Mowles Developments Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07223868 (England and Wales)

MOWLES DEVELOPMENTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2017

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr D M Mowles

Mr T J Mowles

REGISTERED OFFICE:

Unit 4

Spring Mill Industrial Estate

Avening Road

NAILSWORTH

Gloucestershire

GL6 0BS

REGISTERED NUMBER:

07223868 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

Barclays Bank Plc

10 - 14 High Street

SWINDON

Wiltshire

SN1 3ED

FIXED ASSETS

Tangible assets

4

13,717

76

CURRENT ASSETS

Stocks

1,127,344

321,000

Debtors

5

164,709

11,923

Cash at bank

22,030

370

1,314,083

333,293

CREDITORS

Amounts falling due within one year

6

460,998

162,004

NET CURRENT ASSETS

853,085

171,289

TOTAL ASSETS LESS CURRENT LIABILITIES

866,802

171,365

CREDITORS

Amounts falling due after more than one year

7

(839,375

)

(142,000

)

PROVISIONS FOR LIABILITIES

(1,288

)

(1,065

)

NET ASSETS

26,139

28,300

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

26,138

28,299

SHAREHOLDERS' FUNDS

26,139

28,300

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 29th January 2018 and were signed on its behalf by:

Mr T J Mowles - Director

1.	STATUTORY INFORMATION

Mowles Developments Ltd 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.

FRS 102 is mandatory for accounting periods beginning on or after 1 January 2016 for "Small

Entities", therefore this is being implemented for the first time in these financial statements.

Information on the impact of first time adoption is given in note 11.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or

finance leases. These decisions depend on an assessment of whether the risks and rewards of

ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets

order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of

all balances on a balance by balance basis.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations

expected to exist at the end of the property lease.

Turnover

Turnover is recognised at the point of completion of the property.

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Work in progress in valued at the lower of cost and net realisable value.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are

measured initially at fair value, net of transaction costs, and are measured subsequently at

amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial

liabilities, including loans, are measured initially at fair value, net of transaction costs, and are

measured subsequently at amortised cost using the effective interest method.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease

term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st May 2016

796

Additions

14,693

Disposals

(796

)

At 30th April 2017

14,693

DEPRECIATION

At 1st May 2016

720

Charge for year

1,052

Eliminated on disposal

(796

)

At 30th April 2017

976

NET BOOK VALUE

At 30th April 2017

13,717

At 30th April 2016

76

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

14,693

At 30th April 2017

14,693

DEPRECIATION

Charge for year

976

At 30th April 2017

976

NET BOOK VALUE

At 30th April 2017

13,717

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

1,339

1,340

Other debtors

153,370

583

154,709

1,923

Amounts falling due after more than one year:

Other debtors

10,000

10,000

Aggregate amounts

164,709

11,923

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,171

-

Trade creditors

61

288

Taxation and social security

13,497

5,715

Other creditors

445,269

156,001

460,998

162,004

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

9,375

-

Other creditors

830,000

142,000

839,375

142,000

Included in other creditors are loans totalling £830,000. The average interest rate on the loans is

10% per annum.

After the balance sheet date but before the approval of the accounts, the company and the lender

agreed to the early repayment of £570,000 of loans outstanding to the company as at 30 April

2017 and correctly included on the balance sheet within amounts falling due after more than one

year.

Shortly after this agreement and before the approval of these accounts £570,000 of loans were

actually repaid.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Loans

830,000

142,000

The above loans are included within other creditors and secured as follows:

Charge over land at Springfield Road, Rowde, Devizes

Charge over 81 Cheltenham Road, Cirencester

Charge over the land on the west side of Horns Lane, Broad town, Swindon

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

10.	RELATED PARTY DISCLOSURES

Loans were provided to a company under common control by Mowles Developments Ltd, under

common control.

2017

2016

£

£

Balance b/fwd

(7,131)

Loan provided

401,765

13,000

Loan repaid

(280,429)

(20,131)

Balance c/fwd

114,205

(7,131)

The director provided a loan to Mowles Development Ltd.

2017

2016

£

£

Balance b/fwd

(58,704)

(114,632)

Amounts provided

86,715

117,810

Amounts repaid

(72,000)

(61,882)

Balance c/fwd

(43,989)

(58,704)

The loans were provided interest free and have no fixed repayment date.

11.	FIRST YEAR ADOPTION

This has been considered by the directors and they have concluded that there are no transitional

adjustments necessary for the adoption of FRS 102 (1A).