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Unaudited Financial Statements for the Year Ended 30 April 2019 |
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Hazledene (Inverness) Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2019 |
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for |
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Hazledene (Inverness) Limited |
Hazledene (Inverness) Limited (Registered number: SC248576) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Hazledene (Inverness) Limited |
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Company Information |
for the Year Ended 30 April 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
3 Holmwood Park |
Crossford |
Lanarkshire |
ML8 5SZ |
Hazledene (Inverness) Limited (Registered number: SC248576) |
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Statement of Financial Position |
30 April 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 3 |
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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 LIABILITIES | ( |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium | 9 |
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Retained earnings | 9 |
( |
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( |
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SHAREHOLDERS' FUNDS |
( |
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( |
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The director acknowledges his 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. |
Hazledene (Inverness) Limited (Registered number: SC248576) |
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Statement of Financial Position - continued |
30 April 2019 |
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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 director on
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Hazledene (Inverness) Limited (Registered number: SC248576) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2019 |
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1. | STATUTORY INFORMATION |
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Hazledene (Inverness) Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will |
continue to meet its obligations as they fall due for at least 12 months from the date of approval of the financial |
statements. In the opinion of the director this basis is appropriate. Funding is in place on a rolling basis and the |
director is confident that funding will not be withdrawn within 12 months of the signing of these financial |
statements. |
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Significant judgements and estimates |
Significant judgements and estimates are made in the calculations required to determine the costs to complete |
long term construction projects. The percentage completion, and hence the gross profit to release to the income |
statement, are dependent on those estimates. In the opinion of the director, after due consideration, the |
estimates made at the balance sheet date are considered reasonable, however, any significant over or under |
estimate could materially alter the value of gross profit released. |
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An assessment of projected sales on a project by project basis has been taken. Where the forecast costs to |
complete are in excess of the projected sales value, the difference is taken to cost of sales. |
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In evaluating the projected sales, the director has made judgements based on the projected land values and |
likelihood of securing sales looking forward to 2021. |
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The company has unutilised tax losses. A deferred tax asset has been created to recognise the tax losses in so |
far as they are expected to be utilised. A forecast has been made of the projected future profits of the company |
to estimate to what extent these tax losses will be utilised. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Stocks |
Stocks and work in progress (except long term contracts) are valued at the lower of cost and net realisable |
value, after making due allowance for obsolete and slow moving items. |
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Long term contract balances are valued at costs incurred including interest incurred in funding land on specific |
contracts, net of amounts transferred to cost of sales in respect of work recorded as turnover, less foreseeable |
losses and payments on account. If the ultimate profitability of a contract can be assessed with reasonable |
certainty, after having made prudent allowance for future risks and uncertainties, then profit is recognised in |
proportion to the contract work completed. Immediate provision is made for all foreseeable losses. |
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Hazledene (Inverness) Limited (Registered number: SC248576) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 |
statement of financial position 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. | STOCKS |
2019 | 2018 |
£ | £ |
Net costs less foreseeable losses | 18,954,323 | 17,767,931 |
Excess payments on account | - | (982,276 | ) |
18,954,323 | 16,785,655 |
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Work in progress includes £5,590,397 (2018 £6,520,163) of capitalised interest. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to participating interests | 795,359 | 856,159 |
Taxation and social security |
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Other creditors |
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Hazledene (Inverness) Limited (Registered number: SC248576) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other creditors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Other loans |
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The bank loan funder holds a standard security over the land held by the company, a legal charge over the credit |
balance held on the bank account and a floating charge over all the assets. |
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The other loan funder holds a standard security over part of the land held by the company. |
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8. | DEFERRED TAX |
£ |
Balance at 1 May 2018 | ( |
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Credit to Income Statement during year | ( |
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Balance at 30 April 2019 | ( |
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Deferred tax represents unutilised tax losses. |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 May 2018 |
( |
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(14,529,659 | ) |
Profit for the year |
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At 30 April 2019 |
( |
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(11,329,426 | ) |
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10. | CONTINGENT LIABILITIES |
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As a condition of the bank loan, there is a participation agreement whereby fees will be payable to the funder |
based upon any disposal proceeds, less certain expenses, by applying an agreed percentage. |
Hazledene (Inverness) Limited (Registered number: SC248576) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2019 |
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11. | RELATED PARTY DISCLOSURES |
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Mark Shaw |
A director of the company |
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At the balance sheet date £708,490 (2018 £708,490) was due to the director. This loan is interest free and |
repayable on demand. |
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Hazledene Group Limited |
An associated company |
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At the balance sheet date £86,869 (2018 £147,668) was due to the associated company. During the year, the |
company repaid £60,800. The loan is interest free and repayable on demand. |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is M D Shaw. |
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The ultimate controlling party is
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