10Acia Lea Ltd - Period Ending 2019-12-31
10Acia Lea Ltd - Period Ending 2019-12-31
Registration number:
10Acia Lea Ltd
for the Period from 9 July 2018 to 31 December 2019
10Acia Lea Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
10Acia Lea Ltd
Company Information
Director |
Mr David Price |
Registered office |
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Accountants |
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10Acia Lea Ltd
(Registration number: 11454373)
Balance Sheet as at 31 December 2019
Note |
2019 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
1 |
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Profit and loss account |
(3,065) |
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Shareholders' deficit |
(3,064) |
For the financial period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.
Approved and authorised by the
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Director
10Acia Lea Ltd
Notes to the Unaudited Financial Statements for the Period from 9 July 2018 to 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company.
Summary of disclosure exemptions
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
10Acia Lea Ltd
Notes to the Unaudited Financial Statements for the Period from 9 July 2018 to 31 December 2019
Stocks
Stock relates to property development and is stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of work in progress comprises direct materials, direct labour costs, direct finance costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and finance costs relating to the on-going development of the work in progress are capitalised as part of work in progress stock.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Stocks |
2019 |
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Work in progress |
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Included within stocks are £50,813 of capitalised finance costs.
10Acia Lea Ltd
Notes to the Unaudited Financial Statements for the Period from 9 July 2018 to 31 December 2019
Debtors |
Note |
2019 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
Note |
2019 |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
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Due after one year |
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Loans and borrowings |
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Included in creditors falling due after more than one year are bank loans of £842,497 which are secured against the property development work-in-progress of the company and by way of an unlimited debenture and by a personal guarantee from the Director to the sum of £100,000.
Also included in creditors falling due after more than one year are other loans of £1.000,007 which are secured against the property development work-in-progress of the company.
Share capital |
Allotted, called up and fully paid shares
2019 |
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No. |
£ |
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1.00 |
10Acia Lea Ltd
Notes to the Unaudited Financial Statements for the Period from 9 July 2018 to 31 December 2019
Related party transactions |
The parent and ultimate parent company is 10Acia Holding Company Limited, a company registered in England and Wales with registration number 10514234 by virtue of that company's interest in the entire issued share capital of the company.
The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by 10Acia Holding Company Limited.