Albany Homes Southern Limited - Period Ending 2017-03-31
Albany Homes Southern Limited - Period Ending 2017-03-31
Registration number:
Albany Homes Southern Limited
for the Year Ended 31 March 2017
Accountants
44-46 Old Steine
Brighton
East Sussex
BN1 1NH
Albany Homes Southern Limited
Contents
Company Information |
|
Accountants' Report |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Albany Homes Southern Limited
Company Information
Director |
Mr C A Wheeler |
Company secretary |
Mrs S P Wheeler |
Registered office |
|
Accountants |
|
Page 1 |
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Albany Homes Southern Limited
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Albany Homes Southern Limited for the year ended 31 March 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Albany Homes Southern Limited, as a body, in accordance with the terms of our engagement letter dated 11 August 2014. Our work has been undertaken solely to prepare for your approval the accounts of Albany Homes Southern Limited and state those matters that we have agreed to state to the Board of Directors of Albany Homes Southern Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Albany Homes Southern Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Albany Homes Southern Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Albany Homes Southern Limited. You consider that Albany Homes Southern Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Albany Homes Southern Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Accountants
Brighton
East Sussex
BN1 1NH
Page 2 |
Albany Homes Southern Limited
(Registration number: 02938488)
Statement of Financial Position as at 31 March 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime
Approved and authorised by the
.........................................
Mr C A Wheeler
Director
Page 3 |
Albany Homes Southern Limited
Statement of Changes in Equity for the Year Ended 31 March 2017
Share capital |
Profit and loss account |
Total |
|
At 1 April 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2017 |
|
|
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
At 1 April 2015 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
|
( |
Dividends |
- |
- |
( |
( |
At 31 March 2016 |
|
- |
|
|
Page 4 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 5 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line |
Office equipment |
25% straight line |
Leasehold Properties |
over the term of the lease |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 6 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
||
Cost or valuation |
|||||
At 1 April 2016 |
|
|
- |
|
|
Additions |
- |
- |
|
- |
|
At 31 March 2017 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2016 |
|
|
- |
|
|
Charge for the year |
|
|
- |
|
|
At 31 March 2017 |
|
|
- |
|
|
Carrying amount |
|||||
At 31 March 2017 |
|
|
|
|
|
At 31 March 2016 |
|
|
- |
|
Total |
|||||
Cost or valuation |
|||||
At 1 April 2016 |
|
||||
Additions |
|
||||
At 31 March 2017 |
|
||||
Depreciation |
|||||
At 1 April 2016 |
|
||||
Charge for the year |
|
||||
At 31 March 2017 |
|
||||
Carrying amount |
|||||
At 31 March 2017 |
|
||||
At 31 March 2016 |
|
Stocks |
2017 |
2016 |
|
Work in progress |
|
|
Page 8 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Debtors |
Note |
2017 |
2016 |
|
Trade debtors |
|
- |
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
||
Total current trade and other debtors |
|
|
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Other creditors |
|
|
|
|
|
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Other borrowings |
|
- |
Dividends |
2017 |
2016 |
|
£ |
£ |
|
Interim dividend of £ |
51,500 |
69,849 |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 9 |
Albany Homes Southern Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Related party transactions |
Summary of transactions with entities with joint control or significant interest
(The Company's sole director and majority shareholder is also the sole director and majority shareholder of Albany Contracts Limited)
The Company paid Albany Contracts Limited for Sub Contract Labour during the year
Albany Sussex Properties Limited
(The Company's sole director and majority shareholder is also the sole director and majority shareholder of Albany Sussex Properties Limited)
The Company paid rent to Albany Sussex Properties Limited during the year
Income and receivables from related parties
2017 |
Entities with joint control or significant influence |
Receipt of services |
|
2016 |
Entities with joint control or significant influence |
Receipt of services |
|
Expenditure with and payables to related parties
2017 |
Entities with joint control or significant influence |
Rendering of services |
|
2016 |
Entities with joint control or significant influence |
Rendering of services |
|
Page 10 |