New Eco Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09045536 (England and Wales)

NEW ECO DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Shakespeare

Mr S G Williams

REGISTERED OFFICE:

15 Leigh Close

Boverton

LLantwit Major

Vale of Glamorgan

CF61 1UL

REGISTERED NUMBER:

09045536 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Tangible assets

4

507,008

-

CURRENT ASSETS

Stocks

149,782

290,616

Debtors

5

100

100

Cash at bank

16,973

851

166,855

291,567

CREDITORS

Amounts falling due within one year

6

705,634

315,035

NET CURRENT LIABILITIES

(538,779

)

(23,468

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(31,771

)

(23,468

)

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

(32,071

)

(23,768

)

(31,771

)

(23,468

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th May 2021 and were signed on its behalf by:

Mr A C Shakespeare - Director

1.	STATUTORY INFORMATION

New Eco Developments 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 comprises income from the principal activity of the company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Not depreciated

Plant and machinery etc

-

20% straight line on cost

Land and buildings comprises freehold properties currently undergoing refurbishment or development. Accordingly, the properties are stated at cost and the building element of the property will not be depreciated until such time as the refurbishment or development work is complete.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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.

Going concern

The COVID-19 pandemic has had a significant negative impact on the UK economy, and whilst the consequences of COVID-19 on the company has been limited during the year and since the year end, the directors recognise that in the longer term its effect may be more significant. At this point in time any long-term effect -on the company is unknown, but the directors remain confident of the financial position of the company. The directors believe that the company has sufficient reserves to withstand any further economic downturns created by the pandemic and are confident that it is correct to prepare the accounts on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

Additions

504,239

3,692

507,931

At 31st May 2020

504,239

3,692

507,931

DEPRECIATION

Charge for year

-

923

923

At 31st May 2020

-

923

923

NET BOOK VALUE

At 31st May 2020

504,239

2,769

507,008

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

100

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed to associates

7,565

-

Other creditors

698,069

315,035

705,634

315,035

7.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Loans from third parties

600,297

288,847

Included in other creditors, amounts falling due within one year, are a number of loans from third parties secured on certain properties owned by the company. The loans are interest bearing and are repayable from the proceeds on sale of the property to which it relates or a subsequent refinancing.