Company Registration No. 10557502 (England and Wales)
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
COMPANY INFORMATION
Directors
E D Hiller
S Nichol
Company number
10557502
Registered office
Mostyn Court
2 Mostyn Street
Llandudno
Conwy
Wales
LL30 2PS
Accountants
Morris & Co
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vaughan Investments (Llandudno) Limited for the year ended 31 March 2018 which comprise, the Balance Sheet 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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Vaughan Investments (Llandudno) Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Vaughan Investments (Llandudno) Limited
and state those matters that we have agreed to state to the Board of Directors of Vaughan Investments (Llandudno) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vaughan Investments (Llandudno) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Vaughan Investments (Llandudno) 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 Vaughan Investments (Llandudno) Limited. You consider that Vaughan Investments (Llandudno) 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 Vaughan Investments (Llandudno) 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.
Morris & Co
15 November 2018
Chartered Accountants
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
1,108,364
-
Cash at bank and in hand
14,553
1
1,122,917
1
Creditors: amounts falling due within one year
(1,579,293)
-
Net current (liabilities)/assets
(456,376)
1
Capital and reserves
Called up share capital
3
1
1
Profit and loss reserves
(456,377)
-
Total equity
(456,376)
1
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 9 November 2018 and are signed on its behalf by:
E D Hiller
Director
Company Registration No. 10557502
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Vaughan Investments (Llandudno) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Mostyn Court, 2 Mostyn Street, Llandudno, Conwy, Wales, LL30 2PS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future as the parent company has entered into financial arrangements to ensure that funding is available to complete the construction contract being undertaken by its fellow subsidiary.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
. As all financial assets are classified as receivable within one year, they are not amortised but carried at face value.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
VAUGHAN INVESTMENTS (LLANDUDNO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors,
and
loans from
fellow group companies are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and
continue to be
measured at
face value.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Exceptional costs
2018
2017
£
£
Temporary works at site prior to commencement of development project
281,276
-
3
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
4
Parent company
The company is 100% subsidiary of Mostyn Estates Limited. The parent company's registered office and place of business is located at 2 Mostyn Street, LLandudno, LL30 2PS.