Eaglewalk Homes Limited - Period Ending 2017-03-31

Eaglewalk Homes Limited - Period Ending 2017-03-31


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Registration number: 03400841

Eaglewalk Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Montgomery Swann Ltd
Ground Floor Suite 4
Scotts Sufferance Wharf
1 Mill Street
London
SE1 2DE

 

Eaglewalk Homes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Eaglewalk Homes Limited

Company Information

Director

Mr Frank Cornelli

Company secretary

Mrs Tracey Teresa Cornelli

Registered office

C/O Montgomery Swann
Scotts Sufferance Wharf
1 Mill Street
London
London
SE1 2DE

Accountants

Montgomery Swann Ltd
Ground Floor Suite 4
Scotts Sufferance Wharf
1 Mill Street
London
SE1 2DE

 

Eaglewalk Homes Limited

(Registration number: 03400841)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Investment property

3

3,390,099

2,798,685

Current assets

 

Debtors

4

849,795

770,585

Cash at bank and in hand

 

3,874

56,658

 

853,669

827,243

Creditors: Amounts falling due within one year

5

(2,131,555)

(1,537,955)

Net current liabilities

 

(1,277,886)

(710,712)

Total assets less current liabilities

 

2,112,213

2,087,973

Provisions for liabilities

(250,891)

(250,891)

Net assets

 

1,861,322

1,837,082

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,861,320

1,837,080

Total equity

 

1,861,322

1,837,082

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 February 2018
 

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

Mr Frank Cornelli

Director

 

Eaglewalk Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
C/O Montgomery Swann
Scotts Sufferance Wharf
1 Mill Street
London
London
SE1 2DE
England

The principal place of business is:
C/O Montgomery Swann
Scotts Sufferance Wharf
1 Mill Street
London
London
SE1 2DE
England

These financial statements were authorised for issue by the director on 10 February 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from the renting of properties.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Eaglewalk Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Investment properties

2017
£

At 1 April

2,798,685

Additions

591,414

At 31 March

3,390,099

There has been no valuation of investment property by an independent valuer.

4

Debtors

2017
£

2016
£

Prepayments

83,209

4,000

Other debtors - related company loans

766,586

766,585

849,795

770,585

 

Eaglewalk Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Accruals and deferred income

1,600

1,600

Other creditors

2,129,955

1,536,355

2,131,555

1,537,955

6

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

7

Dividends

   

2017

 

2016

   

£

 

£

Interim dividend of £12,500.00 (2016 - £25,000.00) per ordinary share

 

25,000

 

50,000

8

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2017
£

2016
£

Remuneration

3,600

4,000

9

Transition to FRS 102

The date of transition is 1 February 2015

Balance Sheet at 1 April 2015
 

 

Eaglewalk Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

816,960

-

1,733,042

2,550,002

Current assets

Debtors

765,085

-

-

765,085

Cash at bank and in hand

23,987

-

-

23,987

789,072

-

-

789,072

Creditors: Amounts falling due within one year

(1,105,544)

-

(132,920)

(1,238,464)

Net current liabilities

(316,472)

-

(132,920)

(449,392)

Total assets less current liabilities

500,488

-

1,600,122

2,100,610

Provisions for liabilities

-

-

(250,891)

(250,891)

Net assets

500,488

-

1,349,231

1,849,719

Capital and reserves

Called up share capital

(2)

-

-

(2)

Profit and loss account

(500,486)

-

(1,349,231)

(1,849,717)

Total equity

(500,488)

-

(1,349,231)

(1,849,719)

 

Eaglewalk Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

1,065,643

-

1,733,042

2,798,685

Current assets

Debtors

770,585

-

-

770,585

Cash at bank and in hand

56,657

-

-

56,657

827,242

-

-

827,242

Creditors: Amounts falling due within one year

(1,405,034)

-

(132,920)

(1,537,954)

Net current liabilities

(577,792)

-

(132,920)

(710,712)

Total assets less current liabilities

487,851

-

1,600,122

2,087,973

Provisions for liabilities

-

-

(250,891)

(250,891)

Net assets

487,851

-

1,349,231

1,837,082

Capital and reserves

Called up share capital

(2)

-

-

(2)

Profit and loss account

(487,849)

-

(1,349,231)

(1,837,080)

Total equity

(487,851)

-

(1,349,231)

(1,837,082)