Greetland Developments Limited Company Accounts

Greetland Developments Limited Company Accounts

GREETLAND DEVELOPMENTS LIMITED - 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 2 - FRS 101,137 101,137 1 1 xbrli:pure xbrli:shares iso4217:GBP 01900626 2016-04-01 2017-03-31 01900626 2017-03-31 01900626 2015-04-01 2016-03-31 01900626 2016-03-31 01900626 bus:OrdinaryShareClass1 2016-04-01 2017-03-31 01900626 bus:Director3 2016-04-01 2017-03-31 01900626 core:WithinOneYear 2017-03-31 01900626 core:WithinOneYear 2016-03-31 01900626 core:ShareCapital 2017-03-31 01900626 core:ShareCapital 2016-03-31 01900626 core:RetainedEarningsAccumulatedLosses 2017-03-31 01900626 core:RetainedEarningsAccumulatedLosses 2016-03-31 01900626 core:CostValuation core:Non-currentFinancialInstruments 2017-03-31 01900626 core:Non-currentFinancialInstruments 2017-03-31 01900626 core:LandBuildings 2017-03-31 01900626 bus:Director2 2016-04-01 2017-03-31 01900626 bus:FRS102 2016-04-01 2017-03-31 01900626 bus:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 01900626 bus:FullAccounts 2016-04-01 2017-03-31 01900626 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 01900626 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 01900626 bus:OrdinaryShareClass1 2017-03-31 01900626 bus:OrdinaryShareClass1 2016-03-31
COMPANY REGISTRATION NUMBER: 01900626
GREETLAND DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2017
GREETLAND DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2017
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
GREETLAND DEVELOPMENTS LIMITED
BALANCE SHEET
31 March 2017
2017
2016
Note
£
£
Fixed assets
Tangible assets
4
101,137
101,137
Investments
5
1
1
------------
------------
101,138
101,138
Current assets
Debtors
6
1,006
–
Cash at bank and in hand
17,164
12,312
------------
------------
18,170
12,312
Creditors: amounts falling due within one year
7
( 115,633)
( 112,586)
------------
------------
Net current liabilities
( 97,463)
( 100,274)
------------
------------
Total assets less current liabilities
3,675
864
------------
------------
Net assets
3,675
864
------------
------------
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss account
2,675
( 136)
------------
------------
Members funds
3,675
864
------------
------------
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 profit and loss account 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 .
These financial statements were approved by the board of directors and authorised for issue on 18 December 2017 , and are signed on behalf of the board by:
D M Norton Director
Company registration number: 01900626
GREETLAND DEVELOPMENTS 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, company number 01900626 . The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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. 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Rents receivable are measured at the fair value of the consideration received or receivable and represents amounts receivable for the year.
Taxation
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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
Investment properties
£
Cost
At 1 April 2016 and 31 March 2017
101,137
------------
Depreciation
At 1 April 2016 and 31 March 2017
–
------------
Carrying amount
At 31 March 2017
101,137
------------
The directors consider that the current market value of the properties is not materially different to the carrying value and no fair value adjustment is therefore required.
5. Investments
Shares in group undertakings
£
Cost
At 1 April 2016 and 31 March 2017
1
------------
Impairment
At 1 April 2016 and 31 March 2017
–
------------
Carrying amount
At 31 March 2017
1
------------
The company's subsidiary undertaking is as follows:
Company Activity Ordinary shares
Held
Basilica Management Limited Property management 100%
2017
2016
£
£
Financial information of subsidiary undertaking:
Aggregate of capital and reserves
11,904
8,560
------------
------------
Profit for the financial year
3,344
3,344
------------
------------
6. Debtors
2017
2016
£
£
Prepayments and accrued income
1,006
–
------------
------------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Amounts owed to group undertakings
16,173
12,643
Accruals and deferred income
2,454
2,454
Corporation tax
703
332
Directors' loan accounts (note 9)
20,739
21,593
Other creditors
75,564
75,564
------------
------------
115,633
112,586
------------
------------
8. 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
------------
------------
------------
------------
9. Related party transactions
Transactions with directors The directors' loan accounts of £20,739 (2016: £21,593) included in note 7 above are unsecured, repayable on demand and currently interest free. D M Norton and V Norton are directors of Norton & Co (Property) Limited and between them hold 100% of that company's ordinary share capital. Included in other creditors is a loan of £75,564 (2016: £75,564) due to Norton & Co (Property) Limited. This loan is unsecured, repayable on demand and currently interest free. Transactions with subsidiary company Included in creditors is an amount of £16,173 (2016: £12,643) due to Basilica Management Limited. Control of the company In the directors' opinion no one party has control of the company.
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.