Cascade Homes Ltd - Filleted accounts

Registered number

04237454

Cascade Homes Ltd

Filleted Accounts

31 May 2018

Cascade Homes Ltd
Registered number:		04237454
Balance Sheet
as at 31 May 2018

Notes			2018			2017
£				£
Fixed assets
Tangible assets	2		-			2,696
Investment properties	3		3,852,500			2,713,028
			3,852,500			2,715,724

Current assets
Debtors	4	-			3,520
Cash at bank and in hand		45,035			370,640
		45,035			374,160

Creditors: amounts falling due within one year	5	(760,614)			(737,337)

Net current liabilities			(715,579)			(363,177)

Total assets less current liabilities			3,136,921			2,352,547

Creditors: amounts falling due after more than one year	6		(1,898,972)			(1,300,007)



Net assets			1,237,949			1,052,540

Capital and reserves
Called up share capital			99			99
Profit and loss account			1,237,850			1,052,441

Shareholders' funds			1,237,949			1,052,540

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




H Hussain
Director
Approved by the board on 14 January 2019

Cascade Homes Ltd
Notes to the Accounts
for the year ended 31 May 2018


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
						Plant and machinery etc
£
	Cost
	At 1 June 2017					15,596
	At 31 May 2018					15,596

	Depreciation
	At 1 June 2017					12,900
	Charge for the year					2,696
	At 31 May 2018					15,596

	Net book value
	At 31 May 2018					-
	At 31 May 2017					2,696


3	Investment properties
Leasehold			Freehold
property			property
investments			investments		Total
£			£		£
	Valuation
	At 1 June 2017	-		2,713,028		2,713,028
	Additions	-		1,139,472		1,139,472

	At 31 May 2018	-		3,852,500		3,852,500

	Investment properties are stated at fair value as determined by the Directors. The fair value of the investment properties is not based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms length transaction at the date of valuation. In determining the fair value of investment properties, the diretors make use of historical and current market data as well as existing lease agreements. As a result of the level of judgement used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from the valuations shown in the balance sheet. The key assumptions made in the valuation of investment properties are: - the amount and timing of future income streams, - anticipated maintenance costs and other landlord's liabilities, and - an appropriate yeild Valuations of similar investment properties on the market have been considered and used as a basis for the valuation of investment properties shown in the balance sheet.


4	Debtors			2018		2017
£					£

	Other debtors			-		3,520


5	Creditors: amounts falling due within one year			2018		2017
£					£

	Bank loans and overdrafts			115,844		72,000
	Trade creditors			11,630		-
	Amounts owed to group undertakings and undertakings in which the company has a participating interest			156,726		145,377
	Corporation tax			67,171		81,133
	Other creditors			409,243		438,827
				760,614		737,337


6	Creditors: amounts falling due after one year			2018		2017
£					£

	Bank loans			1,898,972		1,300,007


7	Loans			2018		2017
£					£
	Creditors include:
	Instalments falling due for payment after more than five years			1,451,186		964,000


	Secured bank loans			2,014,816		1,372,007

	The bank loan is secured by a first legal charge on the investment properties owned by the company.


8	Other information

	Cascade Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
	10 Karnac Road
	Leeds
	LS8 5BL