Talo Homes Limited 31/07/2019 iXBRL

Talo Homes Limited 31/07/2019 iXBRL

NALU LIMITED - Company Information

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31/07/2019 2019-07-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2018-08-01 Sage Accounts Production 19.0 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 10877594 2018-08-01 2019-07-31 10877594 2019-07-31 10877594 2018-07-31 10877594 bus:Director1 2018-08-01 2019-07-31 10877594 core:WithinOneYear 2019-07-31 10877594 core:WithinOneYear 2018-07-31 10877594 core:ShareCapital 2019-07-31 10877594 core:ShareCapital 2018-07-31 10877594 core:RetainedEarningsAccumulatedLosses 2019-07-31 10877594 core:CostValuation core:Non-currentFinancialInstruments 2019-07-31 10877594 core:Non-currentFinancialInstruments 2019-07-31 10877594 core:Non-currentFinancialInstruments 2018-07-31 10877594 bus:Director1 2018-07-31 10877594 bus:Director1 2019-07-31 10877594 bus:Director1 2018-07-31 10877594 bus:Director1 2017-08-01 2018-07-31 10877594 bus:SmallEntities 2018-08-01 2019-07-31 10877594 bus:AuditExemptWithAccountantsReport 2018-08-01 2019-07-31 10877594 bus:FullAccounts 2018-08-01 2019-07-31 10877594 bus:SmallCompaniesRegimeForAccounts 2018-08-01 2019-07-31 10877594 bus:PrivateLimitedCompanyLtd 2018-08-01 2019-07-31
Company registration number: 10877594
Talo Homes Limited
Unaudited filleted financial statements
31 July 2019
TALO HOMES LIMITED
Contents
Statement of financial position
Notes to the financial statements
TALO HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2019
31/07/19 31/07/18
Note £ £ £ £
Fixed assets
Investments 5 201 201
_______ _______
201 201
Current assets
Stocks 205,490 -
Debtors 6 230,648 -
Cash at bank and in hand 17,239 10
_______ _______
453,377 10
Creditors: amounts falling due
within one year 7 ( 516,759) ( 201)
_______ _______
Net current liabilities ( 63,382) ( 191)
_______ _______
Total assets less current liabilities ( 63,181) 10
_______ _______
Net (liabilities)/assets ( 63,181) 10
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 8 ( 63,191) -
_______ _______
Shareholder (deficit)/funds ( 63,181) 10
_______ _______
For the period ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 April 2020 , and are signed on behalf of the board by:
Mr J MacDonald Murray
Director
Company registration number: 10877594
TALO HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD 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 Unit B2 Fishleigh Court, Fishleigh Road, Barnstaple, Devon, EX31 3UD.
Principal activity
The principal activity of the company during the year was property development.
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.
Going concern
The company had net liabilities at 31 July 2019 as the company has incurred initial setup costs for its development trade. The accounts have been prepared on a going concern basis as the company director has indicated his ongoing support of the business.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the period, including the directors, amounted to Nil (2018: Nil).
5. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At and 31 July 2019 201 201
_______ _______
Impairment
At and 31 July 2019 - -
_______ _______
Carrying amount
At 31 July 2019 201 201
_______ _______
At 31 July 2018 201 201
_______ _______
6. Debtors
31/07/19 31/07/18
£ £
Other debtors 230,648 -
_______ _______
7. Creditors: amounts falling due within one year
31/07/19 31/07/18
£ £
Bank loans and overdrafts 200,939 -
Trade creditors 4,320 -
Accruals and deferred income 3,500 -
Other creditors 308,000 201
_______ _______
516,759 201
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .
9. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Loans to / (from) director at 1 August 2018 Loans to / (from) the director Amounts repaid Balance at 31 July 2019
£ £ £ £
Director ( 201) 265,096 ( 167,617) 97,278
_______ _______ _______ _______
Loans to / (from) director at 1 August 2017 Loans to / (from) the director Amounts repaid Balance at 31 July 2018
£ £ £ £
Director - ( 201) - ( 201)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.