Contents of the Financial Statements

for the Period Ended 31 March 2017

Company Information

for the Period Ended 31 March 2017

Directors' Report Period Ended 31 March 2017

The directors present their report with the financial statements of the company for the period ended 31 March 2017

Directors

The directors shown below have held office during the whole of the period from 01 April 2016 to 31 March 2017
Stephen Curran
Amrit Singh Mann
Brendon Walsh
Mary Harpley

Profit and Loss Account

for the Period Ended 31 March 2017

The notes form part of these financial statements

Balance sheet

As at 31 March 2017

The notes form part of these financial statements

Balance sheet continued

As at 31 March 2017

For the year ending 31 March 2017 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.

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 March 2017

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  Turnover represents the amounts derived from rents and the provision of services to third parties and is stated net of value added tax.

  Tangible fixed assets depreciation policy

  Freehold land is not depreciated.
  Housing under construction is not depreciated.
  
  Completed freehold buildings are depreciated on a straight line basis of the building’s components over their remaining expected useful economic lives from the year following the completion/acquisition date. The estimated useful life of the properties is 60 years. Full year depreciation is charged in the year of disposal. Depreciation is charged on historic cost.
  
  Using component costing principles housing properties are divided into components which are depreciated using the following useful economic lives:
  Main contract, roofing and drainage 60 years
  Kitchens and bathrooms, electrical heating 15 years
  & ventilation
  Internal doors and flooring 15 years
  Carpentry and internal finishing’s 30 years
  
  
  Depreciation of £279,304 was charged to the Statement of comprehensive income for Lampton 78 completed housing stock. In line with the London Borough of Hounslow’s policy, no depreciation is charged in the year of asset recognition, and a full year’s depreciation is charged in the year of disposal
  

  Intangible fixed assets amortisation policy

  Where housing developments have been financed wholly or partly by capital grants, the grant is disclosed separately as a creditor and amortised in line with the depreciation charge. This includes Social Housing Grant received from the Homes & Communities Agency. The only other capital grant receivable will be from the London Borough of Hounslow, paid under Section 25 of the Local Government Act 1988, (Financial Assistance to Third Parties).
  
  Other than L78-owned housing stock, the London Borough of Hounslow owns all buildings, plant, equipment, furniture & IT hardware. When the Company was first incorporated, an agreement stating this was made between the Company and the London Borough of Hounslow. The Company is not required to pay any rent, lease or hire charge for the use of these fixed assets. The London Borough of Hounslow is responsible for the calculation of depreciation on assets, and the replacement of assets when necessary.
  
  

  Valuation information and policy

  Housing properties in the course of construction for LBH are stated at cost and are transferred to housing stock on completion, where they are shown at historic cost less depreciation as at the balance sheet date.

Notes to the Financial Statements

for the Period Ended 31 March 2017

2. Tangible assets

Notes to the Financial Statements

for the Period Ended 31 March 2017

3. Debtors

Notes to the Financial Statements

for the Period Ended 31 March 2017

4.Creditors: amounts falling due within one year note