Astenway Homes Limited 30/06/2019 iXBRL

Astenway Homes Limited 30/06/2019 iXBRL

ASTENWAY HOMES LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Astenway Homes Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 June 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 09075147
Astenway Homes Limited
Unaudited filleted abridged financial statements
30 June 2019
Astenway Homes Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Astenway Homes Limited
Directors and other information
Directors Mr Paul Daniel Ryan
Mrs Suzanne Ryan
Company number 09075147
Registered office Unit 1, Devonshire House
201-211 Northfield Avenue
London
W13 9QU
Business address Unit 1, Devonshire House
201-211 Northfield Avenue
London
W13 9QU
Accountants Spiers & Company
72 Fielding Road
Chiswick
London
W4 1DB
Astenway Homes Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Astenway Homes Limited
Year ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Astenway Homes Limited for the year ended 30 June 2019 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Astenway Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Astenway Homes Limited and state those matters that we have agreed to state to the board of directors of Astenway Homes Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Astenway Homes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Astenway Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Astenway Homes Limited. You consider that Astenway Homes 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 financial statements of Astenway Homes 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 statutory financial statements.
Spiers & Company
Chartered Accountants
72 Fielding Road
Chiswick
London
W4 1DB
2 March 2020
Astenway Homes Limited
Abridged statement of financial position
30 June 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 175,000 175,000
Investments 5 2 -
_______ _______
175,002 175,000
Current assets
Stocks 415,936 911,348
Debtors 714,625 12,612
Cash at bank and in hand 121,803 11,553
_______ _______
1,252,364 935,513
Creditors: amounts falling due
within one year ( 1,017,057) ( 1,007,323)
_______ _______
Net current assets/(liabilities) 235,307 ( 71,810)
_______ _______
Total assets less current liabilities 410,309 103,190
Creditors: amounts falling due
after more than one year ( 306,968) -
_______ _______
Net assets 103,341 103,190
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 103,339 103,188
_______ _______
Shareholders funds 103,341 103,190
_______ _______
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 March 2020 , and are signed on behalf of the board by:
Mr Paul Daniel Ryan
Director
Company registration number: 09075147
Astenway Homes Limited
Statement of changes in equity
Year ended 30 June 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2017 2 19,264 19,266
Profit for the year 83,924 83,924
_______ _______ _______
Total comprehensive income for the year - 83,924 83,924
_______ _______ _______
At 30 June 2018 and 1 July 2018 2 103,188 103,190
Profit for the year 151 151
_______ _______ _______
Total comprehensive income for the year - 151 151
_______ _______ _______
At 30 June 2019 2 103,339 103,341
_______ _______ _______
Astenway Homes Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Devonshire House, 201-211 Northfield Avenue, London, W13 9QU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
No depreciation has been provided on the Long Leasehold Property and the directors has carefully considered this departure from the requirements of the Companies Act 2006. It is the policy of the board to ensure that the Long Leasehold Property Premises are continually maintained in a sound state of repair and accordingly the directors considers that the lives of such premises are so long and the residual value so high that depreciation is unnecessary.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
£
Cost
At 1 July 2018 and 30 June 2019 175,000
_______
Depreciation
At 1 July 2018 and 30 June 2019 -
_______
Carrying amount
At 30 June 2019 175,000
_______
At 30 June 2018 175,000
_______
5. Investments
£
Cost
At 1 July 2018 -
Additions 2
_______
At 30 June 2019 2
_______
Impairment
At 1 July 2018 and 30 June 2019 -
_______
Carrying amount
At 30 June 2019 2
_______
At 30 June 2018 -
_______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Colliers Court Limited Unit 1, 201-211 Northfields Avenue, London, W13 9QU Ordinary 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2019 2018 2019 2018
£ £ £ £
Subsidiary undertakings
Colliers Court Limited (2,686) (-) ( 2,688) -
6. Controlling party
The directors control the company by virtue of their 100% ownership of the issued ordinary share capital of the company.