THREADEX_DEVELOPMENTS_LIM - Accounts


Company Registration No. 00518599 (England and Wales)
THREADEX DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
THREADEX DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr M Gross
Mrs L P Gross
Company number
00518599
Registered office
c/o Lopian Gross Barnett & Co
6th Floor, Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
Accountants
Lopian Gross Barnett & Co
6th Floor Cardinal House
20 St Mary's Parsonage
Manchester
M3 2LG
THREADEX DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THREADEX DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
3
2
2
Current assets
Stocks
-
1,150,000
Debtors
4
3,729,838
3,495,909
Cash at bank and in hand
65,989
48,437
3,795,827
4,694,346
Creditors: amounts falling due within one year
5
(2,990,261)
(4,089,203)
Net current assets
805,566
605,143
Total assets less current liabilities
805,568
605,145
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
805,468
605,045
Total equity
805,568
605,145

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2018 and are signed on its behalf by:
Mr M Gross
Director
Company Registration No. 00518599
THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information

Threadex Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Lopian Gross Barnett & Co, 6th Floor, Cardinal House, 20 St Mary's Parsonage, Manchester, M3 2LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents the amount receivable for goods and services net of VAT on joint ventures of which the company is a 50% partner.

The turnover has been derived from its principal activities wholly undertaken in the United Kingdom.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).

THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Fixed asset investments
2018
2017
£
£
Investments
2
2
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2017 & 31 March 2018
2
Carrying amount
At 31 March 2018
2
At 31 March 2017
2
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
(83)
Other debtors
3,729,838
3,495,992
3,729,838
3,495,909
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
953,319
Trade creditors
-
39,948
Amounts due to group undertakings
300
7,041
Other taxation and social security
31,997
32,748
Other creditors
2,957,964
3,056,147
2,990,261
4,089,203
THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100Ordinary shares of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities

The company has given a joint and several cross guarantee over £1.6 million plus costs and interest in respect of a bank loan to Metis Apartments Limited a company owned by Okeover LLP in which Threadex Developments Limited has a 50% interest.

 

8
Related party transactions
Transactions with related parties

Included in debtors as at 31 March 2018 is a loan balance amounting to £77,040 (2017 : £77,040) receivable from Chatham Estates Limited, a company in which Threadex Developments Limited has a 33.33% interest.

 

Included in debtors as at 31 March 2018 is a loan balance amounting to £2,221,368 (2017 : £2,221,368) receivable from Threadmet Properties Limited, a company in which Threadex Developments Limited has a 50% interest. No interest has been charged on this amount during the year.

 

Included in creditors as at 31 March 2018 is a loan balance amounting to £2,949,500 (2017 : £3,009,500) payable to Park Lane Properties and Investments Limited, a company controlled by director M Gross and his wife. No interest has been charged on this amount during the year. A management charge amounting to £50,000 (2017: £50,000) has been charged to Park Lane Properties and Investments Limited in respect of services provided during the year.

THREADEX DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
9
Parent company

The ultimate parent company is Threadex Limited, a company incorporated in England and Wales.

The company is a wholly owned subsidiary of Threadex Limited, a company registered in England and Wales. Mr and Mrs M Gross are directors of Threadex Limited and own 100% of the issued share capital of that company.

The company is under the control of Mr and Mrs M Gross.

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