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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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EVALA LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2017 |
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for |
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EVALA LIMITED |
EVALA LIMITED (REGISTERED NUMBER: 07536147) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EVALA LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 JULY 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
EVALA LIMITED (REGISTERED NUMBER: 07536147) |
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Balance Sheet |
31 JULY 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 5 |
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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 (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
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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. |
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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 authorised for issue by the Board of Directors on
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EVALA LIMITED (REGISTERED NUMBER: 07536147) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 JULY 2017 |
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1. | STATUTORY INFORMATION |
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Evala Limited is a
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and registered office address can be found on the Company Information page. |
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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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Going concern |
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The financial statements have been prepared on a going concern basis on the assumption that the company will continue to |
trade in the foreseeable future. The Directors, having made appropriate enquiries, consider that adequate resources exist for |
the company to continue in operational existence for the foreseeable future and with the continued support of the company's |
ultimate shareholders, the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors |
are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements for the year |
ended 31July 2017. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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Turnover |
Turnover comprises revenue recognised by the Company in respect of sales of developed properties during the year. |
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Sales of long leasehold and freehold assets are recognised where the sale becomes unconditional which is normally on |
completion. |
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Stocks of property and development expenditure |
Stocks of property and development expenditure is included at cost. Where contracts have been exchanged on the sale of a |
property it is included at the lower of cost and net realisable value. Net realisable value is based on selling price less |
anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and |
variable overheads including interest specifically attributable to the project whilst under development. |
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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. |
EVALA LIMITED (REGISTERED NUMBER: 07536147) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors |
Short term debtors are meassured at transaction price, less any impairement. |
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Cash and cash equivalents |
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more |
than 24 hours. |
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Creditors |
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Short term creditors are measurred at the transaction price. Other financial liabilities, including bank loans, are measurred |
initially at fair value, net of transaction costs, and are measurred subsequently at amortised cost using the effective interest |
method. |
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I nterest income |
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Interest income is recognised in the income statement using the effective interest method. |
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Finance Costs |
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Finance costs which have been incurred as a direct consequence of the Maddox Street development have been capitalised as |
part of development costs of the asset under construction. Finance costs incurred after practical completion are not |
capitalised and are charged to the income statement. |
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All other finance costs are recognised in the income statement in the year in which they are incurred. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - NIL). |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks - completed properties |
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The total finance costs capitalised during the year amounted to £NIL (2016: £306,684). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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All debtors are due within one year. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Other creditors |
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Accruals and deferred income |
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The amounts owed to group undertakings and joint venture shareholders are unsecured and repayable on demand. Further |
disclosures regarding amounts due to joint venture shareholders are given in note 16. |
EVALA LIMITED (REGISTERED NUMBER: 07536147) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 JULY 2017 |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary share | £1 | 1 | 1 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 August 2016 |
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Deficit for the year | ( |
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At 31 July 2017 | ( |
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10. | CAPITAL COMMITMENTS |
2017 | 2016 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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11. | RELATED PARTY DISCLOSURES |
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McLaren Property Limited (joint venture party) |
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During the year Mclaren Property Limited made loans of £NIL (2016: £150,000). Interest of £NIL (2016: £319,315) was |
charged on the loan during the year. The loan balance and accrued interest were transferred to McLaren (Finance 1) Limited |
during the financial year ended 31 July 2016. |
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McLaren (Finance 1) Limited (controlled by same party as McLaren Property Limited) |
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During the financial year ended 31 July 2016 McLaren (Finance 1) Limited acquired loan from McLaren Property Limited |
and this loan was settled in full by the Company. |
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During the year interest of £NIL (2016: £71,158) was charged on the transferred loan. |
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Eliterank Limited (joint venture party) |
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During the year Eliterank Limited made loans to the Company of £NIL (2016: £103,578). Interest of £NIL (2016: £75,951) |
was charged on the loan during the year. The Company was also charged £10,000 (2016: £15,000) in respect of accountancy |
fees and were settled in full during the year. |
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12. | ULTIMATE CONTROLLING PARTY |
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The Company is owned by Joshua Properties Limited, a United Kingdom company which is controlled equally by McLaren |
Property Holdings LLP and Eliterank Limited both of which are also incorporated in the United Kingdom. |
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There is no ultimate controlling party. |