European Developments Corporation Limited Filleted accounts for Companies House (small and micro)

EUROPEAN DEVELOPMENTS CORPORATION LTD - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of European Developments Corporation Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2018 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05411134

EUROPEAN DEVELOPMENTS CORPORATION LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2018

EUROPEAN DEVELOPMENTS CORPORATION LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF EUROPEAN DEVELOPMENTS CORPORATION LIMITED

YEAR ENDED 31 AUGUST 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of European Developments Corporation Limited for the year ended 31 August 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

17 May 2019

EUROPEAN DEVELOPMENTS CORPORATION LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 August 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		631,890		646,782

Current assets

Cash at bank and in hand	10		21

Creditors: amounts falling due within one year	627,488		637,624
	------------		------------
Net current liabilities		627,478		637,603
		------------		------------
Total assets less current liabilities		4,412		9,179
		------------		------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	4,312	9,079
	------------	------------
Shareholders funds	4,412	9,179
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 August 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

EUROPEAN DEVELOPMENTS CORPORATION LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 August 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 17 May 2019 , and are signed on behalf of the board by:

W A Flannigan
Director

Company registration number: 05411134

EUROPEAN DEVELOPMENTS CORPORATION LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holford House, Mossways Park, Eccups Lane, Wilmslow, Stockport, SK9 5PA, Cheshire.

2. Statement of Compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The Turnover shown in the profit and loss account represents the realisable value of goods and services during the year, net of discounts and exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Written off per plot sale

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	15% reducing balance
Motor vehicle	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Intangible Assets

	£
Cost
At 1 September 2017 and 31 August 2018	550,000
	------------
Amortisation
At 1 September 2017 and 31 August 2018	550,000
	------------
Carrying amount
At 31 August 2018	–
	------------
At 31 August 2017	–
	------------

5. Tangible Assets

	£
Cost
At 1 September 2017 and 31 August 2018	731,312
	------------
Depreciation
At 1 September 2017	84,530
Charge for the year	14,892
	------------
At 31 August 2018	99,422
	------------
Carrying amount
At 31 August 2018	631,890
	------------
At 31 August 2017	646,782
	------------

6. Related Party Transactions

The company owed £594,486 (2017: £628,834) to Flannigan Enterprises Ltd, a related company. The company made sales of £44,200 (2017: £44,200) to Flannigan Estates Ltd, a related company.