Charleswood Homes Limited - Period Ending 2015-07-31

Registration number: 06972258

Charleswood Homes Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Charleswood Homes Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Charleswood Homes Limited
(Registration number: 06972258)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			40,613			53,566
Current assets
Stocks					1,398,846			889,198
Debtors					19,669			8,390
Cash at bank and in hand					31,224			325,189
					1,449,739			1,222,777
Creditors: Amounts falling due within one year					(1,444,179)			(1,065,229)
Net current assets					5,560			157,548
Total assets less current liabilities					46,173			211,114
Provisions for liabilities					(7,609)			(10,214)
Net assets					38,564			200,900
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					37,564			199,900
Shareholders' funds					38,564			200,900

For the year ending 31 July 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 29 April 2016 and signed on its behalf by:

.........................................
Mr D Mee
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Charleswood Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Revenue is recognised on a development where the outcome can be estimated reliably. Revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Where it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the profit and loss account immediately. Turnover is included net of discounts and VAT. Amounts recoverable on developments are included in debtors and stated at cost plus attributable profit less any foreseeable losses. Payments received on account are deducted from amounts recoverable on construction contracts.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% reducing balance basis
Plant and machinery	25% reducing balance basis
Fixtures and fittings	20% straight line basis
Office equipment	33% straight line basis
Leasehold improvements	10% straight line basis

Long term contracts

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 2

Charleswood Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2014		88,944			88,944
At 31 July 2015		88,944			88,944
Depreciation
At 1 August 2014		35,378			35,378
Charge for the year		12,953			12,953
At 31 July 2015		48,331			48,331
Net book value
At 31 July 2015		40,613			40,613
At 31 July 2014		53,566			53,566

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		1,000			1,000			1,000			1,000

4

Control

The company is controlled by the directors.

Page 3