Company Registration No. 08714300 (England and Wales)
CHALLENGER AYLESFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
CHALLENGER AYLESFORD LIMITED
COMPANY INFORMATION
Directors
A P D Musry
M Shwartz
Company number
08714300
Registered office
10 Riverview
The Embankment
Vale Road
Heaton Mersey
SK4 3GN
Accountants
Lopian Gross Barnett & Co
6th Floor
Cardinal House
St Mary's Parsonage
Manchester
M3 2LG
Business address
10 Riverview
The Embankment
Vale Road
Heaton Mersey
SK4 3GN
CHALLENGER AYLESFORD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CHALLENGER AYLESFORD LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
4,587,956
4,279,194
Debtors
3
105,445
23,471
Cash at bank and in hand
17,636
18,001
4,711,037
4,320,666
Creditors: amounts falling due within one year
4
(4,997,424)
(4,593,532)
Net current liabilities
(286,387)
(272,866)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(286,388)
(272,867)
Total equity
(286,387)
(272,866)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The financial statements were approved by the board of directors and authorised for issue on 19 January 2018 and are signed on its behalf by:
A P D Musry
Director
Company Registration No. 08714300
CHALLENGER AYLESFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information
Challenger Aylesford Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
10 Riverview, The Embankment, Vale Road, Heaton Mersey, SK4 3GN.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Stock of land, property and development costs
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
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.
1.5
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 balance sheet 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.
CHALLENGER AYLESFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable
unless stated otherwise in a note to the accounts.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Taxation
2017
2016
£
£
Current tax
Group tax relief
(50,208)
-
CHALLENGER AYLESFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
97,548
-
Other debtors
7,897
23,471
105,445
23,471
4
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,393,164
322,559
Trade creditors
11,088
294,610
Amounts due to group undertakings
3,135,859
432,000
Other creditors
457,313
3,544,363
4,997,424
4,593,532
The bank loan of £1,393,164 included above is secured by fixed and floating charge on the land included in stock in the accounts.
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
6
Related party transactions
At the balance sheet date the company owed
£378,834 (2016 -
£
3,508,226)
to Questport Limited, a company in which A P D Musry
is a
director. Th
e movement
represents
loan repayments in the year.
During the year the company made purchases to the value of £3,867,987 (2016 - £9,077,109) from Challenger Text Limited, a fellow subsidiary company. At the year end the balance due to Challenger Text Limited was £3,083,511 (2016 - £709,601).
7
Parent company
The ultimate parent company is Windowhome Limited, a company registered in England and Wales.