Abbreviated Company Accounts - MODERN HOMES CENTRE LIMITED

MODERN HOMES CENTRE LIMITED - Company Information

02050725 MODERN HOMES CENTRE LIMITED 2016-07-31 false 2015-08-01 2016-07-31 true 02050725 2015-08-01 2016-07-31 02050725 2016-07-31 02050725 2015-07-31 02050725 uk-gaap-cd-bus:Director1 2015-08-01 2016-07-31 02050725 uk-gaap-cd-bus:Director2 2015-08-01 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-08-01 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-07-31 iso4217:GBP shares

Registered Number 02050725

MODERN HOMES CENTRE LIMITED

Abbreviated Accounts

31 July 2016

MODERN HOMES CENTRE LIMITED Registered Number 02050725

Abbreviated Balance Sheet as at 31 July 2016

	Notes	2016	2015
		£	£
Current assets
Stocks		-	202,000
Debtors		72,565	-
Cash at bank and in hand		1,003,696	798,487
		1,076,261	1,000,487
Creditors: amounts falling due within one year		(62,657)	(80,542)
Net current assets (liabilities)		1,013,604	919,945
Total assets less current liabilities		1,013,604	919,945
Total net assets (liabilities)		1,013,604	919,945
Capital and reserves
Called up share capital	2	20,202	20,202
Profit and loss account		993,402	899,743
Shareholders' funds		1,013,604	919,945

For the year ending 31 July 2016 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 28 April 2017

And signed on their behalf by:
J L Knight, Director

MODERN HOMES CENTRE LIMITED Registered Number 02050725

Notes to the Abbreviated Accounts for the period ended 31 July 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
The turnover shown in the profit and loss account represents the sale of development land and property held in work in progress.

Other accounting policies
Work in Progress
Work in progress relates to the purchase of development land and property plus direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Deferred taxation
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. Where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.  

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial Instruments
Financial assets such as cash and debtors are measures at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the rpesent value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
20,202 Ordinary shares of £1 each	20,202	20,202