Flanchford Homes Limited
Flanchford Homes Limited
Registered number: 11284480
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 March 2019
Flanchford Homes Limited
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
Contents | |
Page | |
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Abridged Statement of Financial Position | 1—2 |
Notes to the Abridged Financial Statements | 3—5 |
Flanchford Homes Limited
Abridged Statement of Financial Position
As at
31 March 2019
Abridged Statement of Financial Position
Registered number:
11284480
For the 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.
2019 | |||
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Notes | £ | £ | |
FIXED ASSETS | |||
Investments | 3 |
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CURRENT ASSETS | |||
Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year |
( |
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NET CURRENT ASSETS (LIABILITIES) |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | (304,072) | ||
NET ASSETS |
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CAPITAL AND RESERVES | |||
Called up share capital | 4 |
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Income Statement |
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SHAREHOLDERS' FUNDS | 5,267 | ||
Page 1
Flanchford Homes Limited
Abridged Statement of Financial Position (continued)
As at
31 March 2019
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
-
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 31 March 2019 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Flanchford Homes Limited
Notes to the Abridged Financial Statements
For The Year Ended 31 March 2019
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as modified to include the revaluation of freehold properties and certain financial instruments at fair value, in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a subsidiary qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
Fixed asset investments
lnterests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits fiom its activities.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Page 3
Flanchford Homes Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 March 2019
1.2.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2019 | |
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Office and administration |
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Page 4
Flanchford Homes Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 31 March 2019
3.
Investments
Total | |
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£ | |
Cost | |
As at |
- |
Additions | 698,460 |
As at |
698,460 |
Provision | |
As at |
- |
As at |
- |
Net Book Value | |
As at |
698,460 |
As at |
- |
5.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Flanchford Developments Limited, a company incorporated in England & Wales, which controls 100% of the shares of Flanchford Homes Limited.
6.
General Information
Flanchford Homes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11284480 . The registered office is 60 Gordon Road, London, W5 2AR.
Page 5