Registered Number 07769476
OLD MANOR HOUSE KEYNSHAM LIMITED
Abbreviated Accounts
31 December 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 4 |
( |
( |
Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year | 4 |
( |
( |
Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Going concern
The financial statements have been prepared on a going concern basis with the continued
support of the director and company bankers
Turnover policy
goods and services to customers.
Tangible assets depreciation policy
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less
any estimated residual value, over their expected useful economic life as follows:
Freehold Property 50 years straight line
Fixtures and fittings 15% per annum reducing balance
Office equipment 25% per annum reducing balance
Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual
value, over the useful economic life of that asset as follows:
Positive goodwill 10 years straight line
Other accounting policies
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on
a straight line basis over its useful economic life. It is reviewed for impairment at the end of
the first full financial year following the acquisition and in other periods if events or changes in
circumstances indicate that the carrying value may not be recoverable.
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete
and slow moving stocks. Net realisable value is based on selling price less anticipated costs
to completion and selling costs.
Deferred tax
Deferred tax is recognised, without discounting, in respect of all timing differences between
the treatment of certain items for taxation and accounting purposes, which have arisen but
not reversed by the balance sheet date, except as required by the FRSSE.
Deferred tax is measured at the rates that are expected to apply in the periods when the
timing differences are expected to reverse, based on the tax rates and law enacted at the
balance sheet date.
Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a
straight line basis over the lease term.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as 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. Where shares are issued, any component that
creates a financial liability of the company is presented as a liability in the balance sheet.
The corresponding dividends relating to the liability component are charged as interest
expense in the profit and loss account.
Prior period adjustments
The prior year has been restated due to clarification from Suffolk Life that a SIPP for the
benefit of the director had acquired a 20.96% interest in the property rather than advanced
a loan as previously advised.
The Balance sheet has been restated to reflect the net interest owned by the company and
the reduction in the previously stated loan due to Suffolk Life.
An estimate for accrued rent payable to the SIPP from the date of acquisition has also been
included totalling £6,508 to 31 December 2013.
£ | |
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2014 |
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Amortisation | |
At 1 January 2014 |
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Charge for the year |
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On disposals |
|
At 31 December 2014 |
|
Net book values | |
At 31 December 2014 | 81,000 |
At 31 December 2013 | 90,000 |
£ | |
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Cost | |
At 1 January 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2014 |
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Depreciation | |
At 1 January 2014 |
|
Charge for the year |
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On disposals |
|
At 31 December 2014 |
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Net book values | |
At 31 December 2014 | 725,506 |
At 31 December 2013 | 748,519 |
2014
£ |
2013
£ |
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Secured Debts |
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Instalment debts due after 5 years |
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