Espalier Developments (Millendreath) Lim - Accounts to registrar - small 17.1

REGISTERED NUMBER: 05507868 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2016 TO 31 JULY 2016

FOR

ESPALIER DEVELOPMENTS (MILLENDREATH)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Colin

R H Gibbs

M Virgo

REGISTERED OFFICE:

One Gloucester Place

Brighton

BN1 4AA

REGISTERED NUMBER:

05507868 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Tangible assets

4

12,461,952

524,926

Investments

5

1,190,244

-

13,652,196

524,926

CURRENT ASSETS

Stocks

6

3,157,536

14,736,175

Debtors

7

253,587

638,608

Cash at bank and in hand

223,829

27,058

3,634,952

15,401,841

CREDITORS

Amounts falling due within one year

8

19,385,875

14,331,353

NET CURRENT (LIABILITIES)/ASSETS

(15,750,923

)

1,070,488

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,098,727

)

1,595,414

CREDITORS

Amounts falling due after more than one year

9

490,734

2,255,670

NET LIABILITIES

(2,589,461

)

(660,256

)

CAPITAL AND RESERVES

Called up share capital

1,000

1

Share premium

1,188,841

-

Retained earnings

(3,779,302

)

(660,257

)

SHAREHOLDERS' FUNDS

(2,589,461

)

(660,256

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 4 April 2017 and were signed on its behalf by:

A J Colin - Director

1.	STATUTORY INFORMATION

Espalier Developments (Millendreath) 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.

These financial statements have been prepared on the basis that the company will continue to be a going

concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the

value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify

fixed assets and long term liabilities as current assets and liabilities.

This is the first year in which the financial statements have been prepared under FRS 102.

The financial statements are presented in Sterling (£).

Turnover

Turnover represents sales of services net of VAT. Turnover is recognised at the point the customer is entitled to

consideration.

Turnover represents the following types of income;

- Retail income

All income is recognised on a receivable basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at cost.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads in respect of

development properties.

Group restructure and change in accounting period

Espalier Developments (Millendreath) Limited acquired four companies at the start of the period as a result of a

large restructure of the group and the related assets and liabilities.

Espalier Developments (Millendreath) Limited now hold all the investments and associated loans in the group.

The group restructure resulted in the shorter accounting period being prepared; this occurred to ensure that all

members of the group have coterminous year ends. As a result of the shortened period, the comparative figures

are incomparable to the current period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST

At 1 April 2016

-

-

-

757,765

Additions

6,363,293

2,578,094

2,921,001

116,949

At 31 July 2016

6,363,293

2,578,094

2,921,001

874,714

DEPRECIATION

At 1 April 2016

-

-

-

249,571

Charge for period

-

-

-

61,910

Eliminated on disposal

-

-

-

-

At 31 July 2016

-

-

-

311,481

NET BOOK VALUE

At 31 July 2016

6,363,293

2,578,094

2,921,001

563,233

At 31 March 2016

-

-

-

508,194

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

19,904

9,200

3,502

790,371

Additions

12,445

17,495

1,526

12,010,803

Disposals

-

(6,000

)

-

(6,000

)

At 31 July 2016

32,349

20,695

5,028

12,795,174

DEPRECIATION

At 1 April 2016

8,052

4,907

2,915

265,445

Charge for period

2,157

6,327

583

70,977

Eliminated on disposal

-

(3,200

)

-

(3,200

)

At 31 July 2016

10,209

8,034

3,498

333,222

NET BOOK VALUE

At 31 July 2016

22,140

12,661

1,530

12,461,952

At 31 March 2016

11,852

4,293

587

524,926

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

1,190,244

At 31 July 2016

1,190,244

NET BOOK VALUE

At 31 July 2016

1,190,244

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Millendreath Chalets Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2016

2016

£

£

Aggregate capital and reserves

(6,784

)

(26,594

)

Loss for the period

(500

)

(3,920

)

Espalier (Millendreath Chalets) Ltd

Registered office:

Nature of business: Property development

%

Class of shares:

holding

Ordinary

100.00

2016

2016

£

£

Aggregate capital and reserves

(19,480

)

(277,915

)

Loss for the period

(8,061

)

(1,200

)

Micro Flats Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2016

2016

£

£

Aggregate capital and reserves

(73,841

)

(862,824

)

Loss for the period

(24,805

)

(13,668

)

Micro Suites Ltd

Registered office:

Nature of business: Property investment

%

Class of shares:

holding

Ordinary

100.00

2016

2016

£

£

Aggregate capital and reserves

(4,418

)

(92,846

)

Loss for the period

(1,020

)

(1,150

)

6.

STOCKS

2016

2016

£

£

Stocks

19,989

-

Work-in-progress

3,137,547

14,736,175

3,157,536

14,736,175

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Trade debtors

54,146

61,241

Amounts owed by group undertakings

108,490

-

Other debtors

12,011

455,682

VAT

-

4,717

Prepayments and accrued income

78,940

116,968

253,587

638,608

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Trade creditors

97,595

112,453

Tax

75

-

Social security and other taxes

2,347

2,270

VAT

10,016

-

Other creditors

19,252,366

14,158,555

Deferred income

14,244

44,545

Accrued expenses

9,232

13,530

19,385,875

14,331,353

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2016

£

£

Directors' loan accounts

490,734

2,255,670

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, A J Colin decreased his loan to the company. As at 31 July 2016, the company owed him £Nil

(2016: £1,824,936). The loan is interest free and repayable on demand within the appropriate time frame.

During the period, R H Gibbs increased his loan to the company. As at 31 July 2016, the company owed him

£490,734 (2016: £430,734) which is due after 1 year. The loan is interest free and repayable on demand within

the appropriate time frame.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Espalier Ventures Limited.

The ultimate controlling party is A J Colin.

This was by virtue of the share-for-share exchange that occurred when the company was acquired by Espalier

Ventures Limited.

12.	ACCOUNTING BASIS

As stated in the accounting policy note, these financial statements have been prepared on the basis that the

company will continue to be a going concern. During the period the company made a loss of £2,378,420 and as

at the period end the current liabilities exceeded current assets by £15,493,789.

The validity of this basis depends upon the continued support of the company's directors. The directors confirm

that they will give the required support.

13.	INTERCOMPANY TRANSACTIONS - CREDITORS

During the period ended 31 July 2016 Espalier Developments (Millendreath) Limited had the following

movements in intercompany creditor balances:

% Holding

July 2016

March 2016

Movement

Espalier Ventures Limited

100

19,243,575

14,113,057

5,108,604

19,243,575

14,113,057

5,108,604

A J Colin is a director and a shareholder in the companies listed above at the percentages shown. All outstanding

amounts are interest free and repayable on demand.

14.	INTERCOMPANY TRANSACTIONS - DEBTORS

During the period ended 31 July 2016 Espalier Developments (Millendreath) Limited had the following

movements in intercompany debtor balances:

% Holding

July 2016

March 2016

Movement

Espalier (Millendreath Chalets) Limited

100

18,360

227,985

(209,625

)

Micro Flats Ltd

100

78,961

148,347

(69,386

)

Micro Suites Ltd

100

2,499

49,130

(46,631

)

Millendreath Chalets Ltd

100

8,670

20,584

(11,914

)

108,490

446,046

(337,556

)

A J Colin is a director and a shareholder in the companies listed above at the percentages shown. All outstanding

amounts are interest free and repayable on demand.