Registration number:
F & R Light Park Homes Limited
for the Year Ended 30 June 2019
F & R Light Park Homes Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
F & R Light Park Homes Limited
Company Information
Directors |
Frank Robert Rennie Light Rosemarie Light |
Registered office |
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Accountants |
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Page 1 |
F & R Light Park Homes Limited
(Registration number: 08973437)
Balance Sheet as at 30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
358,673 |
239,216 |
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Total equity |
358,675 |
239,218 |
For the financial year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
F & R Light Park Homes Limited
(Registration number: 08973437)
Balance Sheet as at 30 June 2019
Approved and authorised by the
.........................................
Director
Page 3 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared on a going concern basis, under the historical cost convention.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible assets
Tangible 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.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.
Depreciation
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
Asset class |
Depreciation method and rate |
Freehold property |
not depreciated |
Page 4 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Plant and machinery |
25% straight line |
Motor vehicles |
25% straight line |
Computer equipment |
25% straight line |
The assets’ residuals 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 Profit and loss account.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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.
Cash and cash equivalents
Cash is represented by cash 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.
Page 5 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Financial instruments
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.
Financial assets that are measured at cost and amortised 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, impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets carrying amount and the present value of estimated cash flows discounted at the assets 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.
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.
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 rate method.
Finance costs
Finance costs are charged to the Profit and loss account and statement of retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 6 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis that tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have been originated but not reversed by the Balance sheet date, expect that:
The recognition of deferred tax assets is limited to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits: and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, where deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Tangible assets |
Freehold property |
Computer equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2018 |
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Additions |
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- |
- |
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Disposals |
- |
- |
( |
- |
( |
At 30 June 2019 |
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- |
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Depreciation |
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At 1 July 2018 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 June 2019 |
- |
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- |
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Carrying amount |
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At 30 June 2019 |
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- |
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At 30 June 2018 |
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Included within the net book value of land and buildings above is £2,034,597 (2018 - £443,285) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
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Debtors |
2019 |
2018 |
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Trade debtors |
- |
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Other debtors |
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Page 8 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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2019 |
2018 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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(a) Bank loan 1 of £358,337 (2018 : £381,550) bears interest at an agreed rate above base rate and is repayable by installments until maturity. The bank loan is secured by fixed and floating charges over certain of the company's assets.
(b) Bank loan 2 of £681,103 (2018 : £nil) bears interest at an agreed rate above base rate and is repayable by installments until maturity. The bank loan is secured by fixed and floating charges over certain of the company's assets.
(c) Bank loan 3 of £794,770 (2018 : £nil) bears interest at an agreed rate above base rate and is repayable by installments until maturity. The bank loan is secured by fixed and floating charges over certain of the company's assets.
Page 9 |
F & R Light Park Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2019
Taxation |
Deferred tax
2019 |
Liability |
Accelerated capital allowances |
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2018 |
Liability |
Accelerated capital allowances |
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Related party transactions |
At 30 June 2019, the company has amounts owed to the directors of £25,422 (2018 : £17,731). The amounts are interest free, unsecured and have no fixed term for repayment. The amount is included within creditors : amounts falling due within one year.
Ultimate parent undertaking and controlling party |
The company is controlled by F R R Light and R Light.
Page 10 |