Park Mill Developments Limited - Period Ending 2017-12-31

Registration number: 09813212

Park Mill Developments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Grenfell James Associates Limited
13 The Courtyard
Timothys Bridge Road
Stratford Upon Avon
Warwickshire
CV37 9NP

Park Mill Developments Limited

Contents

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

Park Mill Developments Limited

Company Information

Directors

Mrs V Meredith Mr JR Meredith

Registered office

13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Registered number

09813212

Accountants

Grenfell James Associates Limited 13 The Courtyard Timothys Bridge Road Stratford Upon Avon Warwickshire CV37 9NP

Page 1

Park Mill Developments Limited

(Registration number: 09813212)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	76,687	59,222
Current assets
Debtors	5	142,032	102,075
Cash at bank and in hand		51,385	171,472
		193,417	273,547
Creditors: Amounts falling due within one year	6	(166,430)	(232,126)
Net current assets		26,987	41,421
Net assets		103,674	100,643
Capital and reserves
Called up share capital		100	100
Profit and loss account		103,574	100,543
Total equity		103,674	100,643

For the financial year ending 31 December 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 year 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 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 Board on 20 September 2018 and signed on its behalf by:
 

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

Mr JR Meredith
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Park Mill Developments Limited

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

1	General information

The company's registered number and registered office address can be found on the Company Information page.

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

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 for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	2% on cost
Computer equipment	25% on cost

Page 3

Park Mill Developments Limited

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

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 4

Park Mill Developments Limited

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

4	Tangible assets

	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2017	60,431	-	60,431
Additions	17,928	1,440	19,368
At 31 December 2017	78,359	1,440	79,799
Depreciation
At 1 January 2017	1,209	-	1,209
Charge for the year	1,543	360	1,903
At 31 December 2017	2,752	360	3,112
Carrying amount
At 31 December 2017	75,607	1,080	76,687
At 31 December 2016	59,222	-	59,222

5

Debtors

	2017 £	2016 £
Trade debtors	30,000	115
Prepayments	2,032	1,960
Other debtors	110,000	100,000
	142,032	102,075

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	240	2,208
Taxation and social security	4,795	37,469
Accruals and deferred income	14,788	-
Other creditors	146,607	192,449
	166,430	232,126

Page 5

Park Mill Developments Limited

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

7	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2017 £	2016 £
Remuneration	16,296	16,224

Summary of transactions with other related parties

Chase Commercial Limited

A Company in which Mr J Meredith is a director

During the year the company provided a loan to Chase Commercial Limited of £10,000. This loan is repayable on demand.

Amount owed by Chase Commercial Limited at year end is of £110,000 (2016: £100,000). Interest income accrued at the year end and included within accruals of £22,764

Mr J Meredith

An amount of £139,900 (2016: £189,900) included within other loans, owed to Mr J Meredith, on which interest of £37,552 is included within accruals at the year end and is calculated on an interest rate of 10%.

 

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