Willow Homes (East Anglia) Limited Company Accounts

WILLOW HOMES (EAST ANGLIA) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-01 Sage Accounts Production Advanced 2017 Update 3 - FRS 75,461 135,379 109,160 320,000 320,000 75,461 xbrli:pure xbrli:shares iso4217:GBP 09643688 2016-04-01 2017-03-31 09643688 2017-03-31 09643688 2016-03-31 09643688 2016-03-31 09643688 bus:RegisteredOffice 2016-04-01 2017-03-31 09643688 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 09643688 bus:Director1 2016-04-01 2017-03-31 09643688 bus:Director2 2016-04-01 2017-03-31 09643688 core:LandBuildings core:OwnedOrFreeholdAssets 2017-03-31 09643688 core:LandBuildings core:OwnedOrFreeholdAssets 2016-03-31 09643688 core:WithinOneYear 2017-03-31 09643688 core:WithinOneYear 2016-03-31 09643688 core:ShareCapital 2017-03-31 09643688 core:ShareCapital 2016-03-31 09643688 core:RetainedEarningsAccumulatedLosses 2017-03-31 09643688 core:RetainedEarningsAccumulatedLosses 2016-03-31 09643688 bus:FRS102 2016-04-01 2017-03-31 09643688 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 09643688 bus:FullAccounts 2016-04-01 2017-03-31 09643688 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 09643688 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 09643688 core:Buildings 2016-03-31 09643688 core:Buildings 2016-04-01 2017-03-31 09643688 core:Buildings 2017-03-31

COMPANY REGISTRATION NUMBER: 09643688

Willow Homes (East Anglia) Limited

Filleted Unaudited Financial Statements

31 March 2017

Willow Homes (East Anglia) Limited

Financial Statements

year ended 31st March 2017

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Balance sheet	3 to 4

Notes to the financial statements	5 to 7

Willow Homes (East Anglia) Limited

Officers and Professional Advisers

The board of directors	Mr B A Keane
	Mr A J Parr

Registered office	Pendragon House
	65 London Road
	St Albans
	Hertfordshire
	AL1 ILJ

Accountants	Gilberts
	Chartered accountant
	Pendragon House
	65 London Road
	St Albans
	Hertfordshire
	AL1 1LJ

Willow Homes (East Anglia) Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Willow Homes (East Anglia) Limited

year ended 31st March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willow Homes (East Anglia) Limited for the year ended 31st March 2017, which comprise the balance sheet 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Willow Homes (East Anglia) Limited, as a body, in accordance with the terms of our engagement letter dated 16th December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Willow Homes (East Anglia) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willow Homes (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 Willow Homes (East Anglia) 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 Willow Homes (East Anglia) Limited. You consider that Willow Homes (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 financial statements of Willow Homes (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 financial statements.

Gilberts Chartered accountant

Pendragon House 65 London Road St Albans Hertfordshire AL1 1LJ

28 November 2017

Willow Homes (East Anglia) Limited

Balance Sheet

31 March 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	4	320,000	75,461

Current assets

Stocks		–	273,673
Debtors	5	10,660	122,731
Cash at bank and in hand		153,061	25,586
		----------	----------
		163,721	421,990

Creditors: amounts falling due within one year	6	117,560	420,426
		----------	----------
Net current assets		46,161	1,564
		----------	--------
Total assets less current liabilities		366,161	77,025

Provisions

Taxation including deferred tax	20,300	–
	----------	--------
Net assets	345,861	77,025
	----------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	345,761	76,925
	----------	--------
Shareholders funds	345,861	77,025
	----------	--------

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 31st 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 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 .

Willow Homes (East Anglia) Limited

Balance Sheet (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 28 November 2017 , and are signed on behalf of the board by:

Mr B A Keane

Director

Company registration number: 09643688

Willow Homes (East Anglia) Limited

Notes to the Financial Statements

year ended 31st 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 Pendragon House, 65 London Road, St Albans, AL1 ILJ, Hertfordshire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 17th June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is stated net of VAT and is recognised on residential housing developments when the property is structurally complete and legally transferred to the purchaser.

Income 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted

Investment property

Investment properties for which fair value can be measured reliably and without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account. No depreciation is provided on investment properties.

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Tangible assets

	Investment property	Total
	£	£
Cost or valuation
At 1st April 2016	75,461	75,461
Additions	135,379	135,379
Revaluations	109,160	109,160
	----------	----------
At 31st March 2017	320,000	320,000
	----------	----------
Depreciation
At 1st April 2016 and 31st March 2017	–	–
	----------	----------
Carrying amount
At 31st March 2017	320,000	320,000
	----------	----------
At 31st March 2016	75,461	75,461
	----------	----------

The investment properties were valued by the directors on 31st March 2017 on the basis of existing use.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment property
	£
At 31st March 2017
Aggregate cost	210,840
Aggregate depreciation	–
	----------
Carrying value	210,840
	----------

At 31st March 2016
Aggregate cost	75,461
Aggregate depreciation	–
	--------
Carrying value	75,461
	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	660	100,000
Other debtors	10,000	22,731
	--------	----------
	10,660	122,731
	--------	----------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	43,563	37,295
Social security and other taxes	45,097	19,231
Other creditors	28,900	363,900
	----------	----------
	117,560	420,426
	----------	----------

7. Controlling party

The Company's parent undertaking is Cameron Ventures Group Limited, the majority shareholder.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 17th June 2015.

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