Oldway Estates Ltd. - Accounts to registrar (filleted) - small 18.2
Oldway Estates Ltd. - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| OLDWAY ESTATES LTD. |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 6 |
| OLDWAY ESTATES LTD. |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 New Mill Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FG |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| BALANCE SHEET |
| 31 MARCH 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| BALANCE SHEET - continued |
| 31 MARCH 2019 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 1. | STATUTORY INFORMATION |
| Oldway Estates Ltd. is a |
| 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 (£) and has been rounded |
| to the nearest pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
| estimates are recognised in the period in which the estimate is revised if the revision only effects that |
| period, or in the period of the revision and future periods if the revision affects both current and future |
| periods. |
| The following are the critical judgements that the directors have made in the process of applying the |
| company's accounting policies and that have the most significant effect on the amounts recognised in |
| the financial statements. |
| Impairment of assets |
| Assets are assessed for indicators of impairment at each balance sheet date. If there is objective |
| evidence of impairment, an impairment loss is recognised in the income statement. |
| Stock provisions |
| Stock holdings are assessed for indicators of obsolescence at each balance sheet date. If there is |
| objective evidence of obsolescence, a provision is recognised in the income statement. |
| Provisions and contingencies |
| Provisions are recognised when the company has a present obligation as a result of a past event and a |
| reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities |
| are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only |
| disclosed if an inflow of economic benefits is probable. |
| Tangible fixed assets |
| Computer equipment | - |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
| At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of |
| stocks over its estimated selling price less costs to complete and sell is recognised as an impairment |
| loss in the profit and loss. Reversals of impairment losses are also recognised in profit and loss. |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Basic financial assets, which include other debtors and bank balances, are initially measured at |
| transaction price unless the arrangement constitutes a financing transaction, where the transaction is |
| measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price |
| unless the arrangement constitutes a financing transaction, where the debt instrument is measured at |
| the present value of the future payments discounted at a market rate of interest. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| 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 |
| 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. |
| Going concern |
| In preparing the financial statements, the directors have considered the current financial position of the |
| company and its likely future cashflows. The company has net current assets at the balance sheet |
| date. However, the company has made a loss in the year ended 31 March 2019, and has net liabilities |
| at this date. The company is reliant on the continuing support of its directors. However, the directors |
| are confident that such support will continue. |
| At the present time the directors have no reason to believe that this support will be withdrawn. If the |
| company were unable to continue its operational existence for the foreseeable future, adjustments |
| would have to be made to reduce the balance sheet values of assets to their recoverable amounts and |
| to provide for future liabilities that might arise. |
| However, after making enquiries, the directors have a reasonable expectation that the company has |
| adequate resources to continue in operational existence for the foreseeable future. Accordingly, they |
| continue to adopt the going concern basis in preparing the financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| OLDWAY ESTATES LTD. (REGISTERED NUMBER: 04083431) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2018 |
| and 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| and 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Other creditors |
| Included in other creditors is an amount of £91,975 (2018 :- £91,975) lent to the company by a close |
| family member of one of its directors. No interest has been charged in the current or prior year. The |
| loan has no fixed repayment terms, other than the amount is not due for repayment within one year |
| from 31 March 2019. |
| 8. | TRANSACTIONS WITH DIRECTORS |
| At the balance sheet one of the directors was owed £2,269 ( 2018 :- owed the company £531). The |
| loan is interest free and repayable on demand. |
| Included in other creditors is an amount of £112,000 (2018 :- £112,000) lent to the company by one of |
| its directors and secured by a debenture dated 30 January 2017. Interest is to be charged at a rate of |
| 10% per annum, The lender has waived his right to interest in the years ended 31 March 2019, 31 |
| March 2018 and 31 March 2017. The loan has no fixed repayment terms. |