Glenwood Homes Limited - Accounts to registrar (filleted) - small 18.2

Glenwood Homes Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 07287300 (England and Wales)















Financial Statements for the Year Ended 31 December 2017

for

Glenwood Homes Limited

Glenwood Homes Limited (Registered number: 07287300)

Contents of the Financial Statements
for the Year Ended 31 December 2017










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Glenwood Homes Limited

Company Information
for the Year Ended 31 December 2017







DIRECTOR: N J Jarvis



REGISTERED OFFICE: Como House
Warwick Road
Hampton Wick
Kingston upon Thames
Surrey
KT1 4DW



REGISTERED NUMBER: 07287300 (England and Wales)



ACCOUNTANTS: Fallows & Company Chartered Accountants
Archway House
81-82 Portsmouth Road
Surbiton
Surrey
KT6 5PT



BANKERS: National Westminster Bank plc
5 Market Place
Kingston upon Thames
Surrey
KT1 1JX

Glenwood Homes Limited (Registered number: 07287300)

Balance Sheet
31 December 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 8,098 10,797

CURRENT ASSETS
Stocks 1,966,741 1,942,846
Debtors 4 2,858,325 2,467,042
Cash at bank 2,430 -
4,827,496 4,409,888
CREDITORS
Amounts falling due within one year 5 4,315,207 4,144,194
NET CURRENT ASSETS 512,289 265,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

520,387

276,491

CREDITORS
Amounts falling due after more than one
year

6

400

4,369
NET ASSETS 519,987 272,122

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 519,887 272,022
SHAREHOLDERS' FUNDS 519,987 272,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Glenwood Homes Limited (Registered number: 07287300)

Balance Sheet - continued
31 December 2017


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 director on 13 December 2018 and were signed by:





N J Jarvis - Director


Glenwood Homes Limited (Registered number: 07287300)

Notes to the Financial Statements
for the Year Ended 31 December 2017


1. STATUTORY INFORMATION

Glenwood Homes 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.

Turnover
Turnover represents the total amounts receivable on the properties sold during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

Glenwood Homes Limited (Registered number: 07287300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2017


3. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2017
and 31 December 2017 19,195
DEPRECIATION
At 1 January 2017 8,398
Charge for year 2,699
At 31 December 2017 11,097
NET BOOK VALUE
At 31 December 2017 8,098
At 31 December 2016 10,797

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2017
and 31 December 2017 19,195
DEPRECIATION
At 1 January 2017 8,398
Charge for year 2,699
At 31 December 2017 11,097
NET BOOK VALUE
At 31 December 2017 8,098
At 31 December 2016 10,797

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 854,479 51,934
Other debtors 1,604,958 1,368,394
Directors' current accounts - 63,869
VAT 14,376 1,471
Deferred tax asset 93,296 51,687
Prepayments and accrued income 291,216 929,687
2,858,325 2,467,042

Glenwood Homes Limited (Registered number: 07287300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2017


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts - 3,343
Hire purchase contracts 4,799 4,799
Trade creditors 1,538,914 1,532,805
Tax 14,672 105,529
Other creditors 1,407,481 1,795,218
Directors' current accounts 645,858 -
Accrued expenses 703,483 702,500
4,315,207 4,144,194

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2017 2016
£    £   
Hire purchase contracts 400 4,369

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017 and
31 December 2016:

2017 2016
£    £   
N J Jarvis
Balance outstanding at start of year 63,869 -
Amounts advanced 577,270 579,604
Amounts repaid (1,286,997 ) (515,735 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (645,858 ) 63,869

Glenwood Homes Limited (Registered number: 07287300)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2017


8. RELATED PARTY DISCLOSURES

Sales includes £254,437 in respect of the company's share of profit from its joint venture with Phoenix
Partnership, a business in which N J Jarvis is a partner.

Included within Debtors (note 6) are amounts owed by the following companies, of which N J Jarvis is also a
director:

20172016
££
Diadem Homes Limited1,008,618681,301
Glenwood Homes (London) Limited208,776220,912
36415201 Limited75,4504,650
Glenwood Homes (Oxshott) Limited76,153-
Glenwood Homes Bespoke Limited4,4524,452

Included within Creditors (notes 7 & 8) are amounts owed to the following companies of which N J Jarvis is
also a director:
20172016
££
Glenwood Homes (Investments) Limited398,168358,853
Glenwood Homes (Teddington) Limited318,999496,868

'Other creditors' includes the sum of £163,605 (2016 Debtor: £208,295) owed to S J Dines to whom N J Jarvis is
related.

'Other creditors' includes the sum of £307 (2016: £721,236) owed to J Jarvis who is the spouse of N J Jarvis.

9. ULTIMATE CONTROLLING PARTY

N J Jarvis is the ultimate controlling party.