Registration number:
Martin Howard Homes Limited
for the Year Ended 31 July 2017
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Martin Howard Homes Limited
for the Year Ended 31 July 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Martin Howard Homes Limited for the year ended 31 July 2017 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Martin Howard Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Martin Howard Homes Limited and state those matters that we have agreed to state to the Board of Directors of Martin Howard Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Martin Howard Homes Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Martin Howard Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Martin Howard Homes Limited. You consider that Martin Howard Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Martin Howard Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
204 London Road
Waterlooville
Hampshire
PO7 7AN
Martin Howard Homes Limited
(Registration number: 05189375)
Balance Sheet as at 31 July 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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|
|
Current assets |
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Stocks |
- |
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her 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
.........................................
Mrs S St Ledger
Director
Page 2 |
Martin Howard Homes Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
1st Floor Corner Wyke
The Square
Wickham
Fareham
PO17 5JT
England
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.
All figures are presented in British Sterling, which is the functional currency of the company and are rounded to the nearest £1.
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 |
25% reducing balance basis |
Fixtures and fittings |
25% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Page 3 |
Martin Howard Homes Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2017 |
2016 |
|
Administration and support |
|
|
Page 4 |
Martin Howard Homes Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 August 2016 |
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|
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Additions |
- |
|
- |
|
At 31 July 2017 |
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|
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Depreciation |
||||
At 1 August 2016 |
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|
|
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Charge for the year |
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At 31 July 2017 |
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Carrying amount |
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At 31 July 2017 |
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At 31 July 2016 |
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|
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Stocks |
2017 |
2016 |
|
Work in progress |
- |
|
Debtors |
2017 |
2016 |
|
Total current trade and other debtors |
- |
- |
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Trade creditors |
|
|
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Taxation and social security |
|
|
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Other creditors |
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|
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Page 5 |
Martin Howard Homes Limited
Notes to the Financial Statements for the Year Ended 31 July 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 August 2016 |
Repayments by director |
At 31 July 2017 |
Mrs S St Ledger |
|||
Undated, unsecured and interest free directors loan account which is repayable on demand |
(66,478) |
( |
( |
2016 |
At 1 August 2015 |
Advances to directors |
At 31 July 2016 |
Mrs S St Ledger |
|||
Undated, unsecured and interest free directors loan account which is repayable on demand |
(75,210) |
|
( |
Transition to FRS 102 |
There were no material adjustments required on transition to FRS102 and as such it has not been necessary to restate prior year comparatives following the implementation of FRS102.
Page 6 |