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Registration number: 06541452

Treharne Homes Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Treharne Homes Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Treharne Homes Ltd.

Company Information

Director

Mr D W Treharne

Company secretary

Mr D T Stephens

Registered office

135 Heol-y-Parc
Cefneithin
Llanelli
Carmarthenshire
SA14 7DS

Accountants

PJE Chartered Accountants
23 College Street
Lampeter
Ceredigion
SA48 7DY

 

Treharne Homes Ltd.

(Registration number: 06541452)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

33,780

7,200

Current assets

 

Stocks

5

5,000

23,000

Debtors

6

94,398

8,983

Cash at bank and in hand

 

1,176

180

 

100,574

32,163

Creditors: Amounts falling due within one year

7

(55,149)

(20,773)

Net current assets

 

45,425

11,390

Total assets less current liabilities

 

79,205

18,590

Creditors: Amounts falling due after more than one year

7

(12,028)

(5,000)

Net assets

 

67,177

13,590

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

67,176

13,589

Total equity

 

67,177

13,590

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors’ report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small and micro companies regime.

 

Treharne Homes Ltd.

(Registration number: 06541452)
Balance Sheet as at 31 March 2018 (continued)

Approved and authorised by the director on 1 November 2018
 

.........................................

Mr D W Treharne

Director

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a incorporated in England & Wales.

The address of its registered office is:
135 Heol-y-Parc
Cefneithin
Llanelli
Carmarthenshire
SA14 7DS
United Kingdom

The company registration number is 06541452.

These financial statements were authorised for issue by the director on 1 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2017 - 4).

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

17,828

27,357

45,185

Additions

-

35,625

35,625

At 31 March 2018

17,828

62,982

80,810

Depreciation

At 1 April 2017

17,828

20,157

37,985

Charge for the year

-

9,045

9,045

At 31 March 2018

17,828

29,202

47,030

Carrying amount

At 31 March 2018

-

33,780

33,780

At 31 March 2017

-

7,200

7,200

5

Stocks

2018
£

2017
£

Other inventories

5,000

23,000

6

Debtors

2018
£

2017
£

Trade debtors

87,831

8,983

Other debtors

6,567

-

Total current trade and other debtors

94,398

8,983

 

Treharne Homes Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

3,294

6,511

Trade creditors

 

35,665

14,548

Taxation and social security

 

69

(3,110)

Other creditors

 

16,121

2,824

 

55,149

20,773

Due after one year

 

Loans and borrowings

8

12,028

-

Other non-current financial liabilities

 

-

5,000

 

12,028

5,000

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

12,028

-

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

-

6,511

Finance lease liabilities

3,294

-

3,294

6,511