Collingwood Homes Limited - Accounts to registrar (filleted) - small 17.3
Collingwood Homes Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2017 |
| for |
| Collingwood Homes Limited |
| Collingwood Homes Limited (Registered number: 05317412) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Collingwood Homes Limited |
| Company Information |
| for the Year Ended 31 May 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 14a Waterside Business Park |
| Livingstone Road |
| Hessle |
| East Yorkshire |
| HU13 0EG |
| BANKERS: |
| 55 Whitefriargate |
| Hull |
| East Yorkshire |
| HU1 2HX |
| Collingwood Homes Limited (Registered number: 05317412) |
| Balance Sheet |
| 31 May 2017 |
| 31.5.17 | 31.5.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Collingwood Homes Limited (Registered number: 05317412) |
| Balance Sheet - continued |
| 31 May 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
| The financial statements were approved by the director on |
| Collingwood Homes Limited (Registered number: 05317412) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2017 |
| 1. | STATUTORY INFORMATION |
| Collingwood Homes Limited is a |
| 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 |
| The financial statements are prepared under the historical cost convention as modified by the revaluation of |
| investment properties and in accordance with all applicable accounting standards. The financial statements are in |
| compliance with the Companies Act 1985 except that, as explained below, investment properties are not |
| depreciated. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| market value is transferred to a revaluation reserve. |
| In accordance with Statement of Standard Accounting Practice No.19, depreciation is not provided on freehold |
| investment properties. This is a departure from the Companies Act 1985, which requires all properties to be |
| depreciated. Such properties are not held for consumption but for investment and the directors consider that to |
| depreciate them would not give a true and fair view. The properties are to be revalued on an annual interval |
| basis. Depreciation is only one of the many factors reflected in the annual valuation of properties and |
| accordingly the amount depreciation, which might otherwise have been charged, cannot be separately identified |
| or quantified, the directors consider that this policy results in the accounts giving a true and fair view. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, |
| 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 balance sheet date. |
| Collingwood Homes Limited (Registered number: 05317412) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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. |
| Going concern |
| Despite the company having net current liabilities on the balance sheet of £26,168 (2016 - £30,901) the director |
| expects the company to make profits in the future. |
| The director, having made due and careful enquiry, is of the opinion that the company has adequate working |
| capital to execute its operations for the next 12 months as they have the continued support of its shareholder. |
| The director therefore has made an informed judgement, at the time of approving the financial statements, that |
| there is reasonable expectation that the company has adequate resources to continue in operational existence for |
| the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in |
| preparing the annual financial statements. |
| Turnover |
| Turnover represents income from properties, excluding value added tax. |
| Revenue Recognition |
| Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company |
| receives a right to consideration from its performance. |
| Revenue received in advance at the year-end that fulfil the criteria are included in these financial statements |
| based on their fair value of the right to consideration at the balance sheet date. The value is included in creditors |
| as Deferred Income. |
| 3. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2016 |
| and 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| Collingwood Homes Limited (Registered number: 05317412) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2016 |
| and 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| Fair value at 31 May 2017 is represented by: |
| £ |
| Valuation in 2011 | 30,498 |
| Valuation in 2013 | 20,000 |
| Cost | 202,324 |
| 252,822 |
| If the properties had not been revalued they would have been included at the following historical cost: |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Cost | 202,324 | 202,324 |
| The properties were valued on an open market basis on 31 May 2017 by the director, Mr L J Collingwood . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Directors' current accounts | 25,949 | 31,868 |
| Accrued expenses |
| Collingwood Homes Limited (Registered number: 05317412) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Bank loans more 5 yrs non-inst | 125,000 | 125,000 |
| Other loans more 5yrs instal |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| Repayable by instalments |
| Other loans more 5yrs instal | 51,400 | 51,400 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Bank loans |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.17 | 31.5.16 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2016 |
| Profit for the year |
| At 31 May 2017 |
| Collingwood Homes Limited (Registered number: 05317412) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2017 and |
| 31 May 2016: |
| 31.5.17 | 31.5.16 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| This amount is interest free and repayable on demand after one year. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The company is controlled by the director. |
| 13. | FIRST YEAR ADOPTION |
| On transition to FRS102 the company has taken advantage of the following transitional relief: |
| - Not to disclose the reconciliation of equity and profit and loss due to no subsequent changes. |