Espalier Developments (Millendreath) Lim - Accounts to registrar (filleted) - small 18.2
Espalier Developments (Millendreath) Lim - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2019 |
| FOR |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2019 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The Old Casino |
| 28 Fourth Avenue |
| Hove |
| East Sussex |
| BN3 2PJ |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| BALANCE SHEET |
| 31 JULY 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| 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. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| BALANCE SHEET - continued |
| 31 JULY 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared on the basis that the company will continue to be a going concern. If this |
| assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable |
| amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current |
| assets and liabilities. |
| Turnover |
| Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to consideration. |
| Turnover represents the following types of income; |
| - Retail income |
| All income is recognised on a receivable basis. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold property |
| Freehold property was previously held at cost and not depreciated. The revaluation model has been adopted under FRS102 |
| s1A. Freehold property were revalued for the first time during 2016. The use of the policy of revaluation provides more |
| relevant and reliable information about the value of the property owned by the company. There have been nil effects of this |
| change in accounting policy. |
| Stocks |
| Work in progress is valued at cost. |
| Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads in respect of development |
| properties. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
| charged to profit or loss in the period to which they relate. |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 3. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | Short | to | Plant and |
| property | leasehold | property | machinery |
| £ | £ | £ | £ |
| COST |
| At 1 August 2018 |
| Additions |
| Impairments | (3,259,606 | ) | (1,367,119 | ) | (1,530,261 | ) | (119,234 | ) |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| Impairments | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 August 2018 |
| Additions |
| Impairments | (22,572 | ) | (2,245 | ) | (385 | ) | (6,301,422 | ) |
| At 31 July 2019 |
| DEPRECIATION |
| At 1 August 2018 |
| Charge for year |
| Impairments | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| Freehold property has been valued by the Directors at the year end on an open market basis at £3,103,687. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 August 2018 |
| and 31 July 2019 |
| NET BOOK VALUE |
| At 31 July 2019 |
| At 31 July 2018 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2019 | 2018 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2019 | 2018 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2019 | 2018 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| (Loss)/profit for the year | ( |
) |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 4. | FIXED ASSET INVESTMENTS - continued |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2019 | 2018 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| The investments have been impaired to the shareholding value based on the current value of the companies. |
| 5. | STOCKS |
| 2019 | 2018 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Pension creditor | 1,092 | - |
| Deferred income |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Directors' loan accounts | - | 490,734 |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| During the year, R H Gibbs loan was moved to other creditors as he is no longer a director to the company. |
| ESPALIER DEVELOPMENTS (MILLENDREATH) |
| LIMITED (REGISTERED NUMBER: 05507868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2019 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Espalier Ventures Limited. |
| The ultimate controlling party is |
| This was by virtue of the share-for-share exchange that occurred when the company was acquired by Espalier Ventures |
| Limited. |
| 11. | ACCOUNTING BASIS |
| As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will |
| continue to be a going concern. During the year, the company made a loss of £594,472 and as at the year end the current |
| liabilities exceeded current assets by £5,348,954. |
| The validity of this basis depends upon the continued support of the company's shareholder. The shareholder confirms that he |
| will give the required support. |
| 12. | INTERCOMPANY TRANSACTIONS - CREDITORS |
| During the year ended 31 July 2019, Espalier Developments (Millendreath) Limited had the following movements in |
| intercompany creditor balances: |
| % Holding | July 2019 | July 2018 | Movement |
| Espalier Ventures Limited | 100 | 5,322,871 | 20,444,264 | 15,123,393 |
| 5,321,087 | 20,444,264 | 15,123,176 |
| A J Colin is a shareholder in the companies listed above at the percentages shown. All outstanding amounts are interest free |
| and repayable on demand. |
| 13. | INTERCOMPANY TRANSACTIONS - DEBTORS |
| During the year ended 31 July 2019, Espalier Developments (Millendreath) Limited had the following movements in |
| intercompany debtor balances: |
| % Holding |
July 2019 |
July 2018 |
Movement |
| Espalier (Millendreath Chalets) Limited | 100 | 22,140 | 21,180 | 960 |
| Micro Flats Ltd | 100 | 90,299 | 108,221 | 17,922 |
| Micro Suites Ltd | 100 | 6,338 | 5,378 | 960 |
| Millendreath Chalets Ltd | 100 | 12,953 | 11,993 | 960 |
| 131,730 | 146,772 | 15,585 |
| A J Colin is a shareholder in the companies listed above at the percentages shown. All outstanding amounts are interest free |
| and repayable on demand. |