Rose Homes (EA) Limited - Period Ending 2017-09-30
Rose Homes (EA) Limited - Period Ending 2017-09-30
Registration number:
Rose Homes (EA) Limited
for the Year Ended 30 September 2017
Rose Homes (EA) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Rose Homes (EA) Limited
(Registration number: 00545352)
Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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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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Net current assets |
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Total assets less current liabilities |
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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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Capital redemption reserve |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 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.
Approved and authorised by the
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Page 1 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
United Kingdom
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. These are the first financial statements that comply with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The date of transition is 1 October 2015.
The transition to Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on the financial statements are explained in note 9 below.
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.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates stated within the details of accounting policies elsewhere) have had the most significant effect on amounts recognised in the financial statements. |
The main judgements included within the financial statements relate to work in progress balances held at the year end and released in the year. The balances held at the year end are reviewed for recoverability and where amounts are deemed irrecoverable are written off in the year. The level of future profitability is at times judged by the directors where not clear.
Costs released to the P&L in relation to the sale of houses are released based on projected margins for sites during the year. Margins are estimated by the directors based on the expected total costs for each site made up of costs incurred to date and further costs expected to be incurred in relation to each site.
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:
Page 2 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Investment property
Business combinations
A charge is made by the parent company to the subsidiary based upon the acquisition cost and market value paid at the date of acquisition over historical cost.
The charge is made when such assets within the subsidiary are realised to show the effect of the gains that have arisen after the parent company gained control of the subsidiary.
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
Land and houses in the course of development and construction and completed properties.
These are valued at the lower of cost and net realisable value. Cost represents the cost of acquisition of land and site development expenditure, including attributable overheads on construction work in progress. Costs are allocated to cost of sales on a site by site basis according to both anticipated gross margin and sales value of each site.
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.
Page 3 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
( |
At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
( |
( |
( |
At 30 September 2017 |
- |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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The directors consider the market value of the investment properties at the year end to be £38,500 (2016 - £38,500). The historical cost of the investment properties are £20,245 (2016 - £20,245).
Stocks |
2017 |
2016 |
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Work in progress |
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Land |
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Page 4 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2017 |
2016 |
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Not later than one year |
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- |
Later than one year and not later than five years |
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- |
Later than five years |
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- |
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- |
Page 5 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Transition to FRS 102 |
This is the first year that accounts have been prepared in accordance with FRS 102 Section 1A. The date of transition was 01/10/2015. There were adjustments required on transition in respect of the removal of the revaluation reserve and recognising deferred tax on the revaluation. The transition adjustments were balance sheet affecting only and had no impact on the profit and loss.
Balance Sheet at 1 October 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible fixed assets |
87,048 |
- |
- |
87,048 |
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Current assets |
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Stocks |
3,291,222 |
- |
- |
3,291,222 |
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Debtors |
487,945 |
- |
- |
487,945 |
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Cash at bank and in hand |
17,310 |
- |
- |
17,310 |
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3,796,477 |
- |
- |
3,796,477 |
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Creditors: Amounts falling due within one year |
(846,980) |
- |
- |
(846,980) |
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Net current assets |
2,949,497 |
- |
- |
2,949,497 |
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Total assets less current liabilities |
3,036,545 |
- |
- |
3,036,545 |
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Provisions for liabilities |
- |
- |
(3,651) |
(3,651) |
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Net assets/(liabilities) |
3,036,545 |
- |
(3,651) |
3,032,894 |
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Capital and reserves |
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Called up share capital |
(1,369) |
- |
- |
(1,369) |
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Capital redemption reserve |
(11,248) |
- |
- |
(11,248) |
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Revaluation reserve |
(18,255) |
18,255 |
- |
- |
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Other reserves |
(700) |
- |
- |
(700) |
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Profit and loss account |
(3,004,973) |
(18,255) |
3,651 |
(3,019,577) |
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Total equity |
(3,036,545) |
- |
3,651 |
(3,032,894) |
Page 6 |
Rose Homes (EA) Limited
Notes to the Financial Statements for the Year Ended 30 September 2017
Balance Sheet at 30 September 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Tangible fixed assets |
73,041 |
- |
- |
73,041 |
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Current assets |
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Stocks |
1,006,995 |
- |
- |
1,006,995 |
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Debtors |
2,912,819 |
- |
- |
2,912,819 |
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Cash at bank and in hand |
49,605 |
- |
- |
49,605 |
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3,969,419 |
- |
- |
3,969,419 |
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Creditors: Amounts falling due within one year |
(425,116) |
- |
- |
(425,116) |
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Net current assets |
3,544,303 |
- |
- |
3,544,303 |
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Total assets less current liabilities |
3,617,344 |
- |
- |
3,617,344 |
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Provisions for liabilities |
(6,908) |
- |
(3,651) |
(10,559) |
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Net assets/(liabilities) |
3,610,436 |
- |
(3,651) |
3,606,785 |
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Capital and reserves |
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Called up share capital |
(1,369) |
- |
- |
(1,369) |
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Capital redemption reserve |
(11,248) |
- |
- |
(11,248) |
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Revaluation reserve |
(18,255) |
18,255 |
- |
- |
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Other reserves |
(700) |
- |
- |
(700) |
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Profit and loss account |
(3,578,864) |
(18,255) |
3,651 |
(3,593,468) |
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Total equity |
(3,610,436) |
- |
3,651 |
(3,606,785) |
Page 7 |