Tophaven Sustainable Construction Limited Company Accounts

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04418464

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr I Johnson
	Mrs P J Johnson

Company secretary	Mr I Johnson

Registered office	The Old Mill
	Blisworth Hill Farm
	Stoke Road
	Blisworth
	Northampton
	NN7 3DB

Accountants	Sawford Bullard
	Accountants
	The Old Mill
	Blisworth Hill Farm
	Stoke Road
	Blisworth
	Northampton
	NN7 3DB

Bankers	Barclays Bank Plc
	267 Wellingborough Road
	Northampton
	NN1 4YD

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	87,067	51,191
Investments	6	–	732
		--------	--------
		87,067	51,923

Current assets

Stocks		457,882	448,437
Debtors	7	131,947	328,069
Cash at bank and in hand		190,546	34,779
		---------	---------
		780,375	811,285

Creditors: amounts falling due within one year	8	749,488		740,370
		---------		---------
Net current assets			30,887	70,915
			---------	---------
Total assets less current liabilities			117,954	122,838

Creditors: amounts falling due after more than one year	9	26,250	13,074
		---------	---------
Net assets		91,704	109,764
		---------	---------

Capital and reserves

Called up share capital	11	40,000	40,000
Share premium account		1,980	1,980
Profit and loss account		49,724	67,784
		--------	---------
Member funds		91,704	109,764
		--------	---------

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 statement of income and retained earnings has not been delivered.

For the 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.

Directors' responsibilities:

- The member has 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 .

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 31 August 2017 , and are signed on behalf of the board by:

Mr I Johnson	Mrs P J Johnson
Director	Director

Company registration number: 04418464

TOPHAVEN SUSTAINABLE CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, Blisworth Hill Farm, Stoke Road, Blisworth, Northampton, NN7 3DB.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Motor vehicles	-	25% reducing balance

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2 ).

5. Tangible assets

	Motor vehicles	Total
	£	£
Cost
At 1 April 2016	68,251	68,251
Additions	54,250	54,250
	---------	---------
At 31 March 2017	122,501	122,501
	---------	---------
Depreciation
At 1 April 2016	17,060	17,060
Charge for the year	18,374	18,374
	---------	---------
At 31 March 2017	35,434	35,434
	---------	---------
Carrying amount
At 31 March 2017	87,067	87,067
	---------	---------
At 31 March 2016	51,191	51,191
	---------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2016	732
Disposals	( 732)
	----
At 31 March 2017	–
	----
Impairment
At 1 Apr 2016 and 31 Mar 2017	–
	----

Carrying amount
At 31 March 2017	–
	----
At 31 March 2016	732
	----

7. Debtors

	2017	2016
	£	£
Trade debtors	106,210	312,276
Other debtors	25,737	15,793
	---------	---------
	131,947	328,069
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	78,369
Trade creditors	80,032	146,559
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	9,856
Social security and other taxes	5,768	9,130
Other creditors	663,688	496,456
	---------	---------
	749,488	740,370
	---------	---------

Hire purchase agreements of £27,736 (2016: £12,066) are secured on the assets concerned.

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

	2017	2016
	£	£
Other creditors	26,250	13,074
	--------	--------

Hire purchase agreements of £26,250 (2016: £13,074) are secured on the assets concerned.

10. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2017	2016
	£	£
Not later than 1 year	27,736	12,066
Later than 1 year and not later than 5 years	26,250	13,074
	--------	--------
	53,986	25,140
	--------	--------

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	40,000	40,000	40,000	40,000
	--------	--------	--------	--------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	–	7,748
	----	-------

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.