WHITSTABLE_HOMES_LTD - Accounts
WHITSTABLE_HOMES_LTD - Accounts
Whitstable Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 30 Station Road, Orpington, BR6 0SA.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
During the year the company advanced £353,726 (2017: £182,434) to Canterbury Homes Limited, a company under common control. The balance owed to the company at the year end was £2,036,160 (2017: £1,682,434). This is an interest free unsecured advance and is repayable on demand.
During the year the company advanced £Nil (2017: £100) to Regal Trading Limited, a company under common control. The balance owed to the company at the year end was £1,300,274 (2017: £1,300,274). This is an interest free unsecured advance and is repayable on demand.
During the year the company advanced £3,310 (2017: £4,784) to Marine Maintenance Limited, a company under common control. The balance owed to the company at the year end was £11,358 (2017: £8,048). This is an interest free unsecured advance and is repayable on demand.
Included in other creditors is an amount of £3,151,511 (2017:£3,202,366) due to Nicholas James Care Homes Limited, a company under common control. This is an interest free unsecured loan and is repayable on demand.
Included in other creditors is an amount of £754,038 (2017:£754,038) due to Unique Help Limited, a company under common control. This is an interest free unsecured loan and is repayable on demand.
Included in other creditors is an amount of £513,450 (2017:£513,450) due to Bureaucom Limited, a company under common control. This is an interest free unsecured loan and is repayable on demand.