Company Registration No. 07680143 (England and Wales)
Risborough Developments Limited
Unaudited accounts
for the year ended 31 October 2018
Risborough Developments Limited
Unaudited accounts
Contents
Risborough Developments Limited
Company Information
for the year ended 31 October 2018
Directors
S A Baker
A N Bird
A P M Bird
B F Bird
P E Bird
J H Elliott
K D Lawley
J M Palmer
R C A Palmer
Company Number
07680143 (England and Wales)
Registered Office
The Hunting Lodge Billesley Road
Upper Billesley
Stratford-Upon-Avon
Warwickshire
CV37 9RA
Accountants
Deloitte LLP
Fusion Point
2 Dumballs Road
Cardiff
CF10 5BF
Risborough Developments Limited
Accountants' report
Accountants' report to the board of directors of Risborough Developments Limited on the preparation of the unaudited statutory accounts for the year ended 31 October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Risborough Developments Limited for the year ended
31 October 2018 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Risborough Developments Limited, as a body, in accordance with the terms of our engagement letter dated 27 April 2018. Our work has been undertaken solely to prepare for your approval the accounts of Risborough Developments Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Risborough Developments Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Risborough Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Risborough Developments Limited. You consider that Risborough Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Risborough Developments 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 accounts.
Deloitte LLP
Fusion Point
2 Dumballs Road
Cardiff
CF10 5BF
31 July 2019
Risborough Developments Limited
Statement of financial position
as at 31 October 2018
Inventories
1,248,000
1,830,620
Cash at bank and in hand
5,005
81,350
Creditors: amounts falling due within one year
(990,361)
(1,898,741)
Net current assets
360,372
39,308
Called up share capital
6
6
Profit and loss account
360,366
39,302
Shareholders' funds
360,372
39,308
For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 July 2019.
K D Lawley
Director
Company Registration No. 07680143
Risborough Developments Limited
Notes to the Accounts
for the year ended 31 October 2018
Risborough Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 07680143. The registered office is The Hunting Lodge Billesley Road, Upper Billesley, Stratford-Upon-Avon, Warwickshire, CV37 9RA .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. The company is incorporated in the United Kingdom under the Companies Act 2006
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in pounds sterling.
Inventory consisting of properties are valued at the lower of cost and estimated selling price less costs to complete and sell.
Turnover is the amount derived from rental income and any proceeds from the sale of properties which falls within the company's ordinary activities. Any associated cost is recognised in cost of sales. Revenue is recognised in the period in which the income is receivable.
Deferred revenue represents receipts from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The directors have assessed the balance sheet and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is supported through loans from bank, shareholders and related parties. The company also has a significant asset close to realisation which would repay all loans and create a considerable surplus of funds after tax. The directors are therefore confident that the business can meet its working capital requirements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Interest-bearing bank loans are recorded at the proceeds received, net of direct issue costs.
Risborough Developments Limited
Notes to the Accounts
for the year ended 31 October 2018
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Finished goods
1,248,000
1,830,620
Trade debtors
1,736
16,741
Accrued income and prepayments
900
-
Other debtors
95,092
9,338
6
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
125,000
1,000,000
Trade creditors
67,441
74,415
Taxes and social security
74,059
-
Other creditors
699,604
733,241
Bank loans are secured against the properties classified as inventory
7
Transactions with related parties
Included within creditors is a loan of £200,000 (2017: £200,000) owed to Bird Investments Limited, a company under common control. The loan is unsecured, not subject to an interest charge and has no fixed repayment date.
Included within creditors is a loan of £395,907 (2017: £395,907) due to The Bird Group of Companies Limited which is unsecured, subject to an 8% interest charge and has no fixed repayment date. Included within debtors is a loan of £76,109 due from (2017 creditors: £16,637 owed to) The Bird Group of Companies Limited which is unsecured, not subject to an interest charge and has no fixed repayment date.
Included within creditors is a loan of £73,697 (2017: £73,697) owed to Rosebird Developments Limited, a company under common control. The loan is unsecured, not subject to an interest charge and has no fixed repayment date.
The number of directors in the company throughout the year was 9 (2017: 10) and there were no other employees (2017: none). The total aggregate directors remuneration for the year was £41,003 (2017: £50,310). The directors are the only key management personnel of the company.
The Company is jointly controlled by Mr A P M Bird and Mr B F Bird.
Risborough Developments Limited
Notes to the Accounts
for the year ended 31 October 2018
9
Average number of employees
During the year the average number of employees was 9 (2017: 10).
