H & H Prestige Homes Limited - Period Ending 2018-03-31

H & H Prestige Homes Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 04700913

H & H Prestige Homes Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

H & H Prestige Homes Limited

Company Information

Directors

Mr N M H Headon Mrs C Headon

Company secretary

Mrs C Headon

Registered office

Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Accountants

Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE

Page 1

H & H Prestige Homes Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	52,390	45,206
Current assets
Stocks	5	1,174,010	849,940
Debtors	6	11,339	36,206
Cash at bank and in hand		176,759	600,921
		1,362,108	1,487,067
Creditors: Amounts falling due within one year	7	(11,382)	(65,787)
Net current assets		1,350,726	1,421,280
Total assets less current liabilities		1,403,116	1,466,486
Provisions for liabilities		(6,500)	(5,000)
Net assets		1,396,616	1,461,486
Capital and reserves
Called up share capital		100	100
Profit and loss account		1,396,516	1,461,386
Total equity		1,396,616	1,461,486

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

H & H Prestige Homes Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 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 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 8 October 2018 and signed on its behalf by:
 

......................................... Mr N M H Headon Director

......................................... Mrs C Headon Director

Company Registration Number: 04700913

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

H & H Prestige Homes Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

These financial statements were authorised for issue by the Board on 8 October 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006.

There are no material departures from FRS102.

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 represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided. Turnover is recognised on completion.

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 corporation 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.

Page 4

H & H Prestige Homes Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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
Motor vehicles	20% straight line
Plant and Machinery	15% reducing balance
Short leasehold land and buildings	10% straight line

Stocks

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

 

Page 5

H & H Prestige Homes Limited

Notes to the Financial Statements

Year Ended 31 March 2018

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2017 - 4).

4	Tangible assets

	Short leasehold land and buildings £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2017	19,408	44,427	20,792	84,627
Additions	-	19,541	266	19,807
Disposals	-	(2,560)	-	(2,560)
At 31 March 2018	19,408	61,408	21,058	101,874
Depreciation
At 1 April 2017	3,882	21,133	11,886	36,901
Charge for the year	1,941	11,826	1,376	15,143
Eliminated on disposal	-	(2,560)	-	(2,560)
At 31 March 2018	5,823	30,399	13,262	49,484
Carrying amount
At 31 March 2018	13,585	31,009	7,796	52,390
At 31 March 2017	15,526	20,774	8,906	45,206

5

Stocks

	2018 £	2017 £
Work in progress	1,174,010	849,940

6

Debtors

	2018  £	2017  £
Other debtors	11,339	34,453
Prepayments	-	1,753
	11,339	36,206

Page 6

H & H Prestige Homes Limited

Notes to the Financial Statements

Year Ended 31 March 2018

7

Creditors

	2018  £	2017  £
Due within one year
Trade creditors	6,515	11,628
Corporation tax	-	51,200
Social security and other taxes	767	834
Other creditors	2,350	-
Accrued expenses	1,750	2,125
	11,382	65,787

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

9	Related party transactions

Advances to directors

2018	At 1 April 2017 £	Advances to director £	Repayments by director £	At 31 March 2018 £
Mr N M H Headon
Director's loan account	27,866	-	(27,866)	-

2017	At 1 April 2016 £	Advances to director £	Repayments by director £	At 31 March 2017 £
Mr N M H Headon
Director's loan account	-	27,866	-	27,866

Page 7