Company Registration No. SC465200 (Scotland)
MILESTONE DEVELOPMENTS (N.I) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
MILESTONE DEVELOPMENTS (N.I) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MILESTONE DEVELOPMENTS (N.I) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,897
4,398
Current assets
Stocks
308,163
424,163
Debtors
4
479,682
239,958
Cash at bank and in hand
34,013
615
821,858
664,736
Creditors: amounts falling due within one year
5
(519,150)
(556,113)
Net current assets
302,708
108,623
Total assets less current liabilities
305,605
113,021
Provisions for liabilities
(880)
(880)
Net assets
304,725
112,141
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
304,625
112,041
Total equity
304,725
112,141
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The 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.
MILESTONE DEVELOPMENTS (N.I) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2018
Mrs N Jackson
Director
Company Registration No. SC465200
MILESTONE DEVELOPMENTS (N.I) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Milestone Developments (N.I) Limited is a private company limited by shares incorporated in Scotland. The registered office is 2A Boswell Park, Ayr, Ayrshire, KA7 1NP.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the amounts receivable from the sale of private houses, exclusive of Value Added Tax. Sales of private houses are included in turnover upon legal completion.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Straight Line
Motor vehicles
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Materials, property in the course of development and land are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost comprises the cost of materials, land, development cost and an appropriate proportion of overheads. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
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.
MILESTONE DEVELOPMENTS (N.I) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2017 - 0).
MILESTONE DEVELOPMENTS (N.I) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2017 and 31 March 2018
2,500
4,005
6,505
Depreciation and impairment
At 1 April 2017
104
2,003
2,107
Depreciation charged in the year
500
1,001
1,501
At 31 March 2018
604
3,004
3,608
Carrying amount
At 31 March 2018
1,896
1,001
2,897
At 31 March 2017
2,396
2,002
4,398
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
479,682
239,958
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
59,394
116,191
Corporation tax
75,199
28,500
Other creditors
384,557
411,422
519,150
556,113
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Related party transactions
Transactions with related parties
MILESTONE DEVELOPMENTS (N.I) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
7
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2018
2017
Amounts owed to related parties
£
£
Other related parties
224,189
150,720
The following amounts were outstanding at the reporting end date:
2018
Balance
Amounts owed by related parties
£
Other related parties
479,128
2017
Balance
Amounts owed in previous period
£
Key management personnel
200,000
Other related parties
38,175
8
Control
The company was under the control of Mr S Jackson throughout the current and previous year.