Company Registration No. 04675366 (England and Wales)
1973 DEVELOPMENTS LTD
Unaudited accounts
for the year ended 28 February 2022
1973 DEVELOPMENTS LTD
Unaudited accounts
Contents
1973 DEVELOPMENTS LTD
Company Information
for the year ended 28 February 2022
Director
HUDSON, Stephen John
Secretary
HUDSON, Amelia Caroline
Company Number
04675366 (England and Wales)
Registered Office
STONEYLEA STONEY LANE
SPRINGWELL VILLAGE
GATESHEAD
TYNE & WEAR
NE9 7SJ
Accountants
Bergen Associates
68 Carden Place, West End
Aberdeen
AB10 1UL
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
1973 DEVELOPMENTS LTD
for the year ended 28 February 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
1973 DEVELOPMENTS LTD for the year ended
28 February 2022 as set out on pages
5 -
8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Bergen Associates
Chartered Certified Accountants
68 Carden Place, West End
Aberdeen
AB10 1UL
3 August 2022
1973 DEVELOPMENTS LTD
Statement of financial position
as at 28 February 2022
Tangible assets
1,793,800
1,908,524
Cash at bank and in hand
112,822
60,185
Creditors: amounts falling due within one year
(23,713)
(64,500)
Net current assets/(liabilities)
89,109
(4,315)
Total assets less current liabilities
1,882,909
1,904,209
Creditors: amounts falling due after more than one year
(1,081,345)
(1,179,282)
Net assets
801,564
724,927
Called up share capital
190
190
Revaluation reserve
459,909
459,909
Profit and loss account
341,465
264,828
Shareholders' funds
801,564
724,927
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 August 2022 and were signed on its behalf by
HUDSON, Stephen John
Director
Company Registration No. 04675366
1973 DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 28 February 2022
1973 DEVELOPMENTS LTD is a private company, limited by shares, registered in England and Wales, registration number 04675366. The registered office is STONEYLEA STONEY LANE, SPRINGWELL VILLAGE, GATESHEAD, TYNE & WEAR, NE9 7SJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Interest of other loans is used for mortgage Interest
Loss on foreign exchange transactions is used for Profit on disposal of land and building
Creditor greater than 1 year (Other creditors) represent Bank Bounce Loan
Creditors greater than 1 year (Trade Creditor) represent Mortgage outstanding
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
No depreciaton
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
1973 DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 28 February 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 March 2021
1,889,414
39,568
1,928,982
Disposals
(126,807)
-
(126,807)
At 28 February 2022
1,779,107
39,568
1,818,675
At 1 March 2021
-
20,458
20,458
Charge for the year
-
4,417
4,417
At 28 February 2022
-
24,875
24,875
At 28 February 2022
1,779,107
14,693
1,793,800
At 28 February 2021
1,889,414
19,110
1,908,524
5
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
62,000
Obligations under finance leases and hire purchase contracts
2,500
2,500
Taxes and social security
19,680
-
6
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
6,292
7,499
Trade creditors
902,553
905,428
Taxes and social security
-
6,998
Loans from directors
137,833
133,429
1973 DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 28 February 2022
Allotted, called up and fully paid:
190 Ordinary shares of £1 each
190
190
8
Average number of employees
During the year the average number of employees was 2 (2021: 2).
