Company Registration No. 09317445 (England and Wales)
BUNTINGS DEVELOPMENTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
BUNTINGS DEVELOPMENTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BUNTINGS DEVELOPMENTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
500,000
-
Current assets
Debtors
25,556
-
Cash at bank and in hand
30,473
100
56,029
100
Creditors: amounts falling due within one year
3
(548,164)
-
Net current liabilities/(assets)
(492,135)
100
Total assets less current liabilities
7,865
100
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
7,765
-
Shareholder's funds
7,865
100
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.
Director's responsibilities:
-
The member has 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 her 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 26 September 2016
Mrs Hilary Haydon
Director
Company Registration No. 09317445
BUNTINGS DEVELOPMENTS 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).
As at 31 March 2016 the company had net current liabilities amounting to £492,135. The company's main funding is from a director loan which is secured over the fixed assets. The director has provided a letter of support stating that she will not withdraw funding without securing sufficient alternative funds to enable Buntings Developments Limited to remain a going concern.
For the reason stated above the director considers it appropriate to prepare the financial statements on the going concern basis.
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
Rental income from operating leases is recognised on a straight line basis over the term of the lease and is net of VAT and trade discounts.
net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets include investment properties professionally valued by Chartered Surveyors on an existing use open market value basis.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
-
Additions
792,270
Revaluation
(20,270)
Disposals
(272,000)
At 31 March 2016
500,000
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £500,000 (2015 - £0).
BUNTINGS DEVELOPMENTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100