Beatty Developments (East Anglia) Limited - Period Ending 2016-12-31
Beatty Developments (East Anglia) Limited - Period Ending 2016-12-31
Registration number:
Beatty Developments (East Anglia) Limited
Pages for filing with Registrar
for the Year Ended 31 December 2016
Chartered Certified Accountants
The Blue Farmhouse
86-90 Cumberland Street
Woodbridge
Suffolk
IP12 4AE
Beatty Developments (East Anglia) Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Beatty Developments (East Anglia) Limited
Company Information
Directors |
Mr BC Hatcher Mrs S Hatcher |
Company secretary |
Mrs S Hatcher |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Beatty Developments (East Anglia) Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Beatty Developments (East Anglia) Limited for the year ended 31 December 2016 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Beatty Developments (East Anglia) Limited, as a body, in accordance with the terms of our engagement letter dated 14 September 2017. Our work has been undertaken solely to prepare for your approval the accounts of Beatty Developments (East Anglia) Limited and state those matters that we have agreed to state to the Board of Directors of Beatty Developments (East Anglia) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beatty Developments (East Anglia) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Beatty Developments (East Anglia) 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 Beatty Developments (East Anglia) Limited. You consider that Beatty Developments (East Anglia) 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 Beatty Developments (East Anglia) 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.
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Chartered Certified Accountants
86-90 Cumberland Street
Woodbridge
Suffolk
IP12 4AE
Page 2 |
Beatty Developments (East Anglia) Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Beatty Developments (East Anglia) Limited
(Registration number: 01804013)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 4 |
Beatty Developments (East Anglia) Limited
(Registration number: 01804013)
Balance Sheet as at 31 December 2016
Approved and authorised by the
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Mr BC Hatcher
Director
Page 5 |
Beatty Developments (East Anglia) Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2015 |
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Page 6 |
Beatty Developments (East Anglia) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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 represents the proceeds received from the sale of development properties during the course of the year and is recognised based on the legal completion date for the sale of the property.
Other operating income includes the rent receivable from the letting by the company of its development properties. Rental income is recognised in the financial statements on the basis of that receivable in the accounting period.
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 and deferred 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.
Page 7 |
Beatty Developments (East Anglia) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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.
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 |
Computer equipment |
write off costs over 3 years |
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
The value of stock is represented by the value of development properties held at the year end.
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Page 8 |
Beatty Developments (East Anglia) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
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.
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.
The company operates defined contribution pension schemes. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the schemes.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the profit and loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
Beatty Developments (East Anglia) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Computer equipment |
Total |
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Cost |
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At 1 January 2016 |
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Additions |
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Disposals |
( |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Stocks |
2016 |
2015 |
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Value of development properties |
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Debtors |
2016 |
2015 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Page 10 |
Beatty Developments (East Anglia) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Related party transactions |
Other transactions with directors |
At the 31st December 2016 the company owes the director, Mr B C Hatcher, the sum of £3,603,621 (2015 £3,663,445). The loan is included in creditors due after more than one year.
This sum represents funds transferred in to the company personally by Mr B C Hatcher in order to acquire development properties in this and previous years. The net sums withdrawn from the company in the year were £59,824.
No interest is charged to the company in respect of this loan
Transition to FRS 102 |
There are no transitional adjustments arising from the first time adoption of FRS 102.
Page 11 |