Milestone Developments (Dalry) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC427119 (Scotland)

MILESTONE DEVELOPMENTS (DALRY) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

D Brown

SECRETARY:

S Jackson

REGISTERED OFFICE:

2A Boswell Park

Ayr

Ayrshire

KA7 1NP

REGISTERED NUMBER:

SC427119 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Santander

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the

company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Director are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Milestone Developments (Dalry) Limited for the year ended 31st March 2017 which

comprise the Income Statement, Balance Sheet, and the related notes from the company's accounting records and

from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Milestone Developments (Dalry) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Milestone Developments (Dalry) Limited and state those matters that we have agreed to state to the director of Milestone Developments (Dalry) Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Milestone Developments (Dalry) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Milestone Developments (Dalry) Limited. You consider that Milestone Developments (Dalry) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Milestone Developments (Dalry) 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 financial statements.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

20th December 2017

CURRENT ASSETS

Stocks

200,315

188,825

Debtors

3

2,298

852

Cash at bank

234

770

202,847

190,447

CREDITORS

Amounts falling due within one year

4

205,947

192,327

NET CURRENT LIABILITIES

(3,100

)

(1,880

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,100

)

(1,880

)

CAPITAL AND RESERVES

Called up share capital

5

3

3

Retained earnings

(3,103

)

(1,883

)

SHAREHOLDERS' FUNDS

(3,100

)

(1,880

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20th December 2017 and were signed by:

D Brown - Director

1.	STATUTORY INFORMATION

Milestone Developments (Dalry) Limited is a private company, limited by shares , registered in Scotland.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Stocks

Materials, property in the course of development and land are stated at the lower of cost and net realisable

value, after making due allowance for obsolete and slow moving items. Cost comprises the cost of

materials, land, development costs and an appropriate proportion of overheads. Net realisable value is

based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates

and laws that have been enacted or substantively enacted by the year end and that are expected to apply to

the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Other debtors

2,298

852

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

5,892

5,592

Other creditors

200,055

186,735

205,947

192,327

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

3

Ordinary

£1

3

3

6.	RELATED PARTY DISCLOSURES

Milestone Developments (Ayrshire) Ltd

A company of which Mr Jackson is a shareholder.

31.3.17

31.3.16

£

£

Amount due to related party at balance sheet date

146,998

72,863

Viga Homes (Dalmellington) Limited

A company of which Mr Kennedy is a director.

31.3.17

31.3.16

£

£

Amount due to related party at balance sheet date

41,223

41,223

Amounts owed to former directors

31.3.17

31.3.16

£

£

Mr Jackson

-

35,948

Mr Kennedy

10,059

36,059

10,059

72,007

7.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mr S Jackson throughout the current and previous year.