Idlewood Properties Limited - Period Ending 2017-11-30

Registration number: 3462642

Idlewood Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Idlewood Properties Limited
for the Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Idlewood Properties Limited for the year ended 30 November 2017 as set out on pages 2 to 7 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 Idlewood Properties Limited, 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 Idlewood Properties Limited and state those matters that we have agreed to state to the Board of Directors of Idlewood Properties Limited, 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 Idlewood Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Idlewood Properties Limited 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 Idlewood Properties Limited. You consider that Idlewood Properties 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 accounts of Idlewood Properties 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 accounts.

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

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

4 April 2018

Idlewood Properties Limited

(Registration number: 3462642)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	640,018	640,036
Current assets
Debtors	5	134	134
Cash at bank and in hand		64,850	60,405
		64,984	60,539
Creditors: Amounts falling due within one year	6	(140,665)	(136,148)
Net current liabilities		(75,681)	(75,609)
Total assets less current liabilities		564,337	564,427
Provisions for liabilities		(8,505)	(8,505)
Net assets		555,832	555,922
Capital and reserves
Called up share capital		100	100
Revaluation reserve		364,609	364,609
Profit and loss account		191,123	191,213
Total equity		555,832	555,922

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 4 to 7 form an integral part of these financial statements.

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Idlewood Properties Limited

(Registration number: 3462642)
Balance Sheet as at 30 November 2017

Approved and authorised by the Board on 4 April 2018 and signed on its behalf by:
 

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

Mrs DVH Humphrys

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

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Idlewood Properties Limited

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

1	General information

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

The address of its registered office is:
27 Queens Road
Waterlooville
Hampshire
PO7 7SB

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	25% Straight Line

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.

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.

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Idlewood Properties Limited

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

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

	2017  No.	2016  No.
Administration and support	3	3

4	Tangible assets

	Land and buildings £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2016	640,000	1,170	641,170
At 30 November 2017	640,000	1,170	641,170
Depreciation
At 1 December 2016	-	1,134	1,134
Charge for the year	-	18	18
At 30 November 2017	-	1,152	1,152
Carrying amount
At 30 November 2017	640,000	18	640,018
At 30 November 2016	640,000	36	640,036

Included within the net book value of land and buildings above is £640,000 (2016 - £640,000) in respect of freehold land and buildings.
 

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Idlewood Properties Limited

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

5

Debtors

	2017 £	2016 £
Other debtors	134	134
Total current trade and other debtors	134	134

6

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		540	370
Other creditors		140,125	135,778
		140,665	136,148

7

Dividends

Interim dividends paid

	2017 £	2016 £
Interim dividend of £100 per each Ordinary Share share	100	100

8	Related party transactions

Transactions with directors

2017	At 1 December 2016 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 30 November 2017 £
Mrs E H C Davis
Undated, unsecured and interest free directors loan account which is repayable on demand	(58,671)	160	(5,000)	-	(63,511)
Mrs S F O'Donovan
Undated, unsecured and interest free directors loan account which is repayable on demand	(72,794)	4,460	(5,000)	-	(73,334)

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Idlewood Properties Limited

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

2016	At 1 December 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 30 November 2016 £
Mrs E H C Davis
Undated, unsecured and interest free directors loan account which is repayable on demand	(57,431)	3,760	(5,000)	-	(58,671)
Mrs S F O'Donovan
Undated, unsecured and interest free directors loan account which is repayable on demand	(67,254)	-	(5,540)	-	(72,794)

9	Transition to FRS 102

This is the first year the company has presented its financial statements under Financial Reporting Standard 102 Section 1A (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 30 November 2016, were prepared under the Financial Reporting Standard for Smaller Entities effective January 2015 (FRSSE 2015). The transition date to FRS 102 was 01 December 2016.

There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.

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