Stowford Mill Development Limited - Period Ending 2019-03-31

Registration number: 08945690

Stowford Mill Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Stowford Mill Development Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 7

Stowford Mill Development Limited

Company Information

Directors

Mr P N Scantlebury Mr M D Edworthy

Registered office

Dean Clarke House Southernhay East Exeter Devon EX1 1AP

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Stowford Mill Development Limited
for the Year Ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Stowford Mill Development Limited for the year ended 31 March 2019 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Stowford Mill Development Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Stowford Mill Development Limited and state those matters that we have agreed to state to the Board of Directors of Stowford Mill Development Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stowford Mill Development Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Stowford Mill Development Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Stowford Mill Development Limited. You consider that Stowford Mill Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Stowford Mill Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

29 November 2019

Page 2

Stowford Mill Development Limited

(Registration number: 08945690)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	3	222	-
Current assets
Stocks	4	8,891,853	6,736,877
Debtors	5	28,296	29,412
Cash at bank and in hand		158,191	25,749
		9,078,340	6,792,038
Creditors: Amounts falling due within one year	6	(4,115,472)	(3,821,602)
Net current assets		4,962,868	2,970,436
Total assets less current liabilities		4,963,090	2,970,436
Creditors: Amounts falling due after more than one year	6	(5,176,833)	(3,126,991)
Net liabilities		(213,743)	(156,555)
Capital and reserves
Called up share capital		200	200
Profit and loss account		(213,943)	(156,755)
Total equity		(213,743)	(156,555)

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 3

Stowford Mill Development Limited

(Registration number: 08945690)
Balance Sheet as at 31 March 2019

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 29 November 2019 and signed on its behalf by:
 

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

Mr M D Edworthy
Director

The notes on pages 5 to 7 form an integral part of these financial statements.

Page 4

Stowford Mill Development Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The address of its registered office is:
Dean Clarke House
Southernhay East
Exeter
Devon
EX1 1AP
England

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

As at the year end, the company's balance sheet shows an overall deficiency of assets of £213,743 (2018: £156,555). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate.The financial statements have been prepared on a going concern basis, as the directors will continue to provide support when necessary to the company. The directors have also reviewed the position for 12 months from the date the accounts were approved and in their opinion, the company will reduce the balance sheet deficiency and show positive results for the next financial period.

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.

Page 5

Stowford Mill Development Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

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
Office equipment	33% straight line

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	333	333
At 31 March 2019	333	333
Depreciation
Charge for the year	111	111
At 31 March 2019	111	111
Carrying amount
At 31 March 2019	222	222

4

Stocks

	2019 £	2018 £
Work in progress	8,891,853	6,736,877

5

Debtors

	2019 £	2018 £
Trade debtors	10,800	11,819
Other debtors	17,496	17,593
	28,296	29,412

Page 6

Stowford Mill Development Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Loans and borrowings	7	2,000,000	2,000,000
Trade creditors		412,478	227,007
Accruals and deferred income		63,761	19,753
Other creditors		1,639,233	1,574,842
		4,115,472	3,821,602

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	5,176,833	3,126,991

Creditors include loans which are secured of £5,017,186 (2018: £3,126,991 debentures).

7	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Redeemable preference shares	2,000,000	2,000,000

Page 7