Posh Park Developments Limited Filleted accounts for Companies House (small and micro)

POSH PARK DEVELOPMENTS LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Posh Park Developments Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2019 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06568421

POSH PARK DEVELOPMENTS LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 August 2019

POSH PARK DEVELOPMENTS LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF POSH PARK DEVELOPMENTS LIMITED

YEAR ENDED 31 AUGUST 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Posh Park Developments Limited for the year ended 31 August 2019, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

28 April 2020

POSH PARK DEVELOPMENTS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 August 2019

	2019		2018
Note	£	£	£	£

Current assets

Stocks	891,435	1,049,451
Debtors	2,127,076	1,437,387
Cash at bank and in hand	2,233	3,616
	--------------	--------------
	3,020,744	2,490,454

Creditors: amounts falling due within one year	2,958,185		2,434,320
	--------------		--------------
Net current assets		62,559		56,134
		------------		------------
Total assets less current liabilities		62,559		56,134
		------------		------------
Net assets		62,559		56,134
		------------		------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	62,459	56,034
	------------	------------
Shareholders funds	62,559	56,134
	------------	------------

These abridged 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 income and retained earnings has not been delivered.

For the year ending 31 August 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 abridged 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 abridged financial statements .

POSH PARK DEVELOPMENTS LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 August 2019

These abridged 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:

W A Flannigan

Director

Company registration number: 06568421

POSH PARK DEVELOPMENTS LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 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 Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

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 the realisable value of goods and services provided during the year, net of discounts and exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Related Party Transactions

The company was under the control of W Flannigan & M Flannigan throughout the current and previous year by way of their directorship and shareholding. The company owed £1,996,803 (2018: £1,836803) to Flannigan Enterprise Limited, a related company. At the balance sheet date, the company owed £27,000 (2018: £27,000) to Lakeminster Park Limited, a related company. At the balance sheet date, the company was owed £143,123 (2018: £143,123) by Cheshire Parks Limited, a company under common control. The company was owed £535,408 (2018: £138,000) by Flannigan Estates Limited, a related company.