Collingwood Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05317412 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2019

for

Collingwood Homes Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L J Collingwood

SECRETARY:

Miss S J A Quelch

REGISTERED OFFICE:

62 Plantation Drive

North Ferriby

East Yorkshire

HU14 3BB

REGISTERED NUMBER:

05317412 (England and Wales)

FIXED ASSETS

Tangible assets

3

48

61

Investment property

4

252,822

252,822

252,870

252,883

CURRENT ASSETS

Debtors

103

103

Cash at bank

5,728

1,246

5,831

1,349

CREDITORS

Amounts falling due within one year

54,858

27,210

NET CURRENT LIABILITIES

(49,027

)

(25,861

)

TOTAL ASSETS LESS CURRENT LIABILITIES

203,843

227,022

CREDITORS

Amounts falling due after more than one year

5

167,545

177,545

NET ASSETS

36,298

49,477

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

36,198

49,377

36,298

49,477

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

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

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the director on 28 February 2020 and were signed by:

L J Collingwood - Director

1.	STATUTORY INFORMATION

Collingwood Homes 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 presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

The financial statements are prepared under the historical cost convention as modified by the

revaluation of investment properties and in accordance with all applicable accounting standards. The

financial statements are in compliance with the Companies Act 1985 except that, as explained below,

investment properties are not depreciated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on cost

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to

determine whether there is any indication that any items have suffered an impairment loss. If any such

indication exists, the recoverable amount of an asset is estimated in order to determine the extent of

the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset,

the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

In accordance with Statement of Standard Accounting Practice No.19, depreciation is not provided on

freehold investment properties. This is a departure from the Companies Act 1985, which requires all

properties to be depreciated. Such properties are not held for consumption but for investment and the

directors consider that to depreciate them would not give a true and fair view. The properties are to be

revalued on an annual interval basis. Depreciation is only one of the many factors reflected in the

annual valuation of properties and accordingly the amount depreciation, which might otherwise have

been charged, cannot be separately identified or quantified, the directors consider that this policy

results in the accounts giving a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss

account, 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

Despite the company having net current liabilities on the balance sheet, the director expects the

company to make profits in the future.

The director, having made due and careful enquiry, is of the opinion that the company has adequate

working capital to execute its operations for the next 12 months as they have the continued support of

its shareholder.

The director therefore has made an informed judgement, at the time of approving the financial

statements, that there is reasonable expectation that the company has adequate resources to continue

in operational existence for the foreseeable future. As a result the director has continued to adopt the

going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover represents income from properties, excluding value added tax.

Revenue Recognition

Revenue is recognised under an exchange transaction with a customer when, and to the extent that,

the company receives a right to consideration from its performance.

Revenue received in advance at the year-end that fulfil the criteria are included in these financial

statements based on their fair value of the right to consideration at the balance sheet date. The value is

included in creditors as Deferred Income.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2018

and 31 May 2019

1,119

DEPRECIATION

At 1 June 2018

1,058

Charge for year

13

At 31 May 2019

1,071

NET BOOK VALUE

At 31 May 2019

48

At 31 May 2018

61

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

and 31 May 2019

252,822

NET BOOK VALUE

At 31 May 2019

252,822

At 31 May 2018

252,822

Fair value at 31 May 2019 is represented by:

£

Valuation in 2011

30,498

Valuation in 2013

20,000

Cost

202,324

252,822

If the properties had not been revalued they would have been included at the following historical cost:

31.5.19

31.5.18

£

£

Cost

202,324

202,324

The properties were valued on an open market basis on 31 May 2019 by the director, Mr L J Collingwood

.

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.5.19

31.5.18

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

115,000

125,000

Repayable by instalments

Other loans more 5yrs instal

51,400

51,400

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

£

£

Bank loans

115,000

125,000

7.	ULTIMATE CONTROLLING PARTY