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Company Registration No. 02916697 (England and Wales)
HORTON DEVELOPMENTS LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2019
Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE
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HORTON DEVELOPMENTS LIMITED
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COMPANY INFORMATION
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Chartered Certified Accountants
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HORTON DEVELOPMENTS LIMITED
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CONTENTS
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Notes to the financial statements
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HORTON DEVELOPMENTS LIMITED
REGISTERED NUMBER:02916697
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BALANCE SHEET
AS AT 31 MAY 2019
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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HORTON DEVELOPMENTS LIMITED
REGISTERED NUMBER:02916697
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BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2019
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 December 2019.
___________________________
M L Masterson
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HORTON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
Horton Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mitchellson House, Stanwell Road, Horton, Slough, Berkshire, SL3 9PF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and investment properties and certain financial instruments at fair value, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
The following principal accounting policies have been applied:
Turnover represents rent receivable during the year net of VAT. Rental income is recognised on an accrual basis.
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
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Cash and cash equivalents
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Cash at bank and in hand 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.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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HORTON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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The average monthly number of employees, including directors, during the year was 2 (2018 - 2).
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Freehold investment property
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The investment properties were revalued on 26 November 2018 by Gibbs Gillispie Surveyors Limited an independent firm of Chartered Surveyors, on an open market existing value basis and the directors consider that this valuation reflects the fair value of the properties at the balance sheet date.
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HORTON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Defered tax on revaluation
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Allotted, called up and fully paid
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9,000 Ordinary shares of £1 each
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At the begning of the year
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Post balance sheet events
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The company acquired the entire share capital of Mitchellson Plant Hire Limited on 1 July 2019.
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HORTON DEVELOPMENTS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
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Related party transactions
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The company is related to Mitchellson Formwork & Civil Engineering Limited and Mitchellson Plant Hire Limited by virtue of being under common control of C M Mitchell and M L Masterson.
During the year rent of £54,000 (2018 - £54,000) was receivable from Mitchellson Plant Hire Limited.
During the year rent of £108,000 (2018 - £108,000) was receivable from Mitchellson Formwork & Civil Engineering Limited.
During the year dividend of £70,000 (2018 - £70,000) to each of the shareholder, C M Mitchell and M L Masterson.
At the balance sheet date the following amounts were owed by the related undertakings:
Mitchellson Plant Hire Limited £54,000 (2018 - £Nil).
Mitchellson Formwork & Civil Engineering Limited £37,674 (2018 - £Nil).
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