Park's Edge Developments Ltd - Filleted accounts

PARK'S EDGE DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2020

Company Registration Number: 10259572

PARK'S EDGE DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 7

PARK'S EDGE DEVELOPMENTS LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020
DIRECTORS
P J Cording
Mrs L J Cording
SECRETARY
The company does not have an appointed secretary.
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
10259572 England and Wales

PARK'S EDGE DEVELOPMENTS LTD
BALANCE SHEET
AS AT 31 MARCH 2020
			Notes		2020				2019
					£				£
FIXED ASSETS
Tangible assets			5				12,195				15,766
CURRENT ASSETS
Stock					-				848,872
Debtors			6		6,418				19,674
Cash at bank and in hand					1,000,318				21,336
					1,006,736				889,882
CREDITORS: Amounts falling due
within one year			7		951,950				912,791
NET CURRENT ASSETS / (LIABILITIES)							54,786				(22,909)
TOTAL ASSETS LESS CURRENT LIABILITIES							66,981				(7,143)
Provisions for liabilities and charges							2,317				2,996
NET ASSETS / (LIABILITIES)							64,664				(10,139)
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							64,564				(10,239)
SHAREHOLDERS' FUNDS / (DEFICIT)							64,664				(10,139)

PARK'S EDGE DEVELOPMENTS LTD
BALANCE SHEET
AS AT 31 MARCH 2020
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
P J Cording						Mrs L J Cording
Director						Director
Date approved by the board: 22 January 2021

PARK'S EDGE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
1	GENERAL INFORMATION
	Park's Edge Developments Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	4 Witan Way
	Witney
	Oxon
	OX28 6FF
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover represents the construction of domestic buildings, stated net of trade discounts and value added tax. Revenue is recognised as contract activity progresses, in accordance with the terms of the contractual agreement and the stage of completion of the work. Revenue is reported in the period in which the services were rendered and reflects the partial performance of the company's contractual obligations where this can be measured reliably. Where recorded revenue exceeds amounts invoiced to clients, the excess is classified as income.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rates so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Motor vehicles					Reducing balance basis at 25% per annum
	Computer equipment					Straight line basis at 33% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.

PARK'S EDGE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

	Work in progress

	Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.

PARK'S EDGE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2020		2019
	Average number of employees								2		2

PARK'S EDGE DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
5	TANGIBLE ASSETS
							Motor vehicles		Computer equipment		Total
							£		£		£
	Cost
	At 1 April 2019						20,734		-		20,734
	Additions						-		387		387
	At 31 March 2020						20,734		387		21,121
	Accumulated depreciation
	At 1 April 2019						4,968		-		4,968
	Charge for year						3,942		16		3,958
	At 31 March 2020						8,910		16		8,926
	Net book value
	At 1 April 2019						15,766		-		15,766
	At 31 March 2020						11,824		371		12,195
6	DEBTORS
									2020		2019
									£		£
	Other debtors								6,418		19,674
7	CREDITORS: Amounts falling due within one year
									2020		2019
									£		£
	Trade creditors								1,466		5,489
	Taxation and social security								23,829		2,741
	Accruals and deferred income								3,208		2,501
	Other creditors								923,447		902,060
									951,950		912,791