Espalier Developments (Millendreath) Lim - Accounts to registrar (filleted) - small 18.2
Espalier Developments (Millendreath) Lim - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018 |
| FOR |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2018 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Old Casino |
| 28 Fourth Avenue |
| Hove |
| East Sussex |
| BN3 2PJ |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| BALANCE SHEET |
| 31 JULY 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| BALANCE SHEET - continued |
| 31 JULY 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared on the basis that the company will continue to be a going |
| concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value |
| of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed |
| assets and long term liabilities as current assets and liabilities. |
| Turnover |
| Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to |
| consideration. |
| Turnover represents the following types of income; |
| - Retail income |
| All income is recognised on a receivable basis. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold property |
| Freehold property was previously held at cost and not depreciated. The revaluation model has been adopted |
| under FRS102 s1A. Freehold property were revalued for the first time during 2016. The use of the policy of |
| revaluation provides more relevant and reliable information about the value of the property owned by the |
| company. There have been nil effects of this change in accounting policy. |
| Stocks |
| Work in progress is valued at cost. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads in respect of |
| development properties. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2017 - 26 ). |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | Short | to | Plant and |
| property | leasehold | property | machinery |
| £ | £ | £ | £ |
| COST |
| At 1 August 2017 |
| Additions |
| At 31 July 2018 |
| DEPRECIATION |
| At 1 August 2017 |
| Charge for year |
| Impairments |
| At 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2017 |
| Additions |
| At 31 July 2018 |
| DEPRECIATION |
| At 1 August 2017 |
| Charge for year |
| Impairments |
| At 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| Freehold property has been valued by the Directors at the year end on an open market basis at £6,636,293. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 August 2017 |
| Impairments | ( |
) |
| At 31 July 2018 |
| NET BOOK VALUE |
| At 31 July 2018 |
| At 31 July 2017 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2018 | 2017 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit for the year |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2018 | 2017 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2018 | 2017 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2018 | 2017 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| The investments have been impaired to the shareholding value based on the current value of the companies. |
| 5. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Directors' loan accounts | 490,734 | 490,734 |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| During the year, R H Gibbs maintained his loan to the company. As at 31 July 2018, the company owed him |
| £490,734 (2017: £490,734) which is due after 1 year. The loan is interest free and repayable on demand within |
| the appropriate time frame. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2018 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Espalier Ventures Limited. |
| The ultimate controlling party is |
| This was by virtue of the share-for-share exchange that occurred when the company was acquired by Espalier |
| Ventures Limited. |
| 11. | ACCOUNTING BASIS |
| As stated in the accounting policy note, these financial statements have been prepared on the basis that the |
| company will continue to be a going concern. During the year, the company made a loss of £3,704,374 and as at |
| the year end the current liabilities exceeded current assets by £20,270,235. |
| The validity of this basis depends upon the continued support of the company's director. The director confirms |
| that he will give the required support. |
| 12. | INTERCOMPANY TRANSACTIONS - CREDITORS |
| During the year ended 31 July 2018, Espalier Developments (Millendreath) Limited had the following movements |
| in intercompany creditor balances: |
| % Holding | July 2018 | July 2017 | Movement |
| Espalier Ventures Limited | 100 | 20,444,264 | 19,930,274 | 513,990 |
| 20,444,264 | 19,930,274 | 513,990 |
| A J Colin is a director and a shareholder in the companies listed above at the percentages shown. All outstanding |
| amounts are interest free and repayable on demand. |
| 13. | INTERCOMPANY TRANSACTIONS - DEBTORS |
| During the year ended 31 July 2018, Espalier Developments (Millendreath) Limited had the following movements |
| in intercompany debtor balances: |
| % Holding |
July 2018 |
July 2017 |
Movement |
| Espalier (Millendreath Chalets) Limited | 100 | 21,180 | 20,280 | 900 |
| Micro Flats Ltd | 100 | 108,221 | 95,786 | 12,435 |
| Micro Suites Ltd | 100 | 5,378 | 4,418 | 960 |
| Millendreath Chalets Ltd | 100 | 11,993 | 10,703 | 1,290 |
| 146,772 | 131,187 | 15,585 |
| A J Colin is a director and a shareholder in the companies listed above at the percentages shown. All outstanding |
| amounts are interest free and repayable on demand. |