Quintor (Homes) Limited - Period Ending 2017-03-31
Quintor (Homes) Limited - Period Ending 2017-03-31
Registration number:
Quintor (Homes) Limited
for the Year Ended 31 March 2017
Quintor (Homes) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Quintor (Homes) Limited
(Registration number: 02761467)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Investments |
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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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Creditors: Amounts falling due after more than one year |
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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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Profit and loss account |
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Total equity |
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For the financial 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:
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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.
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Quintor (Homes) Limited
(Registration number: 02761467)
Balance Sheet as at 31 March 2017
Approved and authorised by the
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Quintor (Homes) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Registered number: 02761467
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for development property sales in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss..
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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Quintor (Homes) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Profit share on investments is recognised in the profit and loss account when receivable.
Cash and cash equivalents
Cash and cash equivalents represents the amounts being held in the bank current account, which is subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for development property sales in the ordinary course of business.
Trade debtors are recognised initially at the transaction price, which is later impaired if there are doubts over its recoverability.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing development properties to their present location and condition. At each reporting date, stocks are assessed for impairment which would subsequently be shown in the profit and loss account.
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. Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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Quintor (Homes) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Investments |
2017 |
2016 |
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Investments in joint ventures |
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Joint ventures |
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Cost |
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At 1 April 2016 |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Stocks |
2017 |
2016 |
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Stocks |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Amounts owed by joint venture undertakings |
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Other debtors |
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Quintor (Homes) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
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2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
Bank borrowings are secured by legal charges on the assets of the company.
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2016 |
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Non-current loans and borrowings |
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Other borrowings |
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Other borrowings
£649,800 of the other borrowings, in relation to the Longthorp Kilpin balance, are secured by legal charges on the assets of the company.
Related party transactions |
Transactions with directors |
The directors and their close family members have provided loan finance to the company totalling £171,212 (2016 - £171,212). No interest is being charged on this loan finance. The loans are not repayable within the next 12 months.
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Quintor (Homes) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Summary of transactions with joint ventures
The Quintor (Homes) Limited share of the profit/(loss) made during the year is shown within the profit and loss account.
Summary of transactions with other related parties
A loan of £137,731 (2016 - £138,931) was made available to the company by Midas Homes (Humberside) Limited, a company in which the directors are shareholders and directors of. No interest was charged on this loan.
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