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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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CORNERSTONE HOMES LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2017 |
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for |
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CORNERSTONE HOMES LIMITED |
CORNERSTONE HOMES LIMITED (REGISTERED NUMBER: 06077377) |
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Contents of the Financial Statements |
for the year ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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CORNERSTONE HOMES LIMITED |
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Company Information |
for the year ended 31 March 2017 |
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Director: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
305 Regents Park Road |
Finchley |
London |
N3 1DP |
CORNERSTONE HOMES LIMITED (REGISTERED NUMBER: 06077377) |
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Balance Sheet |
31 March 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 3 |
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Current assets |
Stocks |
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Debtors | 4 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 5 |
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Net current assets |
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Total assets less current liabilities |
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Capital and reserves |
Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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CORNERSTONE HOMES LIMITED (REGISTERED NUMBER: 06077377) |
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Notes to the Financial Statements |
for the year ended 31 March 2017 |
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1. | Statutory information |
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Cornerstone Homes Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date |
of transition to FRS 102 Section 1A is 1 April 2015. |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried |
out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate |
as possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried |
out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as |
possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed |
off. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as |
accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately |
prove to be uncollectable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Work in progress |
Work in progress comprises of properties in the course of development and is stated at the lower of the cost |
incurred in bringing the properties to their present condition, and net realisable value. |
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Cost includes all direct expenditure, and an appropriate proportion of fixed and variable overheads. |
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Net realisable value is based on the estimated selling price, less any further costs expected to be incurred to |
completion and disposal. |
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CORNERSTONE HOMES LIMITED (REGISTERED NUMBER: 06077377) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 April 2016 |
and 31 March 2017 |
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Net book value |
At 31 March 2017 |
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At 31 March 2016 |
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4. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by related undertakings |
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Other debtors |
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CORNERSTONE HOMES LIMITED (REGISTERED NUMBER: 06077377) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2017 |
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5. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related undertakings |
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Taxation and social security |
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Other creditors |
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6. | Secured debts |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loans are secured over the over the work in progress properties of the company. |
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7. | First year adoption |
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The Company has transitioned to FRS 102 from previously being prepared under the historical cost convention |
and in accordance with the Financial Reporting Standards for Smaller Entities (effective January 2015) as at |
1st April 2016. |
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Reconciliation of equity |
No transitional adjustments were required. |
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Reconciliation of profit or loss for the year |
No transitional adjustments were required. |