New Eco Developments Limited
New Eco Developments Limited
Registered number: 09045536
Unaudited Financial Statements
For The Year Ended 31 May 2019
Robert Cole & Co
Chartered Certified Accountants
Office 2 Llynfi Ent. Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
New Eco Developments Limited
Unaudited Financial Statements
For The Year Ended 31 May 2019
Unaudited Financial Statements
| Contents | |
| Page | |
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| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
New Eco Developments Limited
Accountant's Report
For The Year Ended 31 May 2019
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of New Eco Developments Limited For The Year Ended 31 May 2019
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of New Eco Developments Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of New Eco Developments Limited , as a body, in accordance with the terms of our engagement letter dated 28 November 2017. Our work has been undertaken solely to prepare for your approval the accounts of New Eco Developments Limited and state those matters that we have agreed to state to the directors of New Eco Developments Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Eco Developments Limited and its directors as a body for our work or for this report.
It is your duty to ensure that New Eco Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of New Eco Developments Limited . You consider that New Eco Developments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of New Eco Developments Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Chartered Certified Accountants
Office 2 Llynfi Ent. Centre
Heol Ty Gwyn Industrial Estate
Maesteg
CF34 0BQ
Page 1
New Eco Developments Limited
Balance Sheet
As at
31 May 2019
Balance Sheet
Registered number:
09045536
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 2 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 3 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (23,468) | (20,328) | |||
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New Eco Developments Limited
Balance Sheet (continued)
As at
31 May 2019
Directors' responsibilities:
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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 Profit and Loss Account.
On behalf of the board
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The notes on pages 4 to 5 form part of these financial statements.
Page 3
New Eco Developments Limited
Notes to the Financial Statements
For The Year Ended 31 May 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Critical accounting estimates & judgements
The significant accounting policies applied in the application of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
No significant judgements have had to be made by the directors in preparing these financial statements apart from with regard to going concern below.
1.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
During the year, the company made a loss of £3,140 (2018: £11,161) and the deficit on the balance sheet as at 31 May 2019 amounted to £23,468 (2018: £20,328).
The company is reliant on the support of its directors for its continued existence.
1.3.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.4.
Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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New Eco Developments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2019
2.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Called up share capital not paid |
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3.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Other creditors |
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4.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured on the company's development properties.
| 2019 | 2018 | ||
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| £ | £ | ||
| Other Creditors | 288,847 | 138,526 |
6.
Related Party Transactions
The company has ongoing loan facilities amounting to £25,568 (2018: £15,600) from members of key management personnel. The loans are repayble on demand and the rate of interest charged is 0%. At the balance sheet date, the loans were still outstanding and is presented within Creditors: amounts falling within one year.
7.
General Information
New Eco Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09045536 . The registered office is 3 Frampton Lane, Llantwit Major, CF61 2UZ.
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