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REGISTERED NUMBER:
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LEYWOOD DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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REGISTERED NUMBER:
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LEYWOOD DEVELOPMENTS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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LEYWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07847801) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 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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LEYWOOD 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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LEYWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07847801) |
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BALANCE SHEET |
30 SEPTEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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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. |
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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
behalf by: |
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LEYWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07847801) |
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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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Leywood Developments Limited is a
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Wales. The 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. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements for the year ended 30 September 2017 are the first financial statements |
that comply with FRS 102 including Section 1A. The company transitioned from previously extant UK |
GAAP to FRS 102 as at 1 October 2015. An explanation of how transition to FRS 102 has affected the |
reported financial position and financial performance is given in the notes. |
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FRS 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 including Section 1A: |
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- | the requirements of Section 7 Statement of Cash Flows; and |
- | the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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Going concern |
In accordance with their responsibilities as directors, the directors have considered the |
appropriateness of the going concern basis for the preparation of the financial statements. |
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The financial statements have been prepared on the going concern basis, the validity of which |
depends upon the continued support of the parent company. The directors have no reason to believe |
that this support will not continue and have a reasonable expectation that the company has adequate |
resources to continue in operational existence for a period of one year from the date of approval of the |
financial statements. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and |
assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other |
factors that are considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
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In the opinion of the Directors, there are no specific key judgements or areas of estimation to disclose. |
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Turnover |
Sales of property are recognised on completion if a legally binding unconditional contract has been |
exchanged. All deposits received for pre-sales are held as payments on account and are not |
recognised until the above conditions are satisfied. |
LEYWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07847801) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stock |
Long-term work in progress is valued at the amount of long-term contract costs incurred, net of |
amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not |
matched with turnover. |
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Costs included relate to all direct expenditure as well as the costs associated with the purchase of |
property. |
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Debtors |
Trade and other debtors are measured at their transaction price less any impairment unless the |
arrangement constitutes a financing transaction in which case the transaction is measured at the |
present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
initially measured at fair value and are subsequently measured at amortised cost using the effective |
interest method less any impairment. |
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Cash at bank and in hand |
Cash at bank in the Balance Sheet comprise cash at bank and in hand and short term deposits with an |
original maturity date of three months or less. |
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Creditors |
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
financing transaction in which case the transaction is measured at the present value of the future |
payments discounted at the prevailing market rate of interest. Other financial liabilities are initially |
measured at fair value net of their transaction costs. They are subsequently measured at amortised |
cost using the effective interest method. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2016 - NIL). |
LEYWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 07847801) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | SECURED DEBTS |
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Bank loans taken out by the company's holding company, Leywood Estates Limited, are secured on |
currents assets held by the company. |
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7. | RELATED PARTY DISCLOSURES |
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Loans to the company by group and related companies (aggregated) - £2,131,778 (2016: £5,831,880). |
Movement £3,700,102. |
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The company paid loan interest to group companies (aggregated) - £134,032 (2016: £293,604). |
Movement £159,572. |
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Group and related companies include the following : |
- Leywood Estates Limited |
- Blackwood Property Services Limited |
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The company pays consultancy fees to Blueseas Management Limited as and when relevant |
expenditure is incurred. I.F.C. Murray is a director of the company's ultimate parent company, |
Leywood Estates Limited, and Blueseas Management Limited - the amount paid in the year ended 30 |
September 2017 totalled £NIL (2016: £5,500). |
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The company pays consultancy fees to Kennedy Funnell Limited as and when relevant expenditure is |
incurred. S.K. Funnell is a director of the company and Kennedy Funnell Limited - the amount paid in |
the year ended 30 September 2017 totalled £20,440 (2016: £47,000). |
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8. | FIRST YEAR ADOPTION OF FRS 102 |
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The company has adopted FRS 102 for the first time in the year ended 30 September 2017. The |
policies applied under the entity's previous accounting framework are not materially different to FRS |
102 and have not impacted on the comparative period figures. |