Silkstone Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01076548 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

SILKSTONE DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J D Rigby

Mr E G Rigby

SECRETARY:

Mr R I Watson

REGISTERED OFFICE:

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

REGISTERED NUMBER:

01076548 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

BANKERS:

Svenska Handelsbanken

1st Floor

Copia House

Dodworth

Barnsley

S75 3SP

FIXED ASSETS

Tangible assets

4

3,055

4,837

Investments

5

73

73

Investment property

6

165,368

165,368

168,496

170,278

CURRENT ASSETS

Stocks

7

204,368

198,193

Debtors

8

8,972

12,823

Cash at bank

86,795

84,584

300,135

295,600

CREDITORS

Amounts falling due within one year

9

21,094

18,292

NET CURRENT ASSETS

279,041

277,308

TOTAL ASSETS LESS CURRENT LIABILITIES

447,537

447,586

CREDITORS

Amounts falling due after more than one year

10

(273,318

)

(273,318

)

PROVISIONS FOR LIABILITIES

(416

)

(778

)

NET ASSETS

173,803

173,490

CAPITAL AND RESERVES

Called up share capital

12

22,000

22,000

Retained earnings

151,803

151,490

SHAREHOLDERS' FUNDS

173,803

173,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

Mr E G Rigby - Director

1.	STATUTORY INFORMATION

Silkstone Developments Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be

found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the

company and rounded to the nearest pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Silkstone Developments Limited as an

individual company and do not contain consolidated financial information as the parent of

a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from

the requirements to prepare consolidated financial statements.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies

that have had the most significant effect on amounts recognised in the financial

statements.

There are no key assumptions concerning the future and other key sources of estimation

uncertainty at the reporting date that have a significant risk of causing material adjustment

to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is recognised to the extent that the company has obtained the right to

consideration through the performance of its contractual obligations. Where the substance

is that the company's contractual obligations are performed over time, turnover is

recognised as contract activity progresses to reflect the company's partial performance of

its contractual obligations. The amount recognised represents the right to consideration by

reference to the value of the work performed.

Tangible fixed assets

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.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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 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.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of

the scheme are held separately from those of the company. The annual contributions

payable are charged to the profit and loss account.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on

normal level of activity. Provision is made for any foreseeable losses where appropriate. No

element of profit is included in the valuation of work in progress.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the

contractual arrangement, as either financial assets, financial liabilities or equity

instruments. An equity instrument is any contract that evidences a residual interest in the

assets of the company after deducting all of its liabilities.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of

the scheme are held separately from those of the company. The annual contributions

payable are charged to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

12,925

14,882

27,807

DEPRECIATION

At 1 April 2018

11,026

11,944

22,970

Charge for year

1,195

587

1,782

At 31 March 2019

12,221

12,531

24,752

NET BOOK VALUE

At 31 March 2019

704

2,351

3,055

At 31 March 2018

1,899

2,938

4,837

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

73

NET BOOK VALUE

At 31 March 2019

73

At 31 March 2018

73

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

165,368

NET BOOK VALUE

At 31 March 2019

165,368

At 31 March 2018

165,368

7.

STOCKS

31.3.19

31.3.18

£

£

Work-in-progress

110,646

104,471

Finished goods

93,722

93,722

204,368

198,193

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

92

5,701

Other debtors

5,000

5,000

Directors' current accounts

2,945

-

Prepayments and accrued income

935

2,122

8,972

12,823

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

976

308

Amounts owed to group undertakings

15,490

13,229

Corporation tax

1,884

405

VAT

568

1,363

Other creditors

324

665

Directors' current accounts

-

473

Accruals and deferred income

1,852

1,849

21,094

18,292

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loan

119,238

119,238

Other loans

154,080

154,080

273,318

273,318

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

119,238

119,238

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

22,000

Ordinary

£1

22,000

22,000

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is Silkstone Property Investments Limited.

The parent company's registered office address is:

12 Victoria Road

Barnsley

S70 2BB