Identified Developments (Cambridge) Ltd Small abridged accounts

IDENTIFIED DEVELOPMENTS (CAMBRIDGE) LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Identified Developments (Cambridge) Ltd have consented to the preparation of the abridged statement of income and retained earnings 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: 08736008

Identified Developments (Cambridge) Ltd

Filleted Unaudited Abridged Financial Statements

31 March 2017

Identified Developments (Cambridge) Ltd

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Identified Developments (Cambridge) Ltd

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4	1,426	2,273
Investments	5	31	1
		-------	-------
		1,457	2,274

Current assets

Stocks	1,309,908	2,396,148
Debtors	321,986	333,525
Cash at bank and in hand	66,326	10,773
	------------	------------
	1,698,220	2,740,446

Creditors: amounts falling due within one year	1,309,705		1,364,024
	------------		------------
Net current assets		388,515	1,376,422
		---------	------------
Total assets less current liabilities		389,972	1,378,696

Creditors: amounts falling due after more than one year	–	1,420,041
	---------	------------
Net assets/(liabilities)	389,972	( 41,345)
	---------	------------

Capital and reserves

Called up share capital	90	90
Profit and loss account	389,882	( 41,435)
	---------	--------
Shareholders funds/(deficit)	389,972	( 41,345)
	---------	--------

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 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 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 (Cambridge) Ltd

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: 08736008

Identified Developments (Cambridge) Ltd

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 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 7.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line

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.

4. Tangible assets

	£
Cost
At 1 April 2016 and 31 March 2017	3,388
	-------
Depreciation
At 1 April 2016	1,115
Charge for the year	847
	-------
At 31 March 2017	1,962
	-------
Carrying amount
At 31 March 2017	1,426
	-------
At 31 March 2016	2,273
	-------

5. Investments

	£
Cost
At 1 April 2016	1
Additions	30
	----
At 31 March 2017	31
	----
Impairment
At 1 April 2016 and 31 March 2017	–
	----
Carrying amount
At 31 March 2017	31
	----
At 31 March 2016	1
	----

6. Related party transactions

The company was under the control of Mr T Dean , Mr M Dean and Mr De Simone throughout the current year. Other creditors includes loans due to companies with common shareholders and directors. Loans are all interest free. At 31 March 2017 £nil (2016: £232,477) was due to Identified Developments Limited, a company with common directors which is a wholly owned subsidiary of A DeSimone Investments Limited, a company under the control of Mr A DeSimone. In addition at 31 March 2017 the company owed £330,671 (2016: £323,906) to A DeSimone Investments Limited. At 31 March 2017 £693.002 (2016: £700,902) was due to Duo Investments Limited, a company under the control of Mr M Dean and Mr T Dean as directors and shareholders. At 31 March 2017 £69,734 (2016: £22,000) was due to the company from Identified Investments Limited, a company under the control of the directors. At 31 March 2017 £311,156 (2016: £311,156) was due to the company from Identified Developments Ely Limited, a company which is 50% owned by Identified Developments (Cambridge) Limited and which shares common directors.

7. 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.