REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st July 2020 |
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Cardwell Hill Developments Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31st July 2020 |
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for |
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Cardwell Hill Developments Ltd |
Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Contents of the Financial Statements |
for the Year Ended 31st July 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Cardwell Hill Developments Ltd |
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Company Information |
for the Year Ended 31st July 2020 |
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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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Thorneloe House |
25 Barbourne Road |
Worcester |
Worcestershire |
WR1 1RU |
Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Abridged Balance Sheet |
31st July 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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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 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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 |
(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. |
Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Abridged Balance Sheet - continued |
31st July 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Notes to the Financial Statements |
for the Year Ended 31st July 2020 |
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1. | STATUTORY INFORMATION |
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Cardwell Hill Developments Ltd is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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TURNOVER |
Turnover is recognised when control is transferred to the customer, which is deemed to be when title of the property passes to the customer on legal completion. |
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TANGIBLE FIXED ASSETS |
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Plant and machinery | - |
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Motor vehicles | - |
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Office equipment | - |
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GOVERNMENT GRANTS |
Government grants are recognised using the accruals model. |
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Government grants relating to compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs are recognised in income in the period in which the grants becomes receivable. |
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STOCKS |
Stock of buildings under construction is initially measured at cost and then subsequently held at the lower of this initial amount and net realisable value. Costs comprises cost of acquiring land and property (including associated legal fees), direct construction materials, direct labour and those overheads that have been incurred in bringing stock of buildings under construction to their present condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing and selling. |
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Non-refundable land option payments are initially recognised in stock. They are reviewed regularly and written off when it is probable that th option will not be recognised. |
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TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
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Financial assets are offset, with the net amounts presented in the accounts where 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. |
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Basic Financial Assets |
Basic financial assets, which include trade and other receivables 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. |
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Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts 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 payables are recognised initially at transaction cost. |
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HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1st August 2019 |
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Additions |
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Disposals | ( |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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Cardwell Hill Developments Ltd (Registered number: 07689197) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st July 2020 |
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5. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
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Hire purchase contracts | 22,123 | 6,544 |
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Hire purchase loans are secured by way of charges over the tangible fixed assets to which they relate. |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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A sales invoice reserve has been provided in regard to a property deemed to have been sold to Ryan Hill (a director and shareholder of the company) for £528,888 (2019 - £nil), which was unpaid as at the year end. As this debtor relates to a sale, no interest is being charged. |