AWA Homes Limited - Period Ending 2015-03-31

Registration number: 05051163

AWA Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2015
 

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

AWA Homes Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 10

AWA Homes Limited
Company Information

Directors

AWA Developments Limited Mr A M Whittle

Company secretary

Mrs P J Whittle

Registered office

27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Solicitors

Chattertons 5 Market Street Sleaford Lincolnshire NG34 7SQ

Bankers

HSBC St Albans 31 Chequer Street St Albans Hertfordshire AL1 3YN

Accountants

A D Betley, FCA AIMS - Accountants for Business 27 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT

Page 1

AWA Homes Limited
Directors' Report for the Year Ended 31 March 2015

The directors present their report and the unaudited financial statements for the year ended 31 March 2015.

Directors of the company

The directors who held office during the year were as follows:

AWA Developments Limited

Mr A M Whittle

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 26 April 2016 and signed on its behalf by:

.........................................
Mrs P J Whittle
Company secretary

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AWA Homes Limited
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AWA Homes Limited for the year ended 31 March 2015 set out on pages 4 to 10 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 AWA Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AWA 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 AWA Homes Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AWA 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 loss of AWA Homes Limited. You consider that AWA 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 AWA 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.

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

A D Betley, FCA
AIMS - Accountants for Business
27 Redwood Glade
Leighton Buzzard
Bedfordshire
LU7 3JT

26 April 2016

Page 3

AWA Homes Limited
Profit and Loss Account for the Year Ended 31 March 2015

		Note			2015 £			2014 £
Turnover					102,573			66,439
Cost of sales					(64,470)			(57,759)
Gross profit					38,103			8,680
Administrative expenses					(69,735)			(22,202)
Operating loss		2			(31,632)			(13,522)
Interest payable and similar charges					(372)			(839)
Loss on ordinary activities before taxation					(32,004)			(14,361)
Loss for the financial year		8			(32,004)			(14,361)

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

AWA Homes Limited
(Registration number: 05051163)
Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets		3			1			2,000
Tangible fixed assets		4			3,267			2,076
					3,268			4,076
Current assets
Stocks					200			200
Debtors		5			3,121			3,679
Cash at bank and in hand					3,561			6,058
					6,882			9,937
Creditors: Amounts falling due within one year		6			(708,259)			(680,119)
Net current liabilities					(701,377)			(670,182)
Net liabilities					(698,109)			(666,106)
Capital and reserves
Called up share capital		7			75,000			75,000
Profit and loss account		8			(773,109)			(741,106)
Shareholders' deficit					(698,109)			(666,106)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 March 2015 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the Board on 26 April 2016 and signed on its behalf by:

.........................................
Mr A M Whittle
Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

AWA Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis on the assumption that the parent company will continue to provide financial support where necessary.

Turnover

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

Government grants

Grants are taken directly to the Profit & Loss Account in the period in which they are received.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	10% straight line basis

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
Plant and Machinery	15% - 25% straight line basis
Motor Vehicles	25% straight line basis
Office Equipment	25% straight line basis

Stock

Stock 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.

Page 6

AWA Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2015
......... 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	Operating loss

Operating loss is stated after charging:

		2015 £			2014 £
Depreciation of tangible fixed assets		1,103			1,082
Amortisation		1,999			1,000

3	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 April 2014		10,000			10,000
At 31 March 2015		10,000			10,000
Amortisation
At 1 April 2014		8,000			8,000
Charge for the year		1,999			1,999
At 31 March 2015		9,999			9,999
Net book value
At 31 March 2015		1			1
At 31 March 2014		2,000			2,000

Page 7

AWA Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

4	Tangible fixed assets

		Plant and machinery £			Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 April 2014		5,948			-			1,764			7,712
Additions		1,544			750			-			2,294
At 31 March 2015		7,492			750			1,764			10,006
Depreciation
At 1 April 2014		4,081			-			1,555			5,636
Charge for the year		919			47			137			1,103
At 31 March 2015		5,000			47			1,692			6,739
Net book value
At 31 March 2015		2,492			703			72			3,267
At 31 March 2014		1,867			-			209			2,076

5

Debtors

		2015 £			2014 £
Trade debtors		-			2,074
Amounts owed by group undertakings and undertakings in which the company has a participating interest		1,610			105
Other debtors		1,511			1,500
		3,121			3,679

Page 8

AWA Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

6	Creditors: Amounts falling due within one year

		2015 £			2014 £
Trade creditors		9,690			3,381
Bank loans and overdrafts		9,264			-
Amounts owed to group undertakings and undertakings in which the company has a participating interest		627,528			609,358
Other taxes and social security		47,569			58,460
Other creditors		14,208			8,920
		708,259			680,119

Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the company:

2015 £

2014 £

7	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		75,000			75,000			75,000			75,000

8

Reserves

		Profit and loss account £			Total £
At 1 April 2014		(741,105)			(741,105)
Loss for the year		(32,004)			(32,004)
At 31 March 2015		(773,109)			(773,109)

Page 9

AWA Homes Limited
Notes to the Financial Statements for the Year Ended 31 March 2015
......... continued

9	Related party transactions

The company has taken advantage of the exemption in FRS8 "Related Party Disclosures" from disclosing transactions with other members of the group.

10

Control

The company is controlled by AWA Developments Limited. AWA Homes Limited is a 100% subsidiary of AWA Developments Limited.

Page 10