ACCOUNTS - Final Accounts

HARTWOOD RESIDENTIAL LIMITED - Company Information

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Registered number: 08700601

HARTWOOD RESIDENTIAL LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2018

HARTWOOD RESIDENTIAL LIMITED

REGISTERED NUMBER: 08700601

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£


Current assets
Stocks	4	732,597		704,631
Debtors: amounts falling due within one year	5	12,584		100
Cash at bank and in hand	6	2,092		30,796
		747,273		735,527
Creditors: amounts falling due within one year	7	(97,675)		(53,686)
Net current assets			649,598		681,841
Total assets less current liabilities			649,598		681,841

Net assets			649,598		681,841

Capital and reserves
Called up share capital	201	201
Profit and loss account	649,397	681,640
	649,598	681,841

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

D P Walsh

Director

Date: 14 December 2018

The notes on pages 2 to 4 form part of these financial statements.

Page 1

HARTWOOD RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

1.	General information

Hartwood Residential Limited is a limited liability company incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

Since the balance sheet date, the remaining apartments have been sold and the directors have taken the decision to wind up the company. As a result the accounts have been prepared under the break up basis.

2.3

Turnover

Turnover comprises revenue recognised by the company in respect of property sales.
Turnover and profit is recognised in these financial statements when contracts for the sale of property have been exchanged.

2.4

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Stock represents apartments built and consists of build costs and other direct costs.
Net realisable value, where applicable, is based on estimated selling price less estimated costs of completion and disposal.

2.5

Taxation

Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

HARTWOOD RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

3.	Employees
	The Company has no employees other than the directors, who did not receive any remuneration (2017 - £nil).

The average monthly number of employees, including directors, during the period was 5 (2017 - 5).

4.	Stocks
		2018	2017
		£	£

Work in progress	732,597	704,631
	732,597	704,631

Long term contract balances consist of:
	2018	2017
	£	£


Costs to date less provision for losses	732,597	704,631
	732,597	704,631

Debtors

					2018	2017
					£	£


Other debtors	8,164	100
Prepayments and accrued income	4,420	-
	12,584	100

6.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	2,092	30,796
	2,092	30,796

Page 3

HARTWOOD RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Corporation tax	-	17,250
Other creditors	50,236	7,000
Accruals and deferred income	47,439	29,436
	97,675	53,686

8.	Post balance sheet events

Since the balance sheet date, the remaining apartments have been sold and the directors have taken the decision to wind up the company.

9.	Controlling party

The directors do not consider there to be any one controlling party.

10.	Auditor's information

The auditor's report on the financial statements for the period ended 31 March 2018 was unqualified.

In their report, the auditor emphasised that following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates the directors decision to wind up the company. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 17 December 2018 by Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston.

Page 4