J.A. Pye (Oxford) Homes Limited - Filleted accounts

J.A. Pye (Oxford) Homes Limited - Filleted accounts

J.A. PYE (OXFORD) HOMES LIMITED - Company Information

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J.A. PYE (OXFORD) HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2017
Company Registration Number: 01142242
J.A. PYE (OXFORD) HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
J.A. PYE (OXFORD) HOMES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2017
DIRECTORS
G A Flint
P E Rivers
J S Stubbings
D S Tallon
SECRETARY
A D Price
REGISTERED OFFICE
Langford Locks
Kidlington
Oxford
Oxfordshire
OX5 1HZ
COMPANY REGISTRATION NUMBER
01142242 England and Wales
J.A. PYE (OXFORD) HOMES LIMITED
BALANCE SHEET
AS AT 31 March 2017
Notes 2017 2016
£ £
FIXED ASSETS
Investments 7 5,000 5,000
CURRENT ASSETS
Stock 3 3
Debtors 8 741,574 625,029
Cash at bank and in hand 26,354 124,076
767,931 749,108
CREDITORS: Amounts falling due within one year 9 452,332 458,511
NET CURRENT ASSETS 315,599 290,597
NET ASSETS 320,599 295,597
CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Distributable profit and loss account (179,401) (204,403)
SHAREHOLDERS' FUNDS 320,599 295,597
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
G A Flint
Director
Date approved by the board: 20 December 2017
J.A. PYE (OXFORD) HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
1 GENERAL INFORMATION
J.A. Pye (Oxford) Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Langford Locks
Kidlington
Oxford
Oxfordshire
OX5 1HZ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Investments
Investments in subsidiaries are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 398 of the Companies Act 2006 not to prepare group accounts.
3 TRANSITION TO FRS 102
This is the first year in which the financial statements have been prepared under FRS 102. Note 13 gives an explanation of the effects of the transition.
4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2017 2016
Average number of employees 4 4
7 FIXED ASSET INVESTMENTS
Investment in subsidiaries
£
Cost
At 1 April 2016 5,000
At 31 March 2017 5,000
Net book value
At 1 April 2016 5,000
At 31 March 2017 5,000
8 DEBTORS
2017 2016
£ £
Amounts to group undertakings 41,574 623,999
Other debtors 700,000 1,030
741,574 625,029
Included in other debtors is an advance to J.A. Pye (Oxford) Limited (Note 10) of £700,000 (2016 = £nil). This advance is interest free and has no repayment terms.
9 CREDITORS: Amounts falling due within one year
2017 2016
£ £
Trade creditors - 6,180
Accruals and deferred income 3,501 3,500
Amounts owed to group undertakings 448,831 448,831
452,332 458,511
The amounts owed to group undertakings includes unsecured loan stock of £232,002 (2016 - £232,002)
which is held by J.A. Pye (Oxford) Holdings Limited. No interest is payable, and the company may only repay
the loan stock by giving one months notice to the holders.
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
G Pye Holdings Limited Ultimate parent
J.A. Pye (Oxford) Holdings Limited Immediate parent
Duofarm Limited Subsidiary company
Grabgrange Limited Subsidiary company
Grabride Limited Subsidiary company
Shadowcell Limited Subsidiary company
Slicksound Limited Subsidiary company
During the year, the following transactions with related parties took place:
J.A. Pye (Oxford) Limited
Connected company 2017 2016
£ £
Increase in loans due to advances 700,000 -
Amount due from related party at 31 March 2017 700,000 -
11 PARENT COMPANY
The company is a subsidiary undertaking of J.A. Pye (Oxford) Holdings Limited, whose registered office is the same as the company.
12 ULTIMATE PARENT COMPANY
The ultimate parent company is G Pye Holdings Limited, whose registered office is the same as the company.
13 RECONCILIATIONS ON ADOPTION OF FRS 102
These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 April 2015.
Profit and loss for the year ended 31 March 2016 £
Profit for the year under former UK GAAP 20,008
Profit for the year under FRS 102 20,008
Balance sheet at 31 March 2016 £
Equity under former UK GAAP 295,597
Equity under FRS 102 295,597
Balance sheet at 1 April 2015 £
Equity under former UK GAAP 275,589
Equity under FRS 102 275,589
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