Company Registration No. 06977370 (England and Wales)
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investment properties
2
-
704,000
Current assets
Debtors
3
38,801
279
Cash at bank and in hand
300,379
110
339,180
389
Creditors: amounts falling due within one year
4
(339,080)
(30,970)
Net current assets/(liabilities)
100
(30,581)
Total assets less current liabilities
100
673,419
Creditors: amounts falling due after more than one year
5
-
(1,225,257)
Net assets/(liabilities)
100
(551,838)
Capital and reserves
Called up share capital
6
100
40,100
Profit and loss reserves
-
(591,938)
Total equity
100
(551,838)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2017 and are signed on its behalf by:
Mr A V Hawker
Director
Company Registration No. 06977370
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Biggins wood Homes Limited (formerly known as Rainstorm (Folkestone 1) Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Palmerston House, 814 Brighton Road, PURLEY, Surrey, CR8 2BR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Biggins wood Homes Limited (formerly known as Rainstorm (Folkestone 1) Limited) prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the income statement.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when 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.
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Investment property
2016
£
Fair value
At 1 January 2016
(704,000)
Disposals
704,000
At 31 December 2016
-
BIGGINS WOOD HOMES LIMITED (FORMERLY KNOWN AS RAINSTORM (FOLKESTONE 1) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
3
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
-
(1)
Amounts due from group undertakings
38,801
-
Other debtors
-
280
38,801
279
4
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
409
10,460
Amounts due to group undertakings
21,853
20,510
Other taxation and social security
289,068
-
Other creditors
27,750
-
339,080
30,970
5
Creditors: amounts falling due after more than one year
2016
2015
£
£
Other creditors
-
1,225,257
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
84 A Ordinary shares of £1 each
84
84
16 B Ordinary shares of £1 each
16
16
100
100
Preference share capital
Issued and fully paid
0 Preference shares of £1 each
-
40,000
-
40,000