S & N Developers Limited Filleted accounts for Companies House (small and micro)

S & N DEVELOPERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05874513

S & N Developers Limited

Filleted Unaudited Financial Statements

30 June 2019

S & N Developers Limited

Financial Statements

Year ended 30 June 2019

Contents	Page

Officers and professional advisers	1

Balance sheet	2

Notes to the financial statements	4

S & N Developers Limited

Officers and Professional Advisers

The board of directors	Mr S T Gibbs
	Mrs N J Gibbs

Registered office	Kings Farm
	High Street
	Horningsea
	Cambridge
	CB25 9JG

Accountants	Stephenson Smart (East Anglia) Limited
	Chartered Accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

S & N Developers Limited

Balance Sheet

30 June 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	5		14	14

Current assets

Stocks		1,783,019	1,266,646
Debtors	6	76,075	62,117
Cash at bank and in hand		28,622	17,370
		------------	------------
		1,887,716	1,346,133

Creditors: amounts falling due within one year	7	1,242,399		2,162,958
		------------		------------
Net current assets/(liabilities)			645,317	( 816,825)
			---------	---------
Total assets less current liabilities			645,331	( 816,811)

Creditors: amounts falling due after more than one year	8	827,569	700,189
		---------	------------
Net liabilities		( 182,238)	( 1,517,000)
		---------	------------

Capital and reserves

Called up share capital	1,000,100	300
Profit and loss account	( 1,182,338)	( 1,517,300)
	------------	------------
Shareholders deficit	( 182,238)	( 1,517,000)
	------------	------------

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 statement of comprehensive income has not been delivered.

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 .

S & N Developers Limited

Balance Sheet (continued)

30 June 2019

These financial statements were approved by the board of directors and authorised for issue on 25 March 2020 , and are signed on behalf of the board by:

Mr S T Gibbs

Director

Company registration number: 05874513

S & N Developers 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 Kings Farm, High Street, Horningsea, Cambridge, CB25 9JG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 entity 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 entity and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced and accrued during the year.

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. 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 are 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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 3).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 July 2018 and 30 June 2019	14
	----
Impairment
At 1 July 2018 and 30 June 2019	–
	----

Carrying amount
At 30 June 2019	14
	----
At 30 June 2018	14
	----

6. Debtors

	2019	2018
	£	£
Other debtors	76,075	62,117
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	43,104	299,224
Social security and other taxes	37,115	5,359
Other creditors	1,162,180	1,858,375
	------------	------------
	1,242,399	2,162,958
	------------	------------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	827,569	700,189
	---------	---------

9. Related party transactions

No transactions were undertaken with the directors or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A (effective September 2015).