ACCOUNTS - Final Accounts preparation

EXCEED HOUSING ASSOCIATION LTD - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseOther accommodationfalse2017-04-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. 10052274 2017-04-01 2018-03-31 10052274 2016-03-09 2017-03-31 10052274 2018-03-31 10052274 2017-03-31 10052274 c:Director1 2017-04-01 2018-03-31 10052274 d:FurnitureFittings 2017-04-01 2018-03-31 10052274 d:FurnitureFittings 2018-03-31 10052274 d:FurnitureFittings 2017-03-31 10052274 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-04-01 2018-03-31 10052274 d:CurrentFinancialInstruments 2018-03-31 10052274 d:CurrentFinancialInstruments 2017-03-31 10052274 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10052274 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 10052274 d:RetainedEarningsAccumulatedLosses 2018-03-31 10052274 d:RetainedEarningsAccumulatedLosses 2017-03-31 10052274 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-31 10052274 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 10052274 c:FRS102 2017-04-01 2018-03-31 10052274 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 10052274 c:FullAccounts 2017-04-01 2018-03-31 10052274 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number: 10052274

EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

REGISTERED NUMBER: 10052274

BALANCE SHEET

AS AT 31 MARCH 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		1,006		1,342
			1,006		1,342
Current assets
Debtors: amounts falling due within one year	5	13,925		12,925
Cash at bank and in hand	6	802		250
		14,727		13,175
Creditors: amounts falling due within one year	7	(14,840)		(14,206)
Net current liabilities			(113)		(1,031)
Total assets less current liabilities			893		311

Net assets			893		311

Capital and reserves
Profit and loss account	893	311
	893	311

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 17 December 2018.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

REGISTERED NUMBER: 10052274

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2018

M I Khan

Director

The notes on pages 3 to 9 form part of these financial statements.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

1.	General information

Exceed Housing Association Limited (formerly known as Capita Housing Association Limited) is a company limited by shares incorporated in England within the United Kingdom, having a registration of 10052274. The address of the registered office is St. Georges Community Hub, Great Hampton Row, Birmingham, United Kingdom, B19 3JG . The principal activity of the company in the year under review was that of other accommodation.
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to receive support from creditors.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.6

Debtors

Short term 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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the 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.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.9

Financial instruments (continued)

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

∙at fair value with changes recognised in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 3).

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 April 2017	1,790
	At 31 March 2018	1,790
	Depreciation
	At 1 April 2017	448
	Charge for the year on owned assets	336
	At 31 March 2018	784
	Net book value
	At 31 March 2018	1,006

Debtors

					2018	2017
					£	£


Amounts owed by related party	12,925	12,925
Prepayments and accrued income	1,000	-
	13,925	12,925

6.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	802	250
	802	250

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

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

Other taxation and social security	6,305	5,132
Other creditors	7,985	8,574
Accruals and deferred income	550	500
	14,840	14,206

8.	Financial instruments
		2018	2017
		£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	802	250

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise of those that have been booked through the balance sheet.


9.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1.00 towards the assets of the company in the event of liquidation. On 8 February 2018, the company changed its name from Capita Housing Association Limited to Exceed Housing Asscoiation Ltd.

10.	Transactions with directors

During the period the director, M I Khan made an interest free loan to the company. At 31 March 2018, there was a balance of £7,521 (2017: £8,181) due to M I Khan from the company which is included in creditors due within one year.

11.

Related party transactions

M I Khan is also a director of Guardian Housing Limited. At 31 March 2018, Guardian Housing Limited, owed the company £12,925 (2017: £12,925) which is included in debtors due within one year.
The above loan is repayable by Guardian Housing Limited on demand and therefore there is no significant difference between the value of the original loan amount and the initial carrying value of the loan as shown in the balance sheet.

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EXCEED HOUSING ASSOCIATION LTD

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

12.	Controlling party

During the year the company was under the control of the sole director, M I Khan.

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