Hollowglade Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 05431375 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2016

for

Hollowglade Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Underhill

K A Underhill

REGISTERED OFFICE:

Plymbridge Road

Estover

Plymouth

Devon

PL6 7LQ

REGISTERED NUMBER:

05431375 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

The Parade

Liskeard

Cornwall

PL14 6AF

CURRENT ASSETS

Stocks

3

1,401,000

1,489,883

Debtors

4

2,712

2,275

Cash at bank and in hand

4,474

3,512

1,408,186

1,495,670

CREDITORS

Amounts falling due within one year

5

858,182

910,544

NET CURRENT ASSETS

550,004

585,126

TOTAL ASSETS LESS CURRENT LIABILITIES

550,004

585,126

CREDITORS

Amounts falling due after more than one year

6

507,610

541,907

NET ASSETS

42,394

43,219

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

41,394

42,219

SHAREHOLDERS' FUNDS

42,394

43,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 January 2017 and were signed on its behalf by:

M J Underhill - Director

1.	STATUTORY INFORMATION

Hollowglade Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have assessed going concern and there are no material uncertainties which may cast significant

doubt about the company's ability to continue. As a result the financial statements have been prepared using the

going concern basis of accounting.

Stock & work in progress

Work in progress represents the six properties which remain unsold at year end. Despite the properties currently

being rented, this is a temporary measure during the slow down in property market. The company is actively

marketing the properties.

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and

an appropriate proportion of fixed and variable overheads.

3.

STOCKS

30.4.16

30.4.15

£

£

Work-in-progress

1,401,000

1,489,883

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.16

30.4.15

£

£

Trade debtors

623

981

VAT

1,879

-

Prepayments

210

1,294

2,712

2,275

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.16

30.4.15

£

£

Bank loans and overdrafts

45,846

43,842

Other loans

151,000

115,000

Trade creditors

3,871

3,870

Corporation Tax

-

110

Directors current accounts

546,059

546,059

Accruals and deferred income

111,406

201,663

858,182

910,544

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.16

30.4.15

£

£

Bank loans

507,610

541,907

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.16

30.4.15

£

£

Bank loans

553,456

585,749

National Westminster Bank Plc. have fixed and floating charge over all of the company's assets, including

specific mortgage debenture over the freehold development at Lynn Court, Torquay.

In addition the bank has been provided with additional security in the form of specific charge on assets owned

personally by the Directors.

8.	RELATED PARTY DISCLOSURES

Mr MJ Underhill and Mr KA Underhill

Directors

Included in creditors is a loan from the directors Mr MJ Underhill and Mr KA Underhill of £546,059 (2015 -

£546,059). The loan is interest free and repayable on demand. The directors reserve the right to charge a

market rate of interest in the future.

Underhill Engineering Limited

A company which the directors of the company have a material interest

Included in creditors is a loan of £151,000 (2015 - £115,000) with Underhill Engineering Limited. The loan is

interest free and repayable on demand.

There was no trading between the companies during the year.

Underhill Building Services Limited

A company which the directors of the company have a material interest

Included in creditors is £110,000 (2015 - £200,000) a amount accrued from Underhill Building Services Limited.

There was no trading between the companies during the year.

9.	ULTIMATE CONTROLLING PARTY