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COMPANY REGISTRATION NUMBER: 3502388
Abbey Homes Limited
Filleted Unaudited Financial Statements
31 July 2017
Abbey Homes Limited
Financial Statements
Year ended 31 July 2017
Contents
Pages
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4 to 5
Abbey Homes Limited
Officers and Professional Advisers
The board of directors
Mr NM Evans
Mrs RI Evans
Mr AK Hogan
Mrs KE Hogan
Company secretary
Mrs RI Evans
Registered office
Property House
12 Victoria Place
Haverfordwest
Pembrokeshire
SA61 2LP
Accountants
Evens & Co Ltd
Chartered Accountants
Hamilton House
Hamilton Terrace
Milford Haven
Pembrokeshire
SA73 3JP
Abbey Homes Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Abbey Homes Limited
Year ended 31 July 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Homes Limited for the year ended 31 July 2017, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Abbey Homes Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Homes Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Homes Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Abbey Homes 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 Abbey Homes Limited. You consider that Abbey Homes 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 Abbey Homes 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.
Evens & Co Ltd Chartered Accountants
Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP
23 April 2018
Abbey Homes Limited
Statement of Financial Position
31 July 2017
2017
2016
Note
£
£
Current assets
Stocks
678,640
254,895
Debtors
5
201,725
202,343
Cash at bank and in hand
73,741
2
---------
---------
954,106
457,240
Creditors: amounts falling due within one year
6
( 1,160,135)
( 545,970)
------------
---------
Net current liabilities
( 206,029)
( 88,730)
---------
--------
Total assets less current liabilities
( 206,029)
( 88,730)
---------
--------
Capital and reserves
Called up share capital
7
4
4
Profit and loss account
( 206,033)
( 88,734)
---------
--------
Shareholders deficit
( 206,029)
( 88,730)
---------
--------
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.
For the year ending 31 July 2017 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 were approved by the board of directors and authorised for issue on 23 April 2018 , and are signed on behalf of the board by:
Mr NM Evans
Director
Company registration number: 3502388
Abbey Homes Limited
Notes to the Financial Statements
Year ended 31 July 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Property House, 12 Victoria Place, Haverfordwest, Pembrokeshire, SA61 2LP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The company is dependent on other companies for financial support in which Mr NM Evans , the director and shareholder, has a material interest. Those other companies intend to continue to provide financial and other support to the company for the foreseeable future to enable it to meet its liabilities as they fall due. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of VAT.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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 stock to its present location and condition.
4. Tax on (loss)/profit
Major components of tax expense
2017
2016
£
£
Current tax:
UK current tax expense
–
21
----
----
Tax on (loss)/profit
–
21
----
----
5. Debtors
2017
2016
£
£
Other debtors
201,725
202,343
---------
---------
Other debtors include an amount of £nil (2016 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts (secured)
–
21,289
Trade creditors
65,082
34,637
Corporation tax
21
21
Social security and other taxes
3,608
1,715
Amounts owed to associated companies
807,797
188,199
Other creditors
283,627
300,109
------------
---------
1,160,135
545,970
------------
---------
7. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
4
4
4
4
----
----
----
----
8. Related party transactions
The company was under the control of Mr NM Evans , a director and equal shareholder, throughout the current and previous year. During the year Askens Limited, a company in which Mr NM Evans is materially interested as director and sole shareholder, registered a charge over land lying east of Newton Road, Haverfordwest. The charge related to an interest payable loan issued by Askens Limited to the company.
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.