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Financial Statements for the Year Ended 30 September 2017 |
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Instant Developments Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 September 2017 |
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for |
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Instant Developments Limited |
Instant Developments Limited (Registered number: 03528774) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Instant Developments Limited |
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Company Information |
for the Year Ended 30 September 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Cross Chambers |
9 High Street |
Newtown |
Powys |
SY16 2NY |
Instant Developments Limited (Registered number: 03528774) |
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Balance Sheet |
30 September 2017 |
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30.9.17 | 30.9.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Instant Developments Limited (Registered number: 03528774) |
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Balance Sheet - continued |
30 September 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Instant Developments Limited (Registered number: 03528774) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2017 |
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1. | STATUTORY INFORMATION |
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Instant Developments Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Instant Developments Limited as an individual company and |
do not contain consolidated financial information as the parent of a group. The company has taken the option |
under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover comprises rental income from property development or sale of property sold during the year, net of |
value added tax. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Instant Developments Limited (Registered number: 03528774) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL. |
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5. | FIXED ASSET INVESTMENTS |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.17 | 30.9.16 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.17 | 30.9.16 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.17 | 30.9.16 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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Repayable by instalments |
Bank loans more 5 yr by instal | 67,619 | 86,064 |
Instant Developments Limited (Registered number: 03528774) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2017 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.9.17 | 30.9.16 |
£ | £ |
Bank loans |
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The borrowings are secured by: |
- a debenture dated the 15th July 2005, and by a charge over deposits, both in favour of National Westminster |
Bank PLC, and; |
- a charge dated the 5th December 2014 over the freehold property in Birmingham in favour of National |
Westminster Bank PLC. |
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10. | RELATED PARTY DISCLOSURES |
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The company is under the control of Mr A D Jennings and Mr S M Jennings. |
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The shareholders have advanced a further £180,000 each, to add to the £40,000 brought forward bringing the |
total balance to £220,000 each and as shown in other creditors The loan is interest free and there is no set |
repayment date. |
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£50,000 has been received by its subsidiary company Hortonwood Investments Ltd, reducing the loan to this |
company to £239,800. |