Abbreviated Company Accounts - HURST DEVELOPMENT SOLUTIONS LTD

1Accounting Policies

Basis of measurement and preparation of accounts
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 January 2015).

The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue is recognised when the right to consideration is transferred.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and Machinery 20% straight line
Motor vehicles 25% straight line

Other accounting policies
Cash flow

The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. Finance costs are included in determining the cost of the asset and the amount of finance costs so included.

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are not discounted.

3Fixed assets Investments
£
Cost or valuation
At 1 July 2015 and 30 June 2016 200

Net book value
At 30 June 2016 200

At 30 June 2015 200


Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name | Class of shares | Holding
Forbury Homes Limited | Ordinary | 100%
Forbury Land Limited | Ordinary | 100%

Forbury Homes Limited has a non-coterminous year end. However, as it is dormant, the directors do not consider it necessary to change.

The aggregate of the share capital and reserves as at 30 June 2015 and 31 August 2015 and of the profit or loss for the years ended on these dates for the subsidiary undertakings were as follows:

Name | Aggregate of share capital and reserves | Profit/(loss)
£ | £

Forbury Homes Limited (31 August 2015) | 100 | -
Forbury Land Limited (30 June 2015) | (881) | (956)

6Transactions with directors

During the year, advances were made to M A Hurst, director, totalling £Nil (2015: £50,042). There were repayments of £26,316 (2015: £22,300). No interest was charged.