Hawkswick Developments Limited 31/03/2018 iXBRL

Hawkswick Developments Limited 31/03/2018 iXBRL

HAWKSWICK DEVELOPMENTS LIMITED - Company Information

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Company registration number: 03325365
Hawkswick Developments Limited
Unaudited filleted financial statements
31 March 2018
Hawkswick Developments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hawkswick Developments Limited
Directors and other information
Directors A H Walters
E L Walters
L S Walters
Secretary L S Walters
Company number 03325365
Registered office Hawkswick Lodge Farm
Harpenden Road
St Albans
Hertfordshire
AL3 6JG
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Hawkswick Developments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hawkswick Developments Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hawkswick Developments Limited for the year ended 31 March 2018 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 Hawkswick Developments Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Hawkswick Developments Limited and state those matters that we have agreed to state to the board of directors of Hawkswick Developments 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 Hawkswick Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hawkswick 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 Hawkswick Developments Limited. You consider that Hawkswick 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 Hawkswick 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
13 December 2018
Hawkswick Developments Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Current assets
Stocks 1,570,776 -
Debtors 5 1,528 42,675
Cash at bank and in hand 1,586,929 621,501
________ ________
3,159,233 664,176
Creditors: amounts falling due
within one year 6 ( 2,949,208) ( 446,232)
________ ________
Net current assets 210,025 217,944
________ ________
Total assets less current liabilities 210,025 217,944
________ ________
Net assets 210,025 217,944
________ ________
Capital and reserves
Called up share capital 75,000 75,000
Share premium account 70,500 70,500
Profit and loss account 64,525 72,444
________ ________
Shareholders funds 210,025 217,944
________ ________
For the year ending 31 March 2018 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 year 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 13 December 2018 , and are signed on behalf of the board by:
A H Walters
Director
Company registration number: 03325365
Hawkswick Developments Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hawkswick Lodge Farm, Harpenden Road, St Albans, Hertfordshire, AL3 6JG.
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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the sale proceeds from refurbishing residential property and rent receivable.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Debtors
2018 2017
£ £
Other debtors 1,528 42,675
________ ________
6. Creditors: amounts falling due within one year
2018 2017
£ £
Loans and overdrafts 1,250,000 -
Trade creditors 1,319,500 -
Social security and other taxes 358 3,236
Other creditors 379,350 442,996
________ ________
2,949,208 446,232
________ ________
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Amounts repaid Balance o/standing
£ £ £
A H Walters ( 438,445) 59,899 ( 378,546)
________ ________ ________
2017
Balance brought forward Amounts repaid Balance o/standing
£ £ £
A H Walters ( 623,249) 184,804 ( 438,445)
________ ________ ________