Progress Land (Churchstow) Limited - Period Ending 2017-10-31

Progress Land (Churchstow) Limited

Annual Report and Unaudited Financial Statements
Period from 10 August 2016 to 31 October 2017

Registration number: 10323700

Progress Land (Churchstow) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 6

Progress Land (Churchstow) Limited

Company Information

Directors

Mr S L Fox Mr G R Fincham

Registered office

Ground Floor, Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Accountants

Francis Clark LLP Ground Floor, Blackbrook Gate 1 Blackbrook Business Park Taunton TA1 2PX

Page 1

Progress Land (Churchstow) Limited

Balance Sheet

31 October 2017

	Note	2017 £
Current assets
Work in progress	3	20,000
Debtors	4	1
		20,001
Creditors: Amounts falling due within one year	5	(20,000)
Net assets		1
Capital and reserves
Called up share capital		1
Total equity		1

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

Page 2

Progress Land (Churchstow) Limited

Balance Sheet

31 October 2017

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 May 2018 and signed on its behalf by:
 

......................................... Mr S L Fox Director

......................................... Mr G R Fincham Director

Company Registration Number: 10323700

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

Page 3

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Period from 10 August 2016 to 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor, Blackbrook Gate 1
Blackbrook Business Park
Taunton
TA1 2PX

The principal place of business is:
1 Fairmantle Street
Truro
Cornwall
TR1 2LP

These financial statements were authorised for issue by the Board on 9 May 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.

Disclosure of long or short period

The accounts are prepared to the long period of 31 October 2017 being an extension to the first period of account.

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 slow moving stock. Net realisable value is based on selling price les anticipated costs to completion and selling costs. Costs includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 4

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Period from 10 August 2016 to 31 October 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Work in progress

	2017 £
Work in progress	20,000

4

Debtors

	31 October 2017  £
Called up share capital not paid	1
	1

Page 5

Progress Land (Churchstow) Limited

Notes to the Financial Statements

Period from 10 August 2016 to 31 October 2017

5

Creditors

Creditors: amounts falling due within one year

	31 October 2017  £
Due within one year
Amounts due to group undertakings	20,000

6	Share capital

Allotted, called up and not fully paid shares

	2017
	No.	£
Ordinary Shares of £0.50 each	2	1.00

7	Related party transactions

Summary of transactions with associates

During the current period a loan account existed between the company and another business in which a director is a director and shareholder. This business also owns 50% of the called up share capital of Progress Land (Churchstow) Limited.

This loan is interest free and repayable on demand.

At the period end the amount due by Progress Land (Churchstow) Limited and shown in other creditors is £20,000.
 

Page 6