Meridien Homes Limited - Limited company accounts 16.3

REGISTERED NUMBER: 07703122 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 July 2016

for

Meridien Homes Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Mr J M P Oddy

Mr A Mason

SECRETARY:

REGISTERED OFFICE:

13a South Hawksworth Street

ILKLEY

LS29 9DX

REGISTERED NUMBER:

07703122 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 July 2016.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 August 2015 to the date of this report.

Mr J M P Oddy

Mr A Mason

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr J M P Oddy - Director

28 April 2017

TURNOVER

1,355,068

736,638

Cost of sales

1,449,814

825,464

GROSS LOSS

(94,746

)

(88,826

)

Administrative expenses

67,302

38,788

OPERATING LOSS

2

(162,048

)

(127,614

)

Interest payable and similar charges

49,482

67,456

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION

(211,530

)

(195,070

)

Tax on loss on ordinary activities

3

(33,073

)

(39,014

)

LOSS FOR THE FINANCIAL YEAR

(178,457

)

(156,056

)

CURRENT ASSETS

Stocks

-

1,261,881

Debtors

4

112,134

74,882

Cash at bank and in hand

540

6,298

112,674

1,343,061

CREDITORS

Amounts falling due within one year

5

429,425

900,494

NET CURRENT (LIABILITIES)/ASSETS

(316,751

)

442,567

TOTAL ASSETS LESS CURRENT
LIABILITIES

(316,751

)

442,567

CREDITORS

Amounts falling due after more than one
year

6

46,067

626,928

NET LIABILITIES

(362,818

)

(184,361

)

CAPITAL AND RESERVES

Called up share capital

9

300

Profit and loss account

10

(363,118

)

(184,661

)

SHAREHOLDERS' FUNDS

(362,818

)

(184,361

)

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

The members have not required the company to obtain an audit of its financial statements for the year 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the Board of Directors on 28 April 2017 and were signed on its behalf by:

Mr J M P Oddy - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net invoiced sales of goods, excluding value added tax.

Stocks and long-term contracts

In accordance with "SSAP 9 - Stocks and long-term contracts" long-term contract balances classified under the

balance sheet heading of 'Stocks' are stated as total costs incurred, net of amounts transferred to the profit and

loss account in respect of work carried out to date, less foreseeable losses and applicable payments on account.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Going concern

The director does not know of any material uncertainties relating to events or conditions that may cast significant

doubt on the company's ability to continue as a going concern.

2.	OPERATING LOSS

The operating loss is stated after charging:

31.7.16

31.7.15

£

Directors' remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax credit

The tax credit on the loss on ordinary activities for the year was as follows:

31.7.16

31.7.15

£

Deferred tax

(33,073

)

(39,014

)

Tax on loss on ordinary activities

(33,073

)

(39,014

)

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.16

31.7.15

£

Trade debtors

(1,300

)

1,502

Other debtors

113,434

73,380

112,134

74,882

Deferred tax asset

31.7.16

31.7.15

£

Tax losses carried forward

46,165

Other timing differences

33,073

-

79,238

46,165

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.16

31.7.15

£

Trade creditors

37,325

143,690

Taxation and social security

22,413

19,057

Other creditors

369,687

737,747

429,425

900,494

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.7.16

31.7.15

£

Bank loans

46,067

626,928

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.16

31.7.15

£

Bank loans

46,067

626,928

8.	DEFERRED TAX

£

Balance at 1 August 2015

(46,165

)

Provided during year

(33,073

)

Un-relieved losses

Balance at 31 July 2016

(79,238

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

300

Ordinary

1

300

10.

RESERVES

Profit

and loss

account

£

At 1 August 2015

(184,661

)

Deficit for the year

(178,457

)

At 31 July 2016

(363,118

)

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Personal Guarantees

The directors have provided joint and several guarantees of up to £400,000 in respect of the bank loan.

12.	RELATED PARTY DISCLOSURES

Directors' loan accounts

The financial statements contain the following balances and transactions with the directors:

Mr J M P Oddy:

Amounts due to director at the beginning of the year £735,213 (2015 £711,677)

Payments to director £491,820 (2015 £0

Receipts from director £126,294 (2015 £23,537)

Amounts due to director within one year £369,687 (2015 £735,214).

Personal Guarantees

The directors have provided joint and several guarantees of up to £400,000 in respect of the bank loan.

Meridien Construction Limited

The director Mr J M P Oddy is a director of Meridien Construction Limited, a company in respect of which the

following balances and transactions are included within these financial statements:

Other creditors £490 (2015 £490).

13.	CONTROLLING PARTY

There is no controlling party.