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

LANDCREST DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09420453

Landcrest Developments Limited

Filleted Unaudited Financial Statements

28 February 2019

Landcrest Developments Limited

Financial Statements

Year ended 28 February 2019

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Landcrest Developments Limited

Balance Sheet

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5	805	–
Investments	6	1	2
		----	----
		806	2

Current assets

Stocks		1,429,003	207,528
Debtors	7	80,539	284,975
Cash at bank and in hand		96,456	44,386
		------------	---------
		1,605,998	536,889

Creditors: amounts falling due within one year	8	1,533,832		475,419
		------------		---------
Net current assets			72,166	61,470
			--------	--------
Total assets less current liabilities			72,972	61,472

Provisions

Deferred taxation	153	–
	--------	--------
Net assets	72,819	61,472
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	72,719	61,372
	--------	--------
Shareholders funds	72,819	61,472
	--------	--------

These 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 statement of income and retained earnings has not been delivered.

For the year ending 28 February 2019 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 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 financial statements .

Landcrest Developments Limited

Balance Sheet (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 22 November 2019 , and are signed on behalf of the board by:

P C Barnett
Director

Company registration number: 09420453

Landcrest Developments Limited

Notes to the Financial Statements

Year ended 28 February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

2. Statement of compliance

These 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 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 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 amounts invoiced for goods and services rendered during the year, exclusive of Value Added Tax.

Taxation

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Office equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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. Staff numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 March 2018	–	–
Additions	1,208	1,208
	-------	-------
At 28 February 2019	1,208	1,208
	-------	-------
Depreciation
At 1 March 2018	–	–
Charge for the year	403	403
	-------	-------
At 28 February 2019	403	403
	-------	-------
Carrying amount
At 28 February 2019	805	805
	-------	-------
At 28 February 2018	–	–
	-------	-------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 March 2018	2
Disposals	( 1)
	----
At 28 February 2019	1
	----
Impairment
At 1 March 2018 and 28 February 2019	–
	----

Carrying amount
At 28 February 2019	1
	----
At 28 February 2018	2
	----

7. Debtors

	2019	2018
	£	£
Other debtors	80,539	284,975
	--------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	54,894	118,044
Corporation tax	22,094	18,632
Social security and other taxes	3,647	3,507
Other creditors	1,453,197	335,236
	------------	---------
	1,533,832	475,419
	------------	---------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
P C Barnett	81,105	17,066	( 98,866)	( 695)
	--------	--------	--------	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
P C Barnett	23,933	69,422	( 12,250)	81,105
	--------	--------	--------	--------

The above loan is unsecured and repayable on demand. Interest of 2.5% has been applied on the loan.