Hoe Development Limited Filleted accounts for Companies House (small and micro)

HOE DEVELOPMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09408350

Hoe Development Limited

Filleted Unaudited Financial Statements

31 May 2020

Hoe Development Limited

Statement of Financial Position

31 May 2020

	2020		2019
Note	£	£	£

Current assets

Stocks		1,886,150	4,001,000
Debtors	4	589	2,688
Cash at bank and in hand		863	7,940
		------------	------------
		1,887,602	4,011,628

Creditors: amounts falling due within one year	5	2,096,362		4,819,257
		------------		------------
Net current liabilities			208,760	807,629
			---------	---------
Total assets less current liabilities			( 208,760)	( 807,629)
			---------	---------
Net liabilities			( 208,760)	( 807,629)
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 208,860)	( 807,729)
	---------	---------
Shareholders deficit	( 208,760)	( 807,629)
	---------	---------

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 Section 1A of 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 May 2020 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 13 August 2020 , and are signed on behalf of the board by:

Ms L Cox

Director

Company registration number: 09408350

Hoe Development Limited

Notes to the Financial Statements

Year ended 31 May 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 99 Kenton Road, Harrow, Middlesex, HA3 0AN, United Kingdom.

2. Statement of compliance

These 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company has net current liabilities. The shareholders confirmed that they have the ability and are willing to support the company so that the company will be able to meet its financial obligations as and when they fall due for at least 12 months from the date of approval of these financial statements. On this basis the directors consider that preparing the accounts on the going concern basis is appropriate.

Revenue recognition

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

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. 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. The taxation expense also includes amounts receivable or payable from or to subsidiaries in lieu of tax losses surrendered or claimed.

Stocks

Stocks represents the cost of land, building and all direct expenditure relating to the development of unsold dwellings but excluding administrative, other overheads and interest charges. Stock is stated at lower of cost and net realisable value.

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

	2020	2019
	£	£
Trade debtors	589	–
Other debtors	–	2,688
	----	-------
	589	2,688
	----	-------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	12,559	3,952
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,424,188	1,132,067
Corporation tax	119,040	–
Loans	–	3,049,759
Other creditors	540,575	633,479
	------------	------------
	2,096,362	4,819,257
	------------	------------

6. Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 from disclosing details of transactions with wholly owned group company.

7. Controlling party

The parent company is DLR Property Development limited , whose registered office address is, 99 Kenton Road, Kenton, Harrow, Middlesex, HA3 0AN. There is no single controlling entity.