ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.196 2018-07-312018-07-31truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalse2017-08-01 06179833 2017-08-01 2018-07-31 06179833 2016-08-01 2017-07-31 06179833 2018-07-31 06179833 2017-07-31 06179833 c:Director2 2017-08-01 2018-07-31 06179833 d:OfficeEquipment 2017-08-01 2018-07-31 06179833 d:CurrentFinancialInstruments 2018-07-31 06179833 d:CurrentFinancialInstruments 2017-07-31 06179833 d:CurrentFinancialInstruments d:WithinOneYear 2018-07-31 06179833 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 06179833 d:ShareCapital 2018-07-31 06179833 d:ShareCapital 2017-07-31 06179833 d:RetainedEarningsAccumulatedLosses 2018-07-31 06179833 d:RetainedEarningsAccumulatedLosses 2017-07-31 06179833 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-07-31 06179833 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-07-31 06179833 c:FRS102 2017-08-01 2018-07-31 06179833 c:AuditExempt-NoAccountantsReport 2017-08-01 2018-07-31 06179833 c:FullAccounts 2017-08-01 2018-07-31 06179833 c:PrivateLimitedCompanyLtd 2017-08-01 2018-07-31 iso4217:GBP xbrli:pure

Registered number: 06179833









SCION DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2018

 
SCION DEVELOPMENTS LIMITED
REGISTERED NUMBER: 06179833

BALANCE SHEET
AS AT 31 JULY 2018

2018
2017
Note
£
£

  

Current assets
  

Stocks
  
63,531
-

Debtors: amounts falling due within one year
 5 
717
400

Cash at bank and in hand
 6 
1,649
438,656

  
65,897
439,056

Creditors: amounts falling due within one year
 7 
(102,380)
(478,107)

Net current liabilities
  
 
 
(36,483)
 
 
(39,051)

Total assets less current liabilities
  
(36,483)
(39,051)

  

Net liabilities
  
(36,483)
(39,051)


Capital and reserves
  

Called up share capital 
  
400
400

Profit and loss account
  
(36,883)
(39,451)

  
(36,483)
(39,051)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2019.




P G Hirst
Director
Page 1

 
SCION DEVELOPMENTS LIMITED
REGISTERED NUMBER: 06179833
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2018


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
SCION DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

1.


General information

Scion Developments Limited is a company incorporated in England and Wales. The registered office is 22 Barn Rise, Wembley, London, United Kingdom, HA9 9NQ.
The principal activity of the company is continued to be that of property development and investing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SCION DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash
Page 4

 
SCION DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

2.Accounting policies (continued)


2.9
Financial instruments (continued)

flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).


4.


Stocks

2018
2017
£
£

Work in progress (goods to be sold)
63,531
-

63,531
-



5.


Debtors

2018
2017
£
£


Other debtors
317
-

Called up share capital not paid
400
400

717
400


Page 5

 
SCION DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018

6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
1,649
438,656

1,649
438,656



7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
4,896
-

Corporation tax
602
1,225

Other creditors
96,882
476,882

102,380
478,107



8.


Financial instruments

2018
2017
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,649
438,656




Financial assets measured at fair value through profit or loss comprise of cash held at bank and in hand.



9.


Related party transactions

At the balance sheet date, an amount of £27,759 (2017 - £457,759) was payable to Aquila Developments Limited and an amount of £69,123 (2017 - £19,123) was payable to Blenheim Consultancy Services Limited.
A D Chambers is the ultimate controlling party and also a director of Aquila Developments Limited and Blenheim Consultancy Services Limited.


10.


Controlling party

The ultimate controlling party is A D Chambers.

 
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