Cox & Readman Developments Limited Filleted accounts for Companies House (small and micro)

Cox & Readman Developments Limited Filleted accounts for Companies House (small and micro)

COX & READMAN DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00939932
Cox & Readman Developments Limited
Filleted Unaudited Financial Statements
31 March 2022
Cox & Readman Developments Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
17,512
17,232
Investments
6
300
300
--------
--------
17,812
17,532
Current assets
Stocks
18,760
18,760
Debtors
7
896,344
906,586
Cash at bank and in hand
158,843
120,923
------------
------------
1,073,947
1,046,269
Creditors: amounts falling due within one year
8
591,439
520,362
------------
------------
Net current assets
482,508
525,907
---------
---------
Total assets less current liabilities
500,320
543,439
---------
---------
Capital and reserves
Called up share capital
150
150
Profit and loss account
500,170
543,289
---------
---------
Shareholders funds
500,320
543,439
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cox & Readman Developments Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 19 December 2022 , and are signed on behalf of the board by:
J M Hickman
Director
Company registration number: 00939932
Cox & Readman Developments Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Profits and losses
Profits are brought into account on legal completion of sales.
Losses are provided for in the period in which the Company first becomes aware of the likelihood of such losses being incurred.
Land and development
Work In Progress is Land and Development which is valued at direct cost or lower realisable value.
Interest payable
Interest payable is charged in the period in which it is incurred.
Turnover
Turnover represents the gross proceeds of completed sales.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equpment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2021
17,230
860
18,090
Additions
–
374
374
--------
-------
--------
At 31 March 2022
17,230
1,234
18,464
--------
-------
--------
Depreciation
At 1 April 2021
–
858
858
Charge for the year
–
94
94
--------
-------
--------
At 31 March 2022
–
952
952
--------
-------
--------
Carrying amount
At 31 March 2022
17,230
282
17,512
--------
-------
--------
At 31 March 2021
17,230
2
17,232
--------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2021 and 31 March 2022
300
----
Impairment
At 1 April 2021 and 31 March 2022
–
----
Carrying amount
At 31 March 2022
300
----
At 31 March 2021
300
----
Investments in 99% owned Subsidiary Companies are made up as follows:
Ordinary Shares of £1 each
Cox & Readman Garages Ltd 99
Ranville Properties Ltd 99
Broadstone Ltd 99
Marprook Property Co Ltd 119
===
Group Accounts have not been prepared as the Group qualifies as a Small Group under Section 398 of the Companies Act 2006. The net profit after tax of the Subsidiaries for the year ended 31 March 2022 was £95,331 (2021 - £107,457) and the retained profits at that date amounted to £860,127 (2021 - £764,796). The loan accounts with the Subsidiaries totalling £524,437 (2021 - £441,713 included in other creditors and £8,343 included in other debtors) are shown within other creditors in note 9.
7. Debtors
2022
2021
£
£
Other debtors
896,344
906,586
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
23,096
22,959
Other creditors
568,343
497,403
---------
---------
591,439
520,362
---------
---------
9. Related party transactions
Loans to companies which are related parties totalling £ 895,858 (2021 - £897,832) are included in other debtors shown in note 8.