REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 |
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POLLY ESTATES LIMITED |
REGISTERED NUMBER:
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ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 |
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FOR |
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POLLY ESTATES LIMITED |
POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2014 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
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Chartered Accountants' Report | 7 |
POLLY ESTATES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2014 |
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DIRECTORS: |
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SECRETARY: | Mrs. N D Davies |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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ABBREVIATED BALANCE SHEET |
31 DECEMBER 2014 |
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2014 | 2013 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
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Investments | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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ABBREVIATED BALANCE SHEET - continued |
31 DECEMBER 2014 |
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2014 | 2013 |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 4 |
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Revaluation reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors on
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POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 DECEMBER 2014 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Exemption from preparing a cash flow statement |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
All fixed assets, with the exception of the initial land and buildings, are recorded at cost. The initial land and |
buildings are recorded at revaluation. |
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Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, |
over the useful life of that asset as follows: |
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Original land and buildings | at revaluation |
Building improvements | 4% straight line |
Plant and machinery | from 10% to 20% reducing value |
Capital herd | not depreciated |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events have occurred at that date that will result in an obligation to |
may more, or a right to pay less or to receive more tax, with the following exceptions: |
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No provision is made for tax on gains arising from the revaluation of the original land and buildings, |
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The directors are of the view that the revaluation used in these accounts is significantly below current market |
value and any further valuation to current value would be significantly in excess of any deferred tax provision |
arising on the potential capital gains, (see note 5) |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not |
that there will be suitable taxable profits from which the future reversal of the underlying timing differences can |
be deducted. |
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Investments |
Investments are stated at cost. |
POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2014 |
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1. | ACCOUNTING POLICIES - continued |
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Operating lease agreement |
Rental applications to operating leases where substantially all the benefits and risks of ownership remain with |
the lessor are charged against profits on a straight line basis over the period of the lease. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any |
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2014 |
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Additions |
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Disposals | ( |
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At 31 December 2014 |
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DEPRECIATION |
At 1 January 2014 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2014 |
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NET BOOK VALUE |
At 31 December 2014 |
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At 31 December 2013 |
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POLLY ESTATES LIMITED (REGISTERED NUMBER: SC035177) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2014 |
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3. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
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COST |
At 1 January 2014 |
and 31 December 2014 | 3,600 |
NET BOOK VALUE |
At 31 December 2014 |
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At 31 December 2013 |
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
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Ordinary shares | 1 |
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5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits from directors subsisted during the years ended 31 December 2014 and |
31 December 2013: |
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2014 | 2013 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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Included in creditors is a loan from the directors. This loan is interest free and unsecured. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
POLLY ESTATES LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Polly Estates Limited for the year ended 31 December 2014 which comprise the Profit and Loss |
Account, the Balance Sheet, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Polly Estates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Polly Estates Limited and state those matters that we have agreed to state to the Board of Directors of Polly Estates Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Polly 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 Polly Estates Limited. You consider that Polly Estates Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Polly 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. |
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22 June 2015 |