Abbey Homes Limited Filleted accounts for Companies House (small and micro)

ABBEY HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 3502388

Abbey Homes Limited

Filleted Unaudited Financial Statements

31 July 2019

Abbey Homes Limited

Financial Statements

Year ended 31 July 2019

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 3

Abbey Homes Limited

Statement of Financial Position

31 July 2019

	2019	2018
Note	£	£

Current assets

Stocks		857,469	1,054,062
Debtors	4	187,812	188,531
Cash at bank and in hand		19,625	17,975
		------------	------------
		1,064,906	1,260,568

Creditors: amounts falling due within one year	5	( 1,328,621)	( 1,392,246)
		------------	------------
Net current liabilities		( 263,715)	( 131,678)
		---------	---------
Total assets less current liabilities		( 263,715)	( 131,678)
		---------	---------

Capital and reserves

Called up share capital	6	4	4
Profit and loss account		( 263,719)	( 131,682)
		---------	---------
Shareholders deficit		( 263,715)	( 131,678)
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 July 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 were approved by the board of directors and authorised for issue on 8 April 2020 , and are signed on behalf of the board by:

Mr NM Evans

Director

Company registration number: 3502388

Abbey Homes Limited

Notes to the Financial Statements

Year ended 31 July 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 Property House, 12 Victoria Place, Haverfordwest, Pembrokeshire, SA61 2LP.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.

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.

4. Debtors

	2019	2018
	£	£
Other debtors	187,812	188,531
	---------	---------

Other debtors include an amount of £nil (2018 - £nil) falling due after more than one year.

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	6,921	2,229
Corporation tax	21	21
Amounts owed to associated companies	784,914	1,214,180
Other creditors	536,765	175,816
	------------	------------
	1,328,621	1,392,246
	------------	------------

6. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

7. Related party transactions

The company was under the control of Mr NM Evans , a director and equal shareholder, throughout the current and previous year. During the year Askens Limited, a company in which Mr NM Evans is materially interested as director and sole shareholder, registered a charge over land lying east of Newton Road, Haverfordwest. The charge related to an interest payable loan issued by Askens Limited to the company.