My Space Homes HH Limited - Period Ending 2018-07-31
My Space Homes HH Limited - Period Ending 2018-07-31
Registration number:
My Space Homes HH Limited
for the Period from 1 May 2017 to 31 July 2018
10 Scandia-Hus Business Pk
Felcourt Road
Felcourt
East Grinstead
West Sussex
RH19 2LP
My Space Homes HH Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
My Space Homes HH Limited
Company Information
Director |
Mr Jason Fudge |
Registered office |
|
Accountants |
|
Page 1 |
My Space Homes HH Limited
(Registration number: 09553127)
Balance Sheet as at 31 July 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Investments |
- |
|
|
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
( |
For the financial period ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
My Space Homes HH Limited
Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
My Space Homes HH Limited
Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in joint ventures and equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
My Space Homes HH Limited
Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Investments |
2018 |
2017 |
|
Investments in joint ventures |
- |
|
Joint ventures |
£ |
Cost |
|
At 1 May 2017 |
|
Disposals |
( |
At 31 July 2018 |
- |
Carrying amount |
|
At 31 July 2018 |
- |
At 30 April 2017 |
|
The aggregate amount of the company's commitments relating to joint ventures is £Nil (2017 - £300,000).
Debtors |
Note |
2018 |
2017 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
|
|
- |
Page 5 |
My Space Homes HH Limited
Notes to the Financial Statements for the Period from 1 May 2017 to 31 July 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Loans and overdrafts |
|
|
|
Taxation and social security |
|
- |
|
Other creditors |
- |
|
|
|
|
Loans and borrowings |
2018 |
2017 |
|
Current loans and borrowings |
||
Other borrowings |
|
|
Related party transactions |
Summary of transactions with other related parties
During the year the company repaid/(received) loans of £17,550 (2017: £1,450) to/(from) Mr Jason Fudge. The loans are unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Mr Jason Fudge was £Nil (£2017: £17,550).
Merranti Capital Limited - a company under common control and ownership
During the year the company made a loan of £93,338 (2017: £Nil) to Merranti Capital Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due from Merranti Capital Limited was £93,338.
Merranti Consulting Limited - a company under common control and ownership by virtue of Mr Jason Fudge
During the year the company repaid loans of £2,000 (2017: £Nil) to Merranti Consulting Limited. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Merranti Consulting Limited was £23,000 (2017: £25,000).
Devco Property Ltd - a company under common control and ownership by virtue of Mr Jason Fudge
During the year the company received a loan of £Nil (2017: £Nil) from Devco property Ltd. The loan is unsecured, repayable upon demand and bears no interest. At the balance sheet date the amount due to Devco Property Ltd was £7,500 (2017: £7,500).
Page 6 |