Grovesbrook Homes Limited Company Accounts

Grovesbrook Homes Limited Company Accounts

GROVESBROOK HOMES LTD - Company Information

Print Friendly Version

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-01 Sage Accounts Production Advanced 2017 Update 4 - FRS 6,600 2,640 1,320 3,960 2,640 3,960 xbrli:pure xbrli:shares iso4217:GBP 08735209 2016-04-01 2017-03-31 08735209 2017-03-31 08735209 2016-03-31 08735209 2015-04-01 2016-03-31 08735209 2016-03-31 08735209 core:PlantMachinery 2016-04-01 2017-03-31 08735209 bus:OrdinaryShareClass1 2016-04-01 2017-03-31 08735209 bus:Director1 2016-04-01 2017-03-31 08735209 core:WithinOneYear 2017-03-31 08735209 core:WithinOneYear 2016-03-31 08735209 core:PlantMachinery 2016-03-31 08735209 core:PlantMachinery 2017-03-31 08735209 core:ShareCapital 2017-03-31 08735209 core:ShareCapital 2016-03-31 08735209 core:RetainedEarningsAccumulatedLosses 2017-03-31 08735209 core:RetainedEarningsAccumulatedLosses 2016-03-31 08735209 core:PlantMachinery 2016-03-31 08735209 bus:FRS102 2016-04-01 2017-03-31 08735209 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 08735209 bus:FullAccounts 2016-04-01 2017-03-31 08735209 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 08735209 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 08735209 bus:OrdinaryShareClass1 2017-03-31 08735209 bus:OrdinaryShareClass1 2016-03-31
COMPANY REGISTRATION NUMBER: 08735209
Grovesbrook Homes Limited
Filleted Unaudited Financial Statements
31 March 2017
Grovesbrook Homes Limited
Financial Statements
Year ended 31 March 2017
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Grovesbrook Homes Limited
Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
£
Fixed assets
Tangible assets
4
2,640
3,960
Current assets
Stocks
1,106,959
1,408,582
Debtors
5
24,782
11,453
Cash at bank and in hand
14,464
96,202
------------
------------
1,146,205
1,516,237
Creditors: amounts falling due within one year
6
961,932
1,408,109
------------
------------
Net current assets
184,273
108,128
---------
---------
Total assets less current liabilities
186,913
112,088
---------
---------
Net assets
186,913
112,088
---------
---------
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss account
185,913
111,088
---------
---------
Shareholders funds
186,913
112,088
---------
---------
These 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 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 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 financial statements .
Grovesbrook Homes Limited
Statement of Financial Position (continued)
31 March 2017
These financial statements were approved by the board of directors and authorised for issue on 21 December 2017 , and are signed on behalf of the board by:
J P Rumsey
Director
Company registration number: 08735209
Grovesbrook Homes Limited
Notes to the 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These 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 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 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 10.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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
-
20% straight line
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included in the valuation of work in progress.
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.
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2016 and 31 March 2017
6,600
6,600
-------
-------
Depreciation
At 1 April 2016
2,640
2,640
Charge for the year
1,320
1,320
-------
-------
At 31 March 2017
3,960
3,960
-------
-------
Carrying amount
At 31 March 2017
2,640
2,640
-------
-------
At 31 March 2016
3,960
3,960
-------
-------
5. Debtors
2017
2016
£
£
Prepayments and accrued income
8,718
9,000
Directors loan account
10,130
–
Other debtors
5,934
2,453
--------
--------
24,782
11,453
--------
--------
6. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
–
568,895
Trade creditors
13,161
30,072
Accruals and deferred income
11,135
39,786
Corporation tax
19,036
48,432
Director loan accounts
–
69,380
Amounts owed to related undertakings
918,600
651,544
---------
------------
961,932
1,408,109
---------
------------
7. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
8. Directors' advances, credits and guarantees
At the year end the directors owed the company £10,130 (2016: £69,380 creditor) which is shown amongst debtors.
9. Related party transactions
At the year end the company owed related parties £918,600 (2016: £651,544) which is shown amongst creditors. During the year interest was charged on loans received from related parties of £20,124 (2016: £36,322).
10. Transition to FRS 102
These are the first 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.