Snowden Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10421207 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2018

for

Snowden Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

S S Dabasia

H S Dabasia

S S Patel

G B Velani

D Dabasia

REGISTERED OFFICE:

14 Oxford Road

Wealdstone

Harrow

Middlesex

HA3 7RG

REGISTERED NUMBER:

10421207 (England and Wales)

ACCOUNTANTS:

Lee Accounting Services Limited

Trading as Lee & Co

Chartered Accountants

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

CURRENT ASSETS

Stocks

6,507,129

-

Debtors

4

63,871

1

Cash at bank

12,988

-

6,583,988

1

CREDITORS

Amounts falling due within one year

5

6,616,840

-

NET CURRENT (LIABILITIES)/ASSETS

(32,852

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

(32,852

)

1

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

(32,853

)

-

SHAREHOLDERS' FUNDS

(32,852

)

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 November 2018 and were signed on its behalf by:

S S Patel - Director

D Dabasia - Director

1.	STATUTORY INFORMATION

Snowden Developments Limited 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.

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. The financial statements have been prepared under the historical cost convention.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing stocks to their present location and condition.

Finance costs in relation to loans taken out for development purposes are capitalised into work in

progress.

Financial instruments

Debtors

Short terms 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.

Creditors

Short term trade creditors are measured at transaction price. Other financial liabilities, including

bank 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 balance sheet date.

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

The accounts have been prepared on the basis of the Company being a going concern despite the

net liabilities position shown at the year end. The Company has ready access to financial resources,

to support the company for another year from the date of signing the accounts making the going

concern basis appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Other debtors

63,871

1

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Bank loans and overdrafts

2,729,534

-

Trade creditors

149,424

-

Taxation and social security

504

-

Other creditors

3,737,378

-

6,616,840

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.18

30.4.17

£

£

Bank loans

2,729,534

-

Security for the loan is a first legal charge over the site at Fanuc House, Station Approach, Ruislip,

HA4 8LF.

7.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

30.4.18

30.4.17

value:

£

£

1,000

Ordinary

£.001

1

1

8.	RELATED PARTY DISCLOSURES

Jaysam Contractors Limited

Shared directors and shareholders

During the year the company made purchases of £100,000 (2017 : £nil) from the related party.

30.4.18

30.4.17

£

£

Amount due to related party at the balance sheet date

3,836,129

-

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Snowden Developments Limited for the year ended 30 April 2018

which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Snowden Developments 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 Snowden Developments Limited. You consider that Snowden Developments 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 financial statements of Snowden Developments 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.

Lee Accounting Services Limited

Trading as Lee & Co

Chartered Accountants

26 High Street

Rickmansworth

Hertfordshire

WD3 1ER

27 November 2018