Identified Developments Ely Limited Small abridged accounts

Identified Developments Ely Limited Small abridged accounts

IDENTIFIED DEVELOPMENTS ELY LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Identified Developments Ely Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 09697030
Identified Developments Ely Limited
Filleted Unaudited Abridged Financial Statements
31 March 2017
Identified Developments Ely Limited
Abridged Financial Statements
Year ended 31 March 2017
Contents
Page
Abridged statement of financial position
1
Statement of changes in equity
3
Notes to the abridged financial statements
4
Identified Developments Ely Limited
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Current assets
Stocks
675,123
667,474
Debtors
1,563
1
Cash at bank and in hand
95
1,813
---------
---------
676,781
669,288
Creditors: amounts falling due within one year
600
600
---------
---------
Net current assets
676,181
668,688
---------
---------
Total assets less current liabilities
676,181
668,688
Creditors: amounts falling due after more than one year
677,373
669,473
---------
---------
Net liabilities
( 1,192)
( 785)
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 1,194)
( 787)
-------
----
Shareholders deficit
( 1,192)
( 785)
-------
----
These abridged 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 abridged statement of comprehensive income 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 members have not required the company to obtain an audit of its abridged 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 abridged financial statements .
Identified Developments Ely Limited
Abridged Statement of Financial Position (continued)
31 March 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 19 December 2017 , and are signed on behalf of the board by:
Mr T Dean
Director
Company registration number: 09697030
Identified Developments Ely Limited
Statement of Changes in Equity
Year ended 31 March 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 April 2015
–
–
–
Loss for the year
( 787)
( 787)
----
----
----
Total comprehensive income for the year
–
( 787)
( 787)
Issue of shares
2
–
2
----
----
----
Total investments by and distributions to owners
2
–
2
At 31 March 2016
2
( 787)
( 785)
Loss for the year
( 407)
( 407)
----
----
----
Total comprehensive income for the year
–
( 407)
( 407)
----
-------
-------
At 31 March 2017
2
( 1,194)
( 1,192)
----
-------
-------
Identified Developments Ely Limited
Notes to the Abridged 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 Reardon & Co Ltd, Ash House, Breckenwood Road, Fulbourn, Cambridge, CB21 5DQ.
2. Statement of compliance
These abridged 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 abridged 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 abridged 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 5.
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.
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. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Related party transactions
There is no ultimate controlling party of the company. At 31 March 2017 the company owed £311,156 (2016: £311,156) to Identified Developments (Cambridge) Limited, a company which owns 50% of Identified Developments Ely Limited and has common directors and shareholders with Identified Investments Limited. The company also owed Identified Investments Limited £27,480 (2016: £23,380) at 31st March 2017. At 31 March 2017 the company owed £27,180 (2016: £23,380) to Live Residential Limited, a company which owns 50% of Identified Developments Ely Limited and has common directors and shareholders with DPA Architects Limited. The company also owed DPA Architects Limited £311,556 (2016: £311,556) at 31st March 2017.
5. Transition to FRS 102
These are the first abridged 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.