ACCOUNTS - Final Accounts preparation

SAXBY HOMES (CHESHAM) LTD - Company Information

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Registered number: 11116818

SAXBY HOMES (CHESHAM) LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2020

SAXBY HOMES (CHESHAM) LTD

REGISTERED NUMBER: 11116818

BALANCE SHEET

AS AT 30 APRIL 2020

	2020	2020	2019	2019
Note	£	£	£	£


Current assets
Stocks		253,000		1,860,474
Debtors: amounts falling due within one year	5	126		124
Cash at bank and in hand	6	14,410		16,914
		267,536		1,877,512
Creditors: amounts falling due within one year	7	(167,492)		(967,387)
Net current assets			100,044		910,125
Total assets less current liabilities			100,044		910,125
Creditors: amounts falling due after more than one year			-		(1,084,750)

Net assets/(liabilities)			100,044		(174,625)

Capital and reserves
Called up share capital	100	100
Profit and loss account	99,944	(174,725)
	100,044	(174,625)

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SAXBY HOMES (CHESHAM) LTD

REGISTERED NUMBER: 11116818

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2020

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 November 2020.

G W Murphy

Director

The notes on pages 3 to 5 form part of these financial statements.

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SAXBY HOMES (CHESHAM) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2020

1.	General information

Saxby Homes (Chesham) Ltd is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 11116818. The address of the registered office is Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

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SAXBY HOMES (CHESHAM) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2020

2.Accounting policies (continued)

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

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

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SAXBY HOMES (CHESHAM) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 APRIL 2020

Employees

The average monthly number of employees, including directors, during the period was 1 (2019 - 1).

4.	Stocks
		2020	2019
		£	£

Work in progress	253,000	1,860,474
	253,000	1,860,474

Debtors

					2020	2019
					£	£


Other debtors	126	124
	126	124

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	14,410	16,914
	14,410	16,914

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	14	722
Corporation tax	23,561	-
Other creditors	142,167	964,665
Accruals and deferred income	1,750	2,000
	167,492	967,387

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