Fringill Mill Developments Limited - Accounts to registrar (filleted) - small 18.2

Fringill Mill Developments Limited - Accounts to registrar (filleted) - small 18.2

FRINGILL MILL DEVELOPMENTS LIMITED - Company Information

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REGISTERED NUMBER: 05762830 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

FRINGILL MILL DEVELOPMENTS LIMITED
FRINGILL MILL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05762830)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FRINGILL MILL DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DIRECTORS: C J Ellmore
S D Ellmore





SECRETARY: S D Ellmore





REGISTERED OFFICE: Unit 440 Birch Park
Thorp Arch Estate
Wetherby
West Yorkshire
LS23 7FG





REGISTERED NUMBER: 05762830 (England and Wales)





ACCOUNTANTS: Sedulo Leeds Limited
St Pauls House
23 Park Square
Leeds
West Yorkshire
LS1 2ND
Page 1
FRINGILL MILL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05762830)

BALANCE SHEET
31 MARCH 2020

31.3.20 31.3.19
Notes £    £   
CURRENT ASSETS
Stocks 772,809 765,108
Debtors 4 511 850
Cash at bank 5,190 -
778,510 765,958
CREDITORS
Amounts falling due within one year 5 859,069 854,749
NET CURRENT LIABILITIES (80,559 ) (88,791 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(80,559
)
(88,791
)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (81,559 ) (89,791 )
SHAREHOLDERS' FUNDS (80,559 ) (88,791 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2020 and were
signed on its behalf by:





S D Ellmore - Director


The notes form part of these financial statements

Page 2
FRINGILL MILL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05762830)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020


1. STATUTORY INFORMATION

Fringill Mill 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.

The principal activity of the company is that of building development.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
In common with virtually every other business in the country, the Company has been experiencing the effects of
the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be
assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to
protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the
foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

The company meets its day to day working capital requirements through a bank loan and the support of the
directors. The directors have indicated their willingness to continue to support the company and will only seek
repayment of funds owed to them once the company is in a position to do so. The company's bankers have
indicated their willingness to support the company as the bank loan is repayable from the sales proceeds of the
units at the development property.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Page 3 continued...
FRINGILL MILL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05762830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the
contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is
a legally 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.

Basic financial assets
Basic financial assets, which includes 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 present
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within
one year are not amortised.

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 payments
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not
amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year
or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest rate method.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Other debtors 511 850

Page 4 continued...
FRINGILL MILL DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05762830)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Bank loans and overdrafts 73,507 77,148
Taxation and social security 1,100 -
Other creditors 784,462 777,601
859,069 854,749

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.20 31.3.19
£    £   
Bank loans 73,507 76,222
Other loans 781,757 774,896
855,264 851,118

Both debts are secured by legal charges over the property being developed by the company. CJ Ellmore holds a
first legal charge and the company's bankers hold a second legal charge. However, CJ Ellmore has agreed to give
the company's bankers priority over his charge.

7. RELATED PARTY DISCLOSURES

At the year end date the Company owed CJ Ellmore, a Director of the Company, £781,757 (2019 - £774,896)
including capitalised interest for the year of £19,461 (2019 - £18,900) in respect of a loan made by him to the
Company. This loan is secured by a first legal charge over the property being developed by the company,
however, Mr. Ellmore has agreed to give the Company's Bankers priority over his charge.

Page 5