is no ultimate controlling party for the current and preceding period.
3
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