A_E_THOROGOOD_PRESTIGE_HO - Accounts

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 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

A E Thorogood Prestige Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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 amounts 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.

At the balance sheet date the company had net liabilities of £1,670. The company has been supported financially by loans from connected companies. Therefore, the accounts have been prepared on a going concern basis.

Turnover relates to properties developed for sale and is recognised at the date of completion.

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.

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.

At the balance sheet date the company owed £435,230 (2018 - £461,531) to AET Construction Limited, a connected company.

At the balance sheet date the company owed £518,066 (2018 - £572,388) to A.E. Thorogood Limited, a connected company.

At the balance sheet date the company was owed £312,403 (2018 - £444,655 creditors) by A.E. Thorogood Investments Limited, a connected company.

During the year the company made advances to the director, G E Grant, totalling £300,000 including 3 advances in excess of £10,000. No repayments have been made by the director. Interest has been calculated at the official rate of 2.50% and totalled £4,610. At the balance sheet date the company was owed £304,610 by the director.