Company Registration No. 11093464 (England and Wales)
HOWLEY DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
HOWLEY DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HOWLEY DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
412,813
237,176
Debtors
2
3,984
310
Cash at bank and in hand
2,604
1,191
419,401
238,677
Creditors: amounts falling due within one year
3
(237,345)
(243,337)
Net current assets/(liabilities)
182,056
(4,660)
Creditors: amounts falling due after more than one year
4
(202,896)
-
Net liabilities
(20,840)
(4,660)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(20,841)
(4,661)
Total equity
(20,840)
(4,660)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 and signed by the director and authorised for issue on 26 April 2021
Mr E Clapham
Director
Company Registration No. 11093464
HOWLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
Howley Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
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.
Howley Developments Limited is a wholly owned subsidiary of The Clapham Group Limited which has taken advantage of the small group exemptions and does not prepare consolidated financial statements.
1.2
Going concern
The company meets its day to day working capital requirements through the continued support of its family members and connected companies.
true
On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
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.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
HOWLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
2
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
3,984
310
3
Creditors: amounts falling due within one year
2020
2019
£
£
Other borrowings
166,838
136,599
Trade creditors
-
204
Other creditors
68,912
105,109
Accruals and deferred income
1,595
1,425
237,345
243,337
The loans included in other borrowings are secured by fixed charges over the property included in Work in Progress at 2A Howley Road, Croydon CR0 1AZ,
4
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
202,896
-
The long-term loans are secured by fixed charges over the property included in Work in Progress at 2A Howley Road, Croydon CR0 1AZ.
HOWLEY DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 4 -
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
6
Related party transactions
Included in other creditors is an amount of £166,838 (2019: £136,598) due to Clapham Developments London Limited.
7
Directors' transactions
Included in other creditors is an amount of £58,412 (2019 - £22,608) due to the director.
8
Parent company
Howley Developments Limited is a wholly owned subsidiary of The Clapham Group Limited.