Byron Hill Developments Limited 31/05/2018 iXBRL

Byron Hill Developments Limited 31/05/2018 iXBRL

FAIR & FAST LIMITED - Company Information

Print Friendly Version

31/05/2018 2018-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-05-31 2017-06-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 03984668 2017-06-01 2018-05-31 03984668 2018-05-31 03984668 2017-05-31 03984668 2017-05-31 03984668 core:FurnitureFittingsToolsEquipment 2017-06-01 2018-05-31 03984668 bus:RegisteredOffice 2017-06-01 2018-05-31 03984668 bus:LeadAgentIfApplicable 2017-06-01 2018-05-31 03984668 bus:Director1 2017-06-01 2018-05-31 03984668 bus:Director2 2017-06-01 2018-05-31 03984668 bus:CompanySecretary1 2017-06-01 2018-05-31 03984668 core:FurnitureFittingsToolsEquipment 2017-05-31 03984668 core:LandBuildings core:OwnedOrFreeholdAssets 2018-05-31 03984668 core:FurnitureFittingsToolsEquipment 2018-05-31 03984668 core:WithinOneYear 2018-05-31 03984668 core:WithinOneYear 2017-05-31 03984668 core:AfterOneYear 2017-05-31 03984668 core:ShareCapital 2018-05-31 03984668 core:ShareCapital 2017-05-31 03984668 core:RetainedEarningsAccumulatedLosses 2018-05-31 03984668 core:RetainedEarningsAccumulatedLosses 2017-05-31 03984668 core:LandBuildings core:OwnedOrFreeholdAssets 2017-05-31 03984668 bus:SmallEntities 2017-06-01 2018-05-31 03984668 bus:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 03984668 bus:FullAccounts 2017-06-01 2018-05-31 03984668 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 03984668 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 03984668 core:LandBuildings core:OwnedOrFreeholdAssets 2017-06-01 2018-05-31 03984668 core:WithinOneYear 2017-06-01 2018-05-31 03984668 core:AfterOneYear 2017-06-01 2018-05-31
Company registration number: 03984668
Byron Hill Developments Limited
Unaudited filleted financial statements
for the year ended 31 May 2018
Byron Hill Developments Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Byron Hill Developments Limited
Directors and other information
Directors Mr Mark Julian Smith
Mr Stephen James Fulton
Secretary Mark Julian Smith
Company number 03984668
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Byron Hill Developments Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 48,000 65,902
_______ _______
48,000 65,902
Current assets
Debtors 5 20,143 962
Cash at bank and in hand 777 -
_______ _______
20,920 962
Creditors: amounts falling due
within one year 6 ( 159,881) ( 143,065)
_______ _______
Net current liabilities ( 138,961) ( 142,103)
_______ _______
Total assets less current liabilities ( 90,961) ( 76,201)
Creditors: amounts falling due
after more than one year 7 - ( 13,686)
_______ _______
Net liabilities ( 90,961) ( 89,887)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 90,963) ( 89,889)
_______ _______
Shareholders deficit ( 90,961) ( 89,887)
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2019 , and are signed on behalf of the board by:
Mr Mark Julian Smith
Director
Company registration number: 03984668
Byron Hill Developments Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Byron Hill Developments Limited, No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors have a reasonable expectation that the company will be able to meet known liabilities as they fall due and will have adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of service provided to date, based on a proportion of the total expected consideration at completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - 0 %
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2017 and 31 May 2018 65,902 977 66,879
_______ _______ _______
Depreciation
At 1 June 2017 - 977 977
Impairment losses 17,902 - 17,902
_______ _______ _______
At 31 May 2018 17,902 977 18,879
_______ _______ _______
Carrying amount
At 31 May 2018 48,000 - 48,000
_______ _______ _______
At 31 May 2017 65,902 - 65,902
_______ _______ _______
Investment property
The Freehold property has been stated at a value provided by M Smith. M Smith does not hold any professional property surveying qualification but relies on his vast business expertise to value the property.
5. Debtors
2018 2017
£ £
Trade debtors 19,900 733
Other debtors 243 229
_______ _______
20,143 962
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts - 3,049
Other creditors 159,881 140,016
_______ _______
159,881 143,065
_______ _______
Loans advanced to the company are secured against the properties owned by the company.
7. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts - 13,686
_______ _______
Loans advanced to the company are secured against the properties owned by the company.