Future Developments (Lincoln) Limited - Period Ending 2017-06-30
Future Developments (Lincoln) Limited - Period Ending 2017-06-30
Registration number:
Future Developments (Lincoln) Limited
for the Period from 1 April 2016 to 30 June 2017
Chartered Certified Accountants
52 Front Street
Acomb
York
YO24 3BX
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Future Developments (Lincoln) Limited
for the Period Ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Future Developments (Lincoln) Limited for the period ended 30 June 2017 as set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.html
This report is made solely to the Board of Directors of Future Developments (Lincoln) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Future Developments (Lincoln) Limited and state those matters that we have agreed to state to the Board of Directors of Future Developments (Lincoln) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.comfactsheet163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Future Developments (Lincoln) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Future Developments (Lincoln) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Future Developments (Lincoln) Limited. You consider that Future Developments (Lincoln) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Future Developments (Lincoln) 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 accounts.
......................................
Chartered Certified Accountants
Acomb
York
YO24 3BX
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Page 1 |
Future Developments (Lincoln) Limited
(Registration number: 05732578)
Balance Sheet as at 30 June 2017
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Note |
2017 |
2016 |
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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 liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial period ending 30 June 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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Mr Charles Chisholm
Director
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Page 2 |
Future Developments (Lincoln) Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 30 June 2017
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General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
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.
Disclosure of long or short period
Stocks
Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Costs include all direct costs and interest on bank loans taken to fund the development of the properties.
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Stocks |
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2017 |
2016 |
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Work in progress |
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Page 3 |
Future Developments (Lincoln) Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 30 June 2017
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Debtors |
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2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
- |
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Other creditors |
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Related party transactions |
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Transactions with directors |
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2017 |
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Other transactions with directors |
During the year the company made the following related party transactions:
C Chisholm (Director)
Interest free loan with no formal repayment terms. At the balance sheet date the amount owed to C Chsholm was £40,000 (2016: £40,000)
D Appleton (Director)
Interest free loan with no formal repayment terms. At the balance sheet date the amount owed to D Appleton was £40,000 (2016: £40,000)
G Houghton Snr (Director)
Interest free loan with no formal repayment terms. At the balance sheet date the amount owed to G Houghton Snr was £40,000 (2016: £40,000)
G Houghton Jnr (Director)
Interest free loan with no formal repayment terms. At the balance sheet date the amount owed to G Houghton Jnr was £20,000 (2016: £20,000)
Future Cleaning Services Limited (A company under the control of C Chisholm)
During the year the company maintained an interest free loan with Future Cleaning Services Limited. At the balance sheet date the amount due to Future Cleaning Services Limited was £114,046. (2016: £748,135)
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Page 4 |
Future Developments (Lincoln) Limited
Notes to the Financial Statements for the Period from 1 April 2016 to 30 June 2017
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Transition to FRS 102 |
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Page 5 |