Octavia Estates (Projects) Limited Company Accounts

OCTAVIA ESTATES (PROJECTS) LIMITED - Company Information

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 xbrli:pure xbrli:shares iso4217:GBP 04041762 2016-04-01 2017-03-31 04041762 2017-03-31 04041762 2016-03-31 04041762 2015-04-01 2016-03-31 04041762 2016-03-31 04041762 2015-03-31 04041762 core:FurnitureFittings 2016-04-01 2017-03-31 04041762 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 04041762 bus:Director2 2016-04-01 2017-03-31 04041762 bus:Director3 2016-04-01 2017-03-31 04041762 core:LandBuildings core:LongLeaseholdAssets 2016-03-31 04041762 core:FurnitureFittings 2016-03-31 04041762 core:WithinOneYear 2017-03-31 04041762 core:WithinOneYear 2016-03-31 04041762 core:AfterOneYear 2017-03-31 04041762 core:AfterOneYear 2016-03-31 04041762 core:LandBuildings core:LongLeaseholdAssets 2016-04-01 2017-03-31 04041762 core:ShareCapital 2017-03-31 04041762 core:ShareCapital 2016-03-31 04041762 core:RetainedEarningsAccumulatedLosses 2017-03-31 04041762 core:RetainedEarningsAccumulatedLosses 2016-03-31 04041762 core:LandBuildings core:LongLeaseholdAssets 2016-03-31 04041762 bus:Director2 2016-03-31 04041762 bus:Director2 2017-03-31 04041762 bus:Director3 2016-03-31 04041762 bus:Director2 2015-03-31 04041762 bus:Director2 2016-03-31 04041762 bus:Director3 2015-03-31 04041762 bus:Director3 2016-03-31 04041762 bus:Director2 2015-04-01 2016-03-31 04041762 bus:FRS102 2016-04-01 2017-03-31 04041762 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 04041762 bus:FullAccounts 2016-04-01 2017-03-31 04041762 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 04041762 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31

COMPANY REGISTRATION NUMBER: 04041762

Octavia Estates (Projects) Limited

Filleted Unaudited Financial Statements

31 March 2017

Octavia Estates (Projects) Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	8

Octavia Estates (Projects) Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		–	94,999

Current assets

Debtors	5	–	5,855
Cash at bank and in hand		–	12,110
		----	--------
		–	17,965

Creditors: amounts falling due within one year	6	231,739		519,157
		---------		---------
Net current liabilities			231,739	501,192
			---------	---------
Total assets less current liabilities			( 231,739)	( 406,193)

Creditors: amounts falling due after more than one year	7		155,285	72,318

Provisions

Taxation including deferred tax	–	( 25,597)
	---------	---------
Net liabilities	( 387,024)	( 452,914)
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 387,026)	( 452,916)
	---------	---------
Shareholders deficit	( 387,024)	( 452,914)
	---------	---------

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 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Octavia Estates (Projects) Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr C D Lockhart
Director

Company registration number: 04041762

Octavia Estates (Projects) 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 6 - 8 Dyer Street, Cirencester, Gloucestershire, GL7 2PF.

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 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:

	Fixtures and fittings	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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

	Long leasehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2016	94,999	2,320	97,319
Disposals	( 94,999)	( 2,320)	( 97,319)
	--------	-------	--------
At 31 March 2017	–	–	–
	--------	-------	--------
Depreciation
At 1 April 2016	–	2,320	2,320
Disposals	–	( 2,320)	( 2,320)
	--------	-------	--------
At 31 March 2017	–	–	–
	--------	-------	--------
Carrying amount
At 31 March 2017	–	–	–
	--------	-------	--------
At 31 March 2016	94,999	–	94,999
	--------	-------	--------

5. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	5,737
Other debtors	–	118
	----	-------
	–	5,855
	----	-------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	1,188	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	23,455	94,732
Other creditors	207,096	424,425
	---------	---------
	231,739	519,157
	---------	---------

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	155,285	72,318
	---------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C D Lockhart	74,792	210,936	( 293,107)	( 7,379)
Mr J W Lockhart	( 497,717)	497,717	–	–
	---------	---------	---------	-------
	( 422,925)	708,653	( 293,107)	( 7,379)
	---------	---------	---------	-------

	2016
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr C D Lockhart	( 3,441)	79,733	( 1,500)	74,792
Mr J W Lockhart	( 497,717)	–	–	( 497,717)
	---------	--------	-------	---------
	( 501,158)	79,733	( 1,500)	( 422,925)
	---------	--------	-------	---------

9. Related party transactions

The company was under the control of director and shareholder, Mr C D Lockhart , during the current and previous year. The company was under the control of shareholder, Mr J W Lockhart , during the current and previous year. Mr C D Lockhart is a director and shareholder of Octavia Estates (Holdings) Ltd and Mr J W Lockhart is a director of Octavia Estates (Holdings) Ltd. At 31 March 2017 the company owed Octavia Estates (Holdings) Ltd £23,454 (2016: Octavia Estates (Holdings) Ltd owed the company £5,737). The company recharged management expenses to Octavia Estates (Holdings) Ltd of £27,380 for the year ended 31 March 2017 (2016: Octavia Estates (Holdings) Ltd recharged the company £8,000).

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.

Octavia Estates (Projects) Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

Octavia Estates (Projects) Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Octavia Estates (Projects) Limited

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Octavia Estates (Projects) Limited for the year ended 31 March 2017, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Octavia Estates (Projects) Limited in accordance with the terms of our engagement letter dated 16 December 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Octavia Estates (Projects) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Octavia Estates (Projects) Limited and its director for our work or for this report.

It is your duty to ensure that Octavia Estates (Projects) 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 profit of Octavia Estates (Projects) Limited. You consider that Octavia Estates (Projects) 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 Octavia Estates (Projects) 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.

McGILLS Chartered Accountants

Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US

21 December 2017