ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due within one year

As restated

CEDARVERN DEVELOPMENTS LIMITED - Company Information

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Registered number: 01338213

CEDARVERN DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 SEPTEMBER 2020

CEDARVERN DEVELOPMENTS LIMITED

REGISTERED NUMBER: 01338213

BALANCE SHEET

AS AT 29 SEPTEMBER 2020

		As restated
	2020	2019
Note	£	£

Fixed assets
Tangible assets	4		3,177		3,177
			3,177		3,177
Current assets
Debtors: amounts falling due within one year	5	16		7
Cash at bank and in hand		26,156		1,156
		26,172		1,163
Creditors: amounts falling due within one year	6	(342)		(318)
Net current assets			25,830		845
Total assets less current liabilities			29,007		4,022
Creditors: amounts falling due after more than one year			(24,922)		-

Net assets			4,085		4,022

Capital and reserves
Called up share capital	54	54
Profit and loss account	4,031	3,968
	4,085	4,022

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

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.

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 income and retained earnings 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 by:

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CEDARVERN DEVELOPMENTS LIMITED

REGISTERED NUMBER: 01338213

BALANCE SHEET (CONTINUED)

AS AT 29 SEPTEMBER 2020

A Woolman

Director

Date: 17 September 2021

The notes on pages 3 to 6 form part of these financial statements.

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CEDARVERN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2020

1.	General information

Cedarvern Developments Limited is a limited liability company incorporated and domiciled in England. The registered office is shown on the Company Information page.
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 29 September 2020 (2019: year ended 29 September 2019).

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

Turnover

Turnover comprises of ground rents receivable.

Turnover is recognised to the extent that is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.

2.3

Operating leases: the Company as lessor

Rentals income from operating leases is credited to profit or loss on a straight line basis over the term of the relevant lease.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.4

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.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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CEDARVERN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2020

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

NIL

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

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.

2.7

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.

2.8

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 -3).

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CEDARVERN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2020

4.	Tangible fixed assets

		Freehold property
		£

	At 30 September 2019	3,177
	At 29 September 2020	3,177

	Net book value
	At 29 September 2020	3,177
	At 29 September 2019	3,177

The net book value of land and buildings may be further analysed as follows:
	2020	2019
	£	£

Purchase of freehold	3,177	3,177
	3,177	3,177

Debtors

						As restated
					2020	2019
					£	£


Trade debtors	16	7
	16	7

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CEDARVERN DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2020

Corporation tax	15	-
Other creditors	327	318
	342	318

7.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Deferred income	24,922	-
	24,922	-

8.	Prior year adjustment

The directors have identified that the accounts for the year ended 29 September 2019 were misstated within the balance sheet, which has now been corrected as part of the reconciliation exercise for the year ended 29 September 2020.
A prior year trade debtor balance of £1,156 has been restated as a bank account balance to correctly classify this asset.
The profit and loss account for the year ended 29 September 2019 was also misstated due to unidentified ground rent collected. This has resulted as an increase of £80 on 2019 year end profit.

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