St Martin's Developments (Hereford) Ltd - Period Ending 2017-04-30

Registration number: 08362733

St Martin's Developments (Hereford) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

St Martin's Developments (Hereford) Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

St Martin's Developments (Hereford) Ltd

Company Information

Director

Mr P L Tobin

Company secretary

Mrs C L Tobin

Registered office

Bewell House Bewell Street Hereford Herefordshire HR4 0BA

Bankers

HSBC Bank Hereford 35 High Town Hereford HR1 2AQ

Accountants

Young & Co Chartered Accountants Bewell House Bewell Street Hereford Herefordshire HR4 0BA

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
St Martin's Developments (Hereford) Ltd
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of St Martin's Developments (Hereford) Ltd for the year ended 30 April 2017 as set out on pages 3 to 8 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
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of St Martin's Developments (Hereford) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of St Martin's Developments (Hereford) Ltd and state those matters that we have agreed to state to the Board of Directors of St Martin's Developments (Hereford) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than St Martin's Developments (Hereford) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that St Martin's Developments (Hereford) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of St Martin's Developments (Hereford) Ltd. You consider that St Martin's Developments (Hereford) Ltd 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 accounts of St Martin's Developments (Hereford) Ltd. 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 accounts.

......................................

Young & Co
Chartered Accountants
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

25 August 2017

Page 2

St Martin's Developments (Hereford) Ltd

(Registration number: 08362733)
Balance Sheet as at 30 April 2017

	Note	2017 £	2016 £
Current assets
Stocks	3	155,449	151,200
Debtors	4	-	1,900
Cash at bank and in hand		466	1,222
		155,915	154,322
Creditors: Amounts falling due within one year	5	(155,562)	(154,077)
Net assets		353	245
Capital and reserves
Called up share capital		100	100
Profit and loss account		253	145
Total equity		353	245

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

St Martin's Developments (Hereford) Ltd

(Registration number: 08362733)
Balance Sheet as at 30 April 2017
(continued)

Approved and authorised by the director on 25 August 2017
 

.........................................

Mr P L Tobin

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

St Martin's Developments (Hereford) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Bewell House
Bewell Street
Hereford
Herefordshire
HR4 0BA

The principal place of business is:
Burghill Lodge
Canon Pyon
Hereford, Herefordshire
HR4 8NW

These financial statements were authorised for issue by the director on 25 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 5

St Martin's Developments (Hereford) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017
(continued)

2	Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 6

St Martin's Developments (Hereford) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017
(continued)

3

Stocks

	2017 £	2016 £
Other inventories	155,449	151,200

4

Debtors

	2017 £	2016 £
Other debtors	-	1,900
Total current trade and other debtors	-	1,900

5

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		-	1,200
Other creditors		155,562	152,877
		155,562	154,077

Page 7

St Martin's Developments (Hereford) Ltd

Notes to the Financial Statements for the Year Ended 30 April 2017
(continued)

6	Related party transactions

Summary of transactions with other related parties

The company has an outstanding loan from its shareholder, Mrs C L Tobin. The loan is unsecured, interest free and repayable on demand.
 

Loans from related parties

2017	Other related parties £
At start of period	151,715
Advanced	1,000
At end of period	152,715

2016	Other related parties £
At start of period	151,900
Advanced	1,500
Repaid	(1,685)
At end of period	151,715

7	Transition to FRS 102

There are no adjustments to the previous year amounts arising from the change of accounting framework to FRS102.

Page 8