Progress Land (Churchstow) Limited - Period Ending 2018-10-31

Progress Land (Churchstow) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2018

Registration number: 10323700

Progress Land (Churchstow) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Progress Land (Churchstow) Limited

Company Information

Directors

Mr S L Fox Mr G R Fincham Mr G Turbott Mr M J Buxton

Registered office

Ground Floor, Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Accountants

Francis Clark LLP Ground Floor, Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Page 1

Progress Land (Churchstow) Limited

Balance Sheet

31 October 2018

	Note	2018 £	2017 £
Current assets
Work in progress	3	20,000	20,000
Debtors	4	50	1
Cash at bank and in hand		80	-
		20,130	20,001
Creditors: Amounts falling due within one year	5	(21,013)	(20,000)
Net (liabilities)/assets		(883)	1
Capital and reserves
Called up share capital		50	1
Profit and loss account		(933)	-
Total equity		(883)	1

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 2

Progress Land (Churchstow) Limited

Balance Sheet

31 October 2018

For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 July 2019 and signed on its behalf by:
 

......................................... Mr S L Fox Director

......................................... Mr G R Fincham Director

Company Registration Number: 10323700

The notes on pages 4 to 6 form an integral part of these financial statements.

Page 3

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Year Ended 31 October 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor, Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX

The principal place of business is:
1 Fairmantle Street
Truro
Cornwall
TR1 2LP

These financial statements were authorised for issue by the Board on 30 July 2019.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving slow moving stock. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Costs includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Year Ended 31 October 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Work in progress

	2018 £	2017 £
Work in progress	20,000	20,000

4

Debtors

	31 October 2018  £	31 October 2017  £
Called up share capital not paid	50	1
	50	1

Page 5

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Year Ended 31 October 2018

5

Creditors

Creditors: amounts falling due within one year

	2018 £	31 October 2017  £
Due within one year
Other creditors	20,100	20,000
Accrued expenses	913	-
	21,013	20,000

6	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £0.50 each	100	50.00	2	1.00

New shares allotted

During the year 98 Ordinary Shares having an aggregate nominal value of £1 were allotted for an aggregate consideration of £49.

7	Related party transactions

Summary of transactions with other related parties

During the current and previous year a loan account existed between Progress Land (Churchstow) Limited and another company in which the directors and shareholders are directors and shareholders.

The loan is interest free and repayable when the company is in a suitable financial position.

At the year end £20,100 (2017:£20,000) was owed by Progress Land (Churchstow) Limited and is shown in Other creditors.
 

Page 6