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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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Company registration number SC393327
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FILING FINANCIAL STATEMENTS
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FOR THE PERIOD ENDED 31 MARCH 2018
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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COMPANY INFORMATION
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Martin Alister Roy
(appointed
1 February 2017
)
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1
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
REGISTERED NUMBER:
SC393327
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STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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2
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
REGISTERED NUMBER:
SC393327
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 MARCH 2018
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies' regime and in accordance with the provisions of Section 1A 'Small Entities' of Financial
Reporting Standard 102.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
As permitted by Section 444 of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the directors' report or a copy company’s Statement of Comprehensive Income for the period ended 31 March 2018.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Martin Alister Roy
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The notes on pages 4 to 13 form part of these financial statements.
3
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
These financial statements are presented in Pounds Sterling (GBP), as that is the currency in which the company's transactions are denominated. They comprise the financial statements of the
company drawn up for the period ended 31 March 2018.
The continuing activities of Ptarmigan Homes Limited ('the company') is that of house building.
The company is a private company limited by shares and is incorporated in the United Kingdom and
registered in Scotland. Details of the registered office can be found on the company information page of
these financial statements. The company's registered number is SC393327.
During the year the name of the company was changed from Roy Homes Developments Limited to Ptarmigan Homes Limited.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with applicable law and United Kingdom
Accounting Standards including Section 1A 'Small Entities' of Financial Reporting Standard 102 ‘The
Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom
Generally Accepted Accounting Practice applicable to Small Entities).
Before 1 November 2016 the financial statements were prepared in accordance with UK GAAP applicable prior to the adoption of FRS 102, as issued by the Financial Reporting Council, and referred to as 'previous UK GAAP'. Information on the impact of first-time adoption of FRS 102 is given in note 13. The date of transition is 1 November 2015.
The preparation of financial statements in compliance with Section 1A ‘Small Entities’ of FRS 102
requires the use of certain critical accounting estimates. It also requires management to exercise
judgement in applying the company accounting policies.
The following principal accounting policies have been applied:
These financial statements have been prepared on a going concern basis. The directors are aware of the net liability and net current liability position of the company, and is reliant on the continued support of the directors and suppliers of the company to provide credit. On this basis, it is considered appropriate to prepare the financial statements on a going concern basis.
4
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
Accounting policies (continued)
Turnover from a contract to provide services is recognised based on the proportion of the service
provided during the year at the transaction price received or receivable, excluding discounts and
value added taxes.
Turnover from a construction contract is recognised as the value of work done in the year based on
surveyors' valuation of the work performed to date. If a surveyor's valuation is not available, the
company only recognise income to the extent of any contract costs that it is probable will be
recoverable. These costs must also be recognised in the period that they are incurred.
The company will recognise as an expense immediately any costs whose recovery is not probable.
When it is probable that total contract costs will exceed total contract revenue on a construction
contract, the value of the expected loss is included as an expense immediately.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life.
The estimated useful lives range as follows:
Tangible fixed 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.
5
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight-line method.
Depreciation is provided on the following basis:
The assets' residual 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 Statement of Comprehensive Income.
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Stock and work in progress
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Stock and work in progress are stated at the lower of cost and net realisable value. The net realisable value of construction work in progress, which includes attributable profit on contracts and is determined on the basis of the measured work of the balance sheet date, is included in debtors. Deductions are made for net foreseeable losses and progress payments received. Payments received in excess of net realisable value on a contract are included in creditors.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand 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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to / from related parties.
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.
6
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
Accounting policies (continued)
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Financial instruments (continued)
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Financial assets that are measured at 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, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's 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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position 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.
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income 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.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.
7
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
Accounting policies (continued)
Tax is recognised in the Statement of Comprehensive Income, 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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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, when deferred tax is recognised on the difference between the fair values of assets acquired and the future tax deductions available for them and the difference 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 reporting date.
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The average monthly number of employees, including directors, during the period was 8
(2016 -
2
)
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8
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
9
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Charge for the period on owned assets
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10
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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11
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Authorised, allotted, called up and fully paid
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100
Ordinary
shares of £
1
each
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90,000
Ordinary B
shares of £
1
each
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During the period the company issued 90,000 Ordinary B shares of £1 each for cash at par.
All Ordinary shares rank equally with regards to voting rights, entitlement to dividends and all other matters. Ordinary B shares are entitled to dividends but do not hold any voting rights.
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Related party transactions
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Mr & Mrs Barnett
Former company directors and shareholders
During the period Mr & Mrs Barnett introduced funds and paid expenses on behalf of the company totalling £34,902 (
2016 - £nil
) and withdrew funds of £23,000 (
2016 - £146,500
). Mr & Mrs Barnett also repaid their overdrawn loan account from 2016 by transferring land into the company with a value of £150,000.
The amount due to the related party at the balance sheet date was £15,502 and is included in other creditors within these financial statements (
2016 - £146,400
included in other debtors
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Loans to the related party are repayable on demand and no interest is charged.
Mr M Roy
Company director
and shareholder
During the period Mr Roy introduced funds of £650 (2016 - £nil) and the company paid expenses on behalf of Mr Roy of £660 (2016 - £nil).
Amount due from the related party at the balance sheet date was £10 (
2016 - £nil
) and is included in other creditors within these financial statements.
Loans from the related party are repayable on demand and no interest is charged.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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12
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PTARMIGAN HOMES LIMITED (FORMERLY ROY HOMES DEVELOPMENTS LIMITED)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Change of accounting period
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During the period the company changed the year end from 31 October 2017 to 31 March 2018. These accounts cover a 17 month period from 1 November 2016 to 31 March 2018 whereas the comparative figures are for a 12 month period to 31 October 2016.
13
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