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

REGISTERED NUMBER: 10421207 (England and Wales)

Financial Statements for the Year Ended 30 April 2019

for

Snowden Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S S Dabasia

H S Dabasia

S S Patel

D Dabasia

REGISTERED OFFICE:

14 Oxford Road

Wealdstone

Harrow

Middlesex

HA3 7RG

REGISTERED NUMBER:

10421207 (England and Wales)

AUDITORS:

Lee Accounting Services 2018 Limited

Trading as Lee & Co

Chartered Accountants & Statutory Auditors

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

CURRENT ASSETS

Stocks

8,153,093

6,507,129

Debtors

5

48,024

63,871

Cash at bank

447,088

12,988

8,648,205

6,583,988

CREDITORS

Amounts falling due within one year

6

8,688,942

6,616,840

NET CURRENT LIABILITIES

(40,737

)

(32,852

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(40,737

)

(32,852

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1

Retained earnings

(41,737

)

(32,853

)

SHAREHOLDERS' FUNDS

(40,737

)

(32,852

)

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 21 January 2020 and were signed on its behalf by:

S S Patel - Director

S S Dabasia - Director

1.	STATUTORY INFORMATION

Snowden 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.

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Finance costs in relation to loans taken out for development purposes are capitalised into work in progress.

Financial instruments

Debtors

Short terms debtors are measured at transaction price, less any impairment. Loans receivable are measured

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

interest method, less any impairment.

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans, are

measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using

the effective interest method.

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.

Going concern

The accounts have been prepared on the basis of the Company being a going concern despite the net liabilities

position shown at the year end. The Company has ready access to financial resources, to support the company for

another year from the date of signing the accounts making the going concern basis appropriate.

3.	EMPLOYEES AND DIRECTORS

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

4.	AUDITORS' REMUNERATION

30.4.19

30.4.18

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

1,000

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Other debtors

48,024

63,871

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Bank loans and overdrafts

4,145,638

2,729,534

Trade creditors

519,862

149,424

Taxation and social security

-

504

Other creditors

4,023,442

3,737,378

8,688,942

6,616,840

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.19

30.4.18

£

£

Bank loans

4,145,638

2,729,534

Security for the loan is a first legal charge over the site at Fanuc House, Station Approach, Ruislip, HA4 8LF.

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

1,000

Ordinary

£.001

1,000

1

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

The Report of the Auditors was unqualified.

Mr John D Lee (Senior Statutory Auditor)

for and on behalf of Lee Accounting Services 2018 Limited

10.	RELATED PARTY DISCLOSURES

Jaysam Contractors Limited

Shared directors and shareholders

During the year the company made purchases of £887,360 (2018 : £100,000) from the related party.

30.4.19

30.4.18

£

£

Amount due to related party at the balance sheet date

4,504,573

3,836,129

11.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors Mr S Dabasia, Mr H Dabasia, Mr D Dabasia and Mr S Patel

by virtue of their majority ownership of the share capital.