Piper Homes (Salford Priors) Ltd Filleted accounts for Companies House (small and micro)

PIPER HOMES (SALFORD PRIORS) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11388767

Piper Homes (Salford Priors) Ltd

Filleted Financial Statements

31 December 2020

Piper Homes (Salford Priors) Ltd

Statement of Financial Position

31 December 2020

	2020	2019
		(restated)
Note	£	£

Current assets

Stocks		–	2,711,863
Debtors	4	213,806	378,894
		---------	------------
		213,806	3,090,757

Creditors: amounts falling due within one year	5	213,805	3,268,860
		---------	------------
Net current assets/(liabilities)		1	( 178,103)
		----	---------
Total assets less current liabilities		1	( 178,103)
		----	---------
Net assets/(liabilities)		1	( 178,103)
		----	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	–	( 178,104)
	----	---------
Shareholders funds/(deficit)	1	( 178,103)
	----	---------

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 8 June 2021 , and are signed on behalf of the board by:

Mr R Parkin

Director

Company registration number: 11388767

Piper Homes (Salford Priors) Ltd

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Birmingham Road, Shenstone Wood End, Lichfield, Staffordshire, WS14 0NX.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The previous financial year end of the company was changed from 31 August 2019 to 31 December 2019 so as to be coterminous with the year end of the holding company. Accordingly the previous financial statements were prepared for 16 months from 1 September 2018 to 31 December 2019 and a a result, the comparative figures stated in the income statement and statement of changes in equity are not comparable.

Going concern

The accounts have been prepared on a going concern basis assuming the continued support of the company's parent company and fellow subsidiary companies.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Piper Homes Plc which can be obtained from 168 Birmingham Road, Shenstone Wood End, Lichfield, Staffordshire, WS14 0NX. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for properties sold, stated net of discounts and of Value Added Tax. Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on exchange of contracts, the amount of revenue can be measured reliably; but only to the extent that the properties, once exchanged, are completed and when it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stock and work in progress

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2020	2019
		(restated)
	£	£
Trade debtors	–	328,752
Amounts owed by group undertakings and undertakings in which the company has a participating interest	187,479	–
Other debtors	26,327	50,142
	---------	---------
	213,806	378,894
	---------	---------

5. Creditors: amounts falling due within one year

	2020	2019
		(restated)
	£	£
Bank loans and overdrafts	–	1,575,573
Trade creditors	210,001	215,849
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	1,111,617
Corporation tax	–	746
Other creditors	3,804	365,075
	---------	------------
	213,805	3,268,860
	---------	------------

6. Prior period adjustment

Following a review of accounting policies during 2020, management has elected to change the policy on revenue recognition to provide more relevant information to users of the accounts. Where contracts have been exchanged, revenue is recognised to the extent that the properties are built. In management's view the revised policy provides more reliable information and more accurately reflects the nature of the transaction. Costs of sales have been restated in line with management forecasts that existed at the relevant year end. The resultant correction for the prior period was an increase in cost of sales of £181,287 with a corresponding decrease in profit.

7. Summary audit opinion

The auditor's report for the year dated 8 June 2021 was unqualified.

The senior statutory auditor was Sandra Kay Lindley , for and on behalf of Lindley & Co .

8. Ethical standards

Provisions Available for Small Entities have been applied and our auditors have assisted with the preparation of the financial statements and submission of returns to the tax authorities.

9. Controlling party

The company is a wholly owned subsidiary of Piper Homes Plc, whose registered office and principal place of business is 168 Birmingham Road, Shenstone Wood End, Lichfield, Staffordshire, WS14 0NX.