Chediston Homes Limited - Period Ending 2014-12-31

Registration number: 01074731

Chediston Homes Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Chediston Homes Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chediston Homes Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chediston Homes Limited for the year ended 31 December 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Chediston Homes Limited, as a body, in accordance with the terms of our engagement letterdated 30 June 2007. Our work has been undertaken solely to prepare for your approval the accounts of Chediston Homes Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chediston Homes Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chediston Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Chediston Homes Limited. You consider that Chediston Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Chediston Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

21 September 2015

Page 1

Chediston Homes Limited
(Registration number: 01074731)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					27,333			9,839
Investments					20,000			20,000
					47,333			29,839
Current assets
Stocks					1,234,674			1,371,060
Debtors					978,241			972,857
Cash at bank and in hand					18,973			-
					2,231,888			2,343,917
Creditors: Amounts falling due within one year					(1,354,116)			(1,472,774)
Net current assets					877,772			871,143
Total assets less current liabilities					925,105			900,982
Creditors: Amounts falling due after more than one year					(17,498)			-
Provisions for liabilities					(3,610)			(1,968)
Net assets					903,997			899,014
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					903,897			898,914
Shareholders' funds					903,997			899,014

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 17 September 2015

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Chediston Homes Limited
(Registration number: 01074731)
Abbreviated Balance Sheet at 31 December 2014
......... continued

.........................................
Mr Nicholas James Harvey
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Chediston Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line basis
Plant and machinery	25% straight line basis
Fixtures and fittings	25% straight line basis

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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 stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads including interest.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Chediston Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2014		29,496			20,000			49,496
Additions		27,897			-			27,897
Disposals		(6,500)			-			(6,500)
At 31 December 2014		50,893			20,000			70,893
Depreciation
At 1 January 2014		19,657			-			19,657
Charge for the year		6,528			-			6,528
Eliminated on disposals		(2,625)			-			(2,625)
At 31 December 2014		23,560			-			23,560
Net book value
At 31 December 2014		27,333			20,000			47,333
At 31 December 2013		9,839			20,000			29,839

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		677,820			1,008,396
Amounts falling due after more than one year		17,498			-
Total secured creditors		695,318			1,008,396

Page 5

Chediston Homes Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary share of £1 each		100			100			100			100

5

Control

The company is controlled by Mr N J Harvey. The company is a wholly owned subsidiary of Churchview Building Contractors Limited which is controlled by Mr N J Harvey who owns 100% of its called up share capital.

Page 6