Abbreviated Company Accounts - QUEENSGATE HOMES LIMITED

Abbreviated Company Accounts - QUEENSGATE HOMES LIMITED

QUEENSGATE HOMES LIMITED - Company Information

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Registered Number 00760869

QUEENSGATE HOMES LIMITED

Abbreviated Accounts

30 June 2015

QUEENSGATE HOMES LIMITED Registered Number 00760869

Abbreviated Balance Sheet as at 30 June 2015

Notes 2015 2014
£ £
Current assets
Stocks 257,046 255,466
Debtors 42,500 -
Investments 1,005 1,005
Cash at bank and in hand 158,746 128,129
459,297 384,600
Creditors: amounts falling due within one year (79,225) (70,021)
Net current assets (liabilities) 380,072 314,579
Total assets less current liabilities 380,072 314,579
Total net assets (liabilities) 380,072 314,579
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 280,072 214,579
Shareholders' funds 380,072 314,579
  • For the year ending 30 June 2015 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 March 2016

And signed on their behalf by:
Mr Peter Young, Director

QUEENSGATE HOMES LIMITED Registered Number 00760869

Notes to the Abbreviated Accounts for the period ended 30 June 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents sales of properties where contracts have been exchanged and the relevant buildings are substantially complete, completed sales of land, plus amounts invoiced in the year for work done. Turnover is stated net of Value Added Tax. Gross profit is taken on the turnover defined above.

Valuation information and policy
Stocks, which comprise land held for development, and work in progress are valued at the lower of direct cost and net realisable value. Where applicable net realisable value is estimated by the directors as the price at which the asset could be sold on the open market for existing use less the related costs of marketing and selling. In respect of work in progress direct cost includes land, materials and development costs but excludes central overheads and interest.

Other accounting policies
Interest on bank overdrafts and loans is written off to profit and loss account as incurred. Interest receivable on deposits is accounted for as earned.