Primus Homes Limited 31/12/2017 iXBRL

Primus Homes Limited 31/12/2017 iXBRL

PRIMUS HOMES LIMITED - Company Information

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Company registration number: 06429984
Primus Homes Limited
Unaudited filleted financial statements
31 December 2017
Primus Homes Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Primus Homes Limited
Directors and other information
Directors Mr M J E Tidd
Mr N G Sammes
Mr D P Redfern (Resigned 14 July 2017)
Company number 06429984
Registered office Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Primus Homes Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Primus Homes Limited
Period ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Primus Homes Limited for the period ended 31 December 2017 which comprise the statement of financial position and related notes 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, 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 Primus Homes Limited, as a body, in accordance with the terms of our engagement letter dated 29 December 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Primus Homes Limited and state those matters that we have agreed to state to the board of directors of Primus Homes Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Primus Homes Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Primus Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Primus Homes Limited. You consider that Primus Homes Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Primus Homes 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 financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
26 September 2018
Primus Homes Limited
Statement of financial position
31 December 2017
31/12/17 30/06/16
Note £ £ £ £
Current assets
Stocks 20,000 312,000
Cash at bank and in hand 1 1
_______ _______
20,001 312,001
Creditors: amounts falling due
within one year 4 ( 312,000) ( 312,000)
_______ _______
Net current (liabilities)/assets ( 291,999) 1
_______ _______
Total assets less current liabilities ( 291,999) 1
_______ _______
Net (liabilities)/assets ( 291,999) 1
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 292,000) -
_______ _______
Shareholders (deficit)/funds ( 291,999) 1
_______ _______
For the period ending 31 December 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 September 2018 , and are signed on behalf of the board by:
Mr M J E Tidd
Director
Company registration number: 06429984
Primus Homes Limited
Notes to the financial statements
Period ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Creditors: amounts falling due within one year
31/12/17 30/06/16
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 312,000 312,000
_______ _______
5. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the period
No transitional adjustments were required.