Full House Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06182028 (England and Wales)

Unaudited Financial Statements

for the Year Ended 5 April 2019

for

Full House Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B K Lane-Smith

SECRETARY:

Mrs S A N Lane-Smith

REGISTERED OFFICE:

Springfield Lodge

High Street

Halberton

TIVERTON

Devon

EX16 7AW

REGISTERED NUMBER:

06182028 (England and Wales)

ACCOUNTANTS:

A C Mole & Sons

Chartered Accountants

Stafford House

Blackbrook Park Avenue

Taunton

Somerset

TA1 2PX

FIXED ASSETS

Tangible assets

4

1,617

1,344

Investment property

5

2,230,000

2,230,000

2,231,617

2,231,344

CURRENT ASSETS

Debtors

6

56,216

29,291

Cash at bank

48,257

43,396

104,473

72,687

CREDITORS

Amounts falling due within one year

7

7,044

4,087

NET CURRENT ASSETS

97,429

68,600

TOTAL ASSETS LESS CURRENT LIABILITIES

2,329,046

2,299,944

CREDITORS

Amounts falling due after more than one year

8

(1,355,281

)

(1,355,290

)

PROVISIONS FOR LIABILITIES

10

(90,542

)

(90,507

)

NET ASSETS

883,223

854,147

CAPITAL AND RESERVES

Called up share capital

1

1

Non-distributable reserves

11

856,463

856,463

Retained earnings

11

26,759

(2,317

)

SHAREHOLDERS' FUNDS

883,223

854,147

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 6 August 2019 and were signed by:

B K Lane-Smith - Director

1.	STATUTORY INFORMATION

Full House Developments Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets, and certain assets and liabilities measured at fair value through the profit and loss account.

Turnover

Turnover represents income receivable in relation to property management.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 6 April 2018

1,353

970

2,323

Additions

324

1,048

1,372

At 5 April 2019

1,677

2,018

3,695

DEPRECIATION

At 6 April 2018

339

640

979

Charge for year

420

679

1,099

At 5 April 2019

759

1,319

2,078

NET BOOK VALUE

At 5 April 2019

918

699

1,617

At 5 April 2018

1,014

330

1,344

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2018

and 5 April 2019

2,230,000

NET BOOK VALUE

At 5 April 2019

2,230,000

At 5 April 2018

2,230,000

Fair value at 5 April 2019 is represented by:

£

Valuation in 2008

128,146

Valuation in 2010

125,112

Valuation in 2014

198,470

Valuation in 2016

128,000

Valuation in 2018

367,000

Cost

1,283,272

2,230,000

If investment properties had not been revalued they would have been included at the following historical cost:

2019

2018

£

£

Cost

1,283,272

1,283,272

Investment property was valued on an open market basis on 5 April 2019 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by associated undertakings

54,250

29,200

Other debtors

1,966

91

56,216

29,291

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,030

1,951

Taxation and social security

2,824

-

Other creditors

2,190

2,136

7,044

4,087

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,355,281

1,355,290

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,244,541

1,244,550

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,355,281

1,355,290

Bank loans are secured on the investment properties.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

277

242

Deferred tax

90,265

90,265

90,542

90,507

Deferred

tax

£

Balance at 6 April 2018

90,507

Accelerated capital allowances

35

Balance at 5 April 2019

90,542

11.

RESERVES

Retained

Non-distributable

earnings

reserves

Totals

£

£

£

At 6 April 2018

(2,317

)

856,463

854,146

Profit for the year

29,076

29,076

At 5 April 2019

26,759

856,463

883,222

12.	RELATED PARTY DISCLOSURES

Mr B K Lane-Smith is a director and shareholder of Lane Smith Developments Ltd.

Included in debtors is £44,000 (2018 - £18,200) which is due from Lane Smith Developments Ltd to Full House

Developments Ltd. This represents the net amount of payments and receipts made by each company on behalf of

the other.

Mr B K Lane-Smith is also a director and shareholder of West Country Real Estates Ltd.

Included in debtors is £10,250 (2018 - £11,250) which is due from West Country Real Estates Ltd to Full House

Developments Ltd. This represents the net amount of payments and receipts made by each company on behalf of

the other.

The balance due to Mr B K Lane-Smith at the Balance sheet date was £240 (2018 - £240) which is included in

other creditors.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is B K Lane-Smith.