Cyrus Developments Limited Company Accounts

CYRUS DEVELOPMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04848337

Cyrus Developments Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2016

Cyrus Developments Limited

Financial Statements

Year ended 31 December 2016

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Cyrus Developments Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	5	–	223
Investments	6	2,500	2,500
		-------	-------
		2,500	2,723

Current assets

Stocks		2,995,208	3,245,208
Debtors	7	10,377	10,161
		-------------	-------------
		3,005,585	3,255,369

Creditors: amounts falling due within one year	8	571,590		581,519
		-------------		-------------
Net current assets			2,433,995		2,673,850
			-------------		-------------
Total assets less current liabilities			2,436,495		2,676,573

Creditors: amounts falling due after more than one year	9	2,596,793	2,661,116
		-------------	-------------
Net (liabilities)/assets		( 160,298)	15,457
		-------------	-------------

Cyrus Developments Limited

Statement of Financial Position (continued)

31 December 2016

	2016		2015
Note	£	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 160,398)	15,357
	----------	--------
Shareholders funds	( 160,298)	15,457
	----------	--------

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 income statement 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 28 September 2017 , and are signed on behalf of the board by:

Mrs. C. Bennison	Mr. P. Bennison
Director	Director

Mrs. A.J. Whaley	Mr. S.J. Whaley
Director	Director

Company registration number: 04848337

Cyrus Developments 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 Lyndhurst, Silver Street, Whitley, Goole, East Yorkshire, DN14 0JG.

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

(a) 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.

(b) Going concern

The accounts have been prepared on a going concern basis following assurances given by the directors pledging their ongoing support for the company. The directors confirmed they have no intention of withdrawing the loan funding provided to the company by them personally or by the other ventures in which they have an interest.

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 11.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & Machinery	-	15% reducing balance

(g) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present condition.

(i) Financial instruments

Financial instruments are classified as 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. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2015: 4 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2016	1,752	1,752
Disposals	( 1,752)	( 1,752)
	-------	-------
At 31 December 2016	–	–
	-------	-------
Depreciation
At 1 January 2016	1,529	1,529
Disposals	( 1,529)	( 1,529)
	-------	-------
At 31 December 2016	–	–
	-------	-------
Carrying amount
At 31 December 2016	–	–
	-------	-------
At 31 December 2015	223	223
	-------	-------

6. Investments

	Freehold reversionary interests
	£
Cost
At 1 January 2016 and 31 December 2016	2,500
	-------
Impairment
At 1 January 2016 and 31 December 2016	–
	-------

Carrying amount
At 31 December 2016	2,500
	-------

7. Debtors

	2016	2015
	£	£
Trade debtors	250	814
Prepayments and accrued income	2,892	2,892
Other debtors	7,235	6,455
	--------	--------
	10,377	10,161
	--------	--------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	63,842	55,261
Trade creditors	4,288	6,366
Accruals and deferred income	76,158	83,141
Corporation tax	13,304	13,304
Social security and other taxes	27,059	23,308
Director loan accounts	246,006	256,519
Other creditors	140,933	143,620
	----------	----------
	571,590	581,519
	----------	----------

9. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Bank loans and overdrafts	2,596,793	2,661,116
	-------------	-------------

Included within creditors: amounts falling due after more than one year is an amount of £1,586,198 (2015: £1,654,561) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Bank loans and overdrafts are secured on the associated assets.

10. Related party transactions

During the year the directors made available loans to the company. At 31 December 2016, the total balance outstanding on the loans was £ 246,006 (2015: £256,519). No interest is charged on the loans in the period and the balance is repayable on demand. During the year loans were made available to the company from companies in which certain directors are also directors . At 31 December 2016, the total balance outstanding on these loans was £ 133,475 (2015: £135,482). No interest is charged on the loans in the period and the balances are repayable on demand.

11. 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.