School Land Developments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09691772 (England and Wales)

SCHOOL LAND DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

R H Brown

C J Hubbard

REGISTERED OFFICE:

9 Sudbrooke Lane

Nettleham

Lincoln

Lincolnshire

LN2 2RL

REGISTERED NUMBER:

09691772 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

11,223

12,283

CURRENT ASSETS

Stocks

977,832

884,157

Debtors

5

7,539

9,933

Cash at bank

516,182

403,889

1,501,553

1,297,979

CREDITORS

Amounts falling due within one year

6

1,172,427

1,178,140

NET CURRENT ASSETS

329,126

119,839

TOTAL ASSETS LESS CURRENT LIABILITIES

340,349

132,122

PROVISIONS FOR LIABILITIES

296

99

NET ASSETS

340,053

132,023

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

340,052

132,022

SHAREHOLDERS' FUNDS

340,053

132,023

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

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

The directors acknowledge their 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 Board of Directors on 8 January 2018 and were signed on its behalf by:

R H Brown - Director

1.	STATUTORY INFORMATION

School Land Developments Limited is a private company, limited by shares , registered in England and Wales. 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.

The financial statements for the year ended 31 July 2017 are the first financial statements of School Land Developments

Limited to be prepared in accordance with FRS 102. Adjustments required on transition are set out in the notes to the

financial statements.

Turnover

Turnover represents amounts charged to customers for goods and services provided during the year, excluding value

added tax.

Revenue is recognised on the sale of land and houses when the risks and rewards of the underlying sale have been

substantially transferred to the customer, which is upon the exchange of contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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 statement of financial position date.

Deferred tax

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

financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2016

16,229

Additions

2,426

At 31 July 2017

18,655

DEPRECIATION

At 1 August 2016

3,946

Charge for year

3,486

At 31 July 2017

7,432

NET BOOK VALUE

At 31 July 2017

11,223

At 31 July 2016

12,283

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

650

650

Other debtors

6,889

9,283

7,539

9,933

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

14,670

60,754

Taxation and social security

51,726

34,158

Other creditors

1,106,031

1,083,228

1,172,427

1,178,140

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

8.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 July 2017. The reported financial position and

financial performance for the previous year are not affected by the transition to FRS 102.