Registration number:
Brierstone Homes Limited
for the Year Ended 31 August 2019
Chartered Certified Accountants
81 King Street
Manchester
M2 4AH
Brierstone Homes Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Brierstone Homes Limited
Company Information
Directors |
Mr James Dax Bradley Mr Robin Thomas Hurst Mr Philip Graeme Spencer |
Registered office |
|
Accountants |
|
Page 1 |
Brierstone Homes Limited
(Registration number: 10450951)
Balance Sheet as at 31 August 2019
Note |
2019 |
2018 |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
85 |
100 |
|
Capital redemption reserve |
15 |
- |
|
Profit and loss account |
(1,350) |
(1,786) |
|
Total equity |
(1,250) |
(1,686) |
For the financial year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
.........................................
Director
Page 2 |
Brierstone Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The accounts do not include a cash flow statement because the Company, as a small reporting entity, is exempt from the requirements to prepare such a statement.
Going concern
The company has net current and net liabilities of £1,250 (2018: £1,686) at the balance sheet date. In order to continue to trade the company is reliant upon the support of its directors and shareholders. It has been indicated that this support will continue for the foreseeable future. On this basis the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of the sale of property, exclusive of Value
Added Tax.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 3 |
Brierstone Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock relates to property development and is stated at the lower of cost and estimated selling price less costs to complete and sell.
The cost of work in progress comprises direct materials, direct labour costs, direct finance costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and finance costs relating to the
on-going development of the work in progress are capitalised as part of work in progress stock.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
Brierstone Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Stocks |
2019 |
2018 |
|
Work in progress |
|
|
Included in work in progress is £127,286 (2018: £19,879) of capitalised finance costs.
Debtors |
2019 |
2018 |
|
Prepayments |
|
- |
Other debtors |
|
|
|
|
Creditors |
Note |
2019 |
2018 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to participating interests |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
85 |
|
100 |
During the year the company undertook a purchase of own shares. The company purchased 15 Ordinary shares in issue as at 13 March 2019, the shares were acquired for a nil consideration.
Page 5 |
Brierstone Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2019
Loans and borrowings |
2019 |
2018 |
|
Current loans and borrowings |
||
Other borrowings |
|
|
Included within other loans is a commercial loan totalling £1,397,598 which is secured by a fixed and floating charge and negative pledge over the property and undertaking of the company.
Page 6 |