Ashwood Land & Property Limited Company Accounts

Ashwood Land & Property Limited Company Accounts

ASHWOOD LAND & PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03606675
ASHWOOD LAND & PROPERTY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2016
ASHWOOD LAND & PROPERTY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 3
ASHWOOD LAND & PROPERTY LIMITED
BALANCE SHEET
31 December 2016
2016
2015
Note
£
£
Current assets
Work in progress
5
82,797
82,797
Cash at bank and in hand
381
948
------------
------------
83,178
83,745
Creditors: amounts falling due within one year
6
( 82,137)
( 86,058)
------------
------------
Net current assets/(liabilities)
1,041
( 2,313)
------------
------------
Total assets less current liabilities
1,041
( 2,313)
------------
------------
Net assets/(liabilities)
1,041
( 2,313)
------------
------------
Capital and reserves
Called up share capital
7
100
100
Profit and loss account
941
( 2,413)
------------
------------
Members funds/(deficit)
1,041
( 2,313)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 June 2017 , and are signed on behalf of the board by:
B McNulty
Director
Company registration number: 03606675
ASHWOOD LAND & PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashwood House, Church Street, Denton, Grantham, NG32 1LE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the value of land sold.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Work in progress
This is stated at the lower of cost and net realisable value.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tax on profit/(loss)
Major components of tax expense
2016
2015
£
£
Current tax:
UK current tax expense
241
–
------------
------------
Tax on profit/(loss)
241
–
------------
------------
5. Work in progress
2016
2015
£
£
Work in progress
82,797
82,797
------------
------------
6. Creditors: amounts falling due within one year
2016
2015
£
£
Accruals and deferred income
240
240
Corporation tax
241
–
Loans (note 9)
81,656
85,818
------------
------------
82,137
86,058
------------
------------
7. Called up share capital
Issued, called up and fully paid
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
8. Related party transactions
Transactions with the directors and shareholders Included within creditors at 31 December 2016 and 31 December 2015 are the following loans made by the directors and shareholders of the company. The loans are interest free, unsecured and repayable on demand. Control of the company The company is controlled by B McNulty who is also a director.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.