Allswell Developments Limited - Period Ending 2018-11-28

Registration number: 04961409

Allswell Developments Limited

Annual Report and Financial Statements

for the Year Ended 28 November 2018

Allswell Developments Limited

(Registration number: 04961409)
Balance Sheet as at 28 November 2018

	Note	2018 £	2017 £
Current assets
Cash at bank and in hand		102	102
Creditors: Amounts falling due within one year	4	(77,578)	(77,578)
Net liabilities		(77,476)	(77,476)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(77,576)	(77,576)
Total equity		(77,476)	(77,476)

For the financial year ending 28 November 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 15 August 2019
 

.........................................

Mr S P H Kidner

Director

The notes on pages 2 to 3 form an integral part of these financial statements.

Page 1

Allswell Developments Limited

Notes to the Financial Statements for the Year Ended 28 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 North Street
Oundle
Peterborough
PE8 4AL

2	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.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	20% Straight line
Office equipment	25% Straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 2

Allswell Developments Limited

Notes to the Financial Statements for the Year Ended 28 November 2018

Financial instruments

Classification
The company only enters into basic financial instruments transactions that results in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 Recognition and measurement
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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
 

3	Cash and cash equivalents

	2018 £	2017 £
Cash at bank	102	102

4

Creditors

	2018 £	2017 £
Due within one year
Other payables	77,578	77,578

Page 3