Glenwood Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07287300 (England and Wales)

Financial Statements for the Period 1 January 2018 to 30 December 2018

for

Glenwood Homes Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Jarvis

REGISTERED OFFICE:

Como House

Warwick Road

Hampton Wick

Kingston upon Thames

Surrey

KT1 4DW

REGISTERED NUMBER:

07287300 (England and Wales)

ACCOUNTANTS:

Fallows & Company Chartered Accountants

Archway House

81-82 Portsmouth Road

Surbiton

Surrey

KT6 5PT

BANKERS:

National Westminster Bank plc

5 Market Place

Kingston upon Thames

Surrey

KT1 1JX

FIXED ASSETS

Tangible assets

4

-

8,098

CURRENT ASSETS

Stocks

1,075,000

1,966,741

Debtors

5

2,397,326

2,858,326

Cash at bank

5,590

2,430

3,477,916

4,827,497

CREDITORS

Amounts falling due within one year

6

3,209,087

4,315,208

NET CURRENT ASSETS

268,829

512,289

TOTAL ASSETS LESS CURRENT LIABILITIES

268,829

520,387

CREDITORS

Amounts falling due after more than one year

7

-

400

NET ASSETS

268,829

519,987

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

268,729

519,887

SHAREHOLDERS' FUNDS

268,829

519,987

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 December 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 May 2020 and were signed by:

N J Jarvis - Director

1.	STATUTORY INFORMATION

Glenwood Homes Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 January 2018

19,195

Disposals

(19,195

)

At 30 December 2018

-

DEPRECIATION

At 1 January 2018

11,097

Charge for period

337

Eliminated on disposal

(11,434

)

At 30 December 2018

-

NET BOOK VALUE

At 30 December 2018

-

At 31 December 2017

8,098

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2018

19,195

Disposals

(19,195

)

At 30 December 2018

-

DEPRECIATION

At 1 January 2018

11,097

Charge for period

337

Eliminated on disposal

(11,434

)

At 30 December 2018

-

NET BOOK VALUE

At 30 December 2018

-

At 31 December 2017

8,098

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

135

854,479

Other debtors

1,052,499

1,604,959

VAT

10,996

14,376

Deferred tax asset

79,880

93,296

Prepayments and accrued income

1,253,816

291,216

2,397,326

2,858,326

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

4,799

Trade creditors

22,274

1,538,914

Tax

9,574

14,672

Other creditors

2,134,141

1,407,482

Directors' current accounts

340,698

645,858

Accrued expenses

702,400

703,483

3,209,087

4,315,208

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

400

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 December 2018 and the

year ended 31 December 2017:

2018

2017

£

£

N J Jarvis

Balance outstanding at start of period

(645,858

)

63,869

Amounts advanced

305,160

577,270

Amounts repaid

-

(1,286,997

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

(340,698

)

(645,858

)

9.	RELATED PARTY DISCLOSURES

Included within Debtors (note 6) are amounts owed by the following companies, of which N J Jarvis is also a

director:

2018

2017

£

£

Diadem Homes Limited

-

1,008,618

Glenwood Homes (London) Limited

40,887

208,776

36415201 Limited

86,660

75,450

Glenwood Homes (Oxshott) Limited

225,082

76,153

Glenwood Homes (Hornbeams) Limited

383,054

-

Included within Creditors (note 7) are amounts owed to the following companies of which N J Jarvis is also a

director:

2018

2017

£

£

Diadem Homes Limited

439,801

-

Glenwood Homes (Teddington) Limited

46,011

318,999

'Other debtors' includes the sum of £96,570 (2017 Creditor: £163,605) owed by S J Dines to whom N J Jarvis is

related.

'Other creditors' includes the sum of £40,787 (2017: £45,000) owed to J Jarvis who is the spouse of N J Jarvis.

10.	ULTIMATE CONTROLLING PARTY

N J Jarvis is the ultimate controlling party.