Hope Homes (Chapelton) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC577735 (Scotland)

Financial Statements for the Year Ended 31 March 2019

for

Hope Homes (Chapelton) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Hope

I Hope

A E Hope

REGISTERED OFFICE:

Watson Terrace

Drongan

Ayrshire

KA6 7AB

REGISTERED NUMBER:

SC577735 (Scotland)

AUDITORS:

The Collins Counting Company Ltd.

Westburn Business Centre

McNee Road

Prestwick

Ayrshire

KA9 2PB

FIXED ASSETS

Tangible assets

4

48,451

28,411

CURRENT ASSETS

Stocks

5

1,046,341

1,170,026

Debtors

6

2,523,204

387,903

Cash at bank

436,625

615,431

4,006,170

2,173,360

CREDITORS

Amounts falling due within one year

7

3,827,770

2,237,845

NET CURRENT ASSETS/(LIABILITIES)

178,400

(64,485

)

TOTAL ASSETS LESS CURRENT LIABILITIES

226,851

(36,074

)

PROVISIONS FOR LIABILITIES

8

8,237

-

NET ASSETS/(LIABILITIES)

218,614

(36,074

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

218,514

(36,174

)

SHAREHOLDERS' FUNDS

218,614

(36,074

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf by:

I Hope - Director

S Hope - Director

1.	STATUTORY INFORMATION

Hope Homes (Chapelton) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on a going concern basis which assumes the company will continue

to trade for a period of 12 months from the date of approval.

The current and future cash position of the company and the group has been reviewed by the Board of Directors.

This included a comprehensive review of current trading performance and of the forecasted cash requirements,

covering a period beyond one year from the date of approval of the financial statements. From this review the

Directors have a reasonable expectation that the company and the group has adequate resources to continue in

operational existence covering the aforementioned period.

The Board also recognises that the company is reliant on the financial support of fellow group companies and

ultimately the group position is reliant on the continued support of the Directors via loan monies advanced from

Beechcross Homes Limited. This continued support is evidenced by the restricted repayment of said loan

monies and the Directors continued commitment to only seeking repayment of said loan monies as and when the

group has surplus cash available to do so.

On the basis of all of the above the Board considers it appropriate to prepare the financial statements on a going

concern basis.

Turnover/revenue recognition

Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of

services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is

probable that the collectability of the related receivables is reasonably assured and when the outcome of

long-term developments can be assessed with reasonable certainty.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates

in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings - 25% on cost

Financial instruments

The company only enters into basic financial instruments transactions. Financial instruments are recognised

when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a

legally 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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest

method.

Cash and cash equivalents

Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original

maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Work in progress and long-term developments

Work in progress is valued as costs incurred, net of amounts transferred to cost of sales, after deducting

foreseeable losses and payments on account not matched with turnover. Costs consist of direct materials, labour

and attributable overheads.

Long-term developments are considered on an individual basis and reflected in the profit and loss account by

recording turnover and related costs as the development progresses.

Where it is considered that the outcome of a long-term development can be assessed with reasonable certainty

before its conclusion, the prudently calculated attributable profit is recognised in the profit and loss account as

the difference between the reported turnover and related costs for that development. The amount by which

turnover is in excess of payments on account is classified within accrued income.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amounts of its tangible fixed assets to determine

whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,

the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash-generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 3 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2018

29,411

Additions

45,100

At 31 March 2019

74,511

DEPRECIATION

At 1 April 2018

1,000

Charge for year

25,060

At 31 March 2019

26,060

NET BOOK VALUE

At 31 March 2019

48,451

At 31 March 2018

28,411

5.

STOCKS

2019

2018

£

£

Work-in-progress

1,046,341

1,170,026

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors and accrued

income

1,506,047

379,210

Amounts owed by group undertakings

1,016,109

-

VAT

1,048

208

Deferred tax asset

-

8,485

2,523,204

387,903

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

490,934

-

Amounts owed to group undertakings

3,307,289

2,206,885

Accruals and deferred income

29,547

30,960

3,827,770

2,237,845

8.	PROVISIONS FOR LIABILITIES

2019

£

Deferred tax

Accelerated capital allowances

8,237

Deferred

tax

£

Balance at 1 April 2018

(8,485

)

Charge to Profit and loss during year

16,722

Balance at 31 March 2019

8,237

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 April 2018

(36,174

)

Profit for the year

1,354,688

Dividends

(1,100,000

)

At 31 March 2019

218,514

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Collins (Senior Statutory Auditor)

for and on behalf of The Collins Counting Company Ltd.

12.	CONTINGENT LIABILITIES

The company has entered into an agreement to acquire land for development. The purchase price of this land is

dependent on a number of factors and as a consequence potential further sums in this regard may fall due. At 31

March 2019 this sum could not be reliably measured.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by the three directors: Ian Hope, Scott Hope and Anne Hope by way of their joint

shareholding in the parent company, Hope Homes (Scotland) Limited which has its registered office at Watson

Terrace, Drongan, Ayrshire, KA6 7AB.