Pride Homes (Midlands) Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04322026

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2016

for

Pride Homes (Midlands) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

M J Power

M Redfern

C M Redfern

SECRETARY:

M J Power

REGISTERED OFFICE:

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

REGISTERED NUMBER:

04322026

ACCOUNTANTS:

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

FIXED ASSETS

Tangible assets

2

39,558

20,680

CURRENT ASSETS

Stocks

-

502,908

Debtors

615,384

344,372

Cash at bank

158,242

90,557

773,626

937,837

CREDITORS

Amounts falling due within one year

3

196,969

421,881

NET CURRENT ASSETS

576,657

515,956

TOTAL ASSETS LESS CURRENT
LIABILITIES

616,215

536,636

CREDITORS

Amounts falling due after more than one
year

3

(21,324

)

-

PROVISIONS FOR LIABILITIES

(6,725

)

(4,136

)

NET ASSETS

588,166

532,500

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

588,164

532,498

SHAREHOLDERS' FUNDS

588,166

532,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 21 August 2017 and were signed on its
behalf by:

M J Power - 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 and services and rental received, excluding value

added tax. Revenue is recognised on a completion basis as and when work is done.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct

expenditure, and an appropriate proportion of fixed and variable overheads. Stock of property is valued

at the lower of cost and net realisable value.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

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

over the period of the lease.

Government grants

Government grants are released to the profit and loss account in the period in which they are received.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2015

42,104

Additions

39,197

Disposals

(15,996

)

At 30 November 2016

65,305

DEPRECIATION

At 1 December 2015

21,424

Charge for year

13,571

Eliminated on disposal

(9,248

)

At 30 November 2016

25,747

NET BOOK VALUE

At 30 November 2016

39,558

At 30 November 2015

20,680

3.

CREDITORS

Creditors include an amount of £ 32,955 (2015 - £ 277,200 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary

£1

2

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Pride Homes (Midlands) Limited for the year ended 30 November 2016 which

comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement, the Statement of Total

Recognised Gains and Losses and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pride Homes (Midlands) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pride Homes (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Pride Homes (Midlands) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pride Homes (Midlands) Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pride Homes (Midlands) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pride Homes (Midlands) Limited. You consider that Pride Homes (Midlands) 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 financial statements of Pride Homes (Midlands) 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 financial statements.

HSKS Greenhalgh

Chartered Accountants

3rd Floor

Butt Dyke House

33 Park Row

Nottingham

NG1 6EE

21 August 2017