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Andrew Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2021

Registration number: 05325651

 

Andrew Developments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Andrew Developments Limited

Balance Sheet

30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

3,960

5,052

Current assets

 

Stocks

381,621

581,312

Debtors

5

-

10,832

Cash at bank and in hand

 

109,510

62,723

 

491,131

654,867

Creditors: Amounts falling due within one year

6

(162,397)

(360,791)

Net current assets

 

328,734

294,076

Total assets less current liabilities

 

332,694

299,128

Creditors: Amounts falling due after more than one year

6

(42,500)

(50,000)

Provisions for liabilities

(990)

(960)

Net assets

 

289,204

248,168

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

289,203

248,167

Shareholders' funds

 

289,204

248,168

 

Andrew Developments Limited

Balance Sheet

30 November 2021

For the financial year ending 30 November 2021 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 August 2022
 

.........................................
A J Linskey
Director

 

Andrew Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

The principal place of business is:
Freshwaters
187B Marldon Road
Paignton
Devon
TQ3 3NB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

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 value added tax and discounts.

The company recognises revenue when it can be reliably measured and it is probable that future economic benefits will flow to the entity.

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Andrew Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

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 stocks 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.

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.

 

Andrew Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Andrew Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2020

27,218

4,496

31,714

At 30 November 2021

27,218

4,496

31,714

Depreciation

At 1 December 2020

23,884

2,778

26,662

Charge for the year

834

258

1,092

At 30 November 2021

24,718

3,036

27,754

Carrying amount

At 30 November 2021

2,500

1,460

3,960

At 30 November 2020

3,334

1,718

5,052

5

Debtors

Current

2021
£

2020
£

Trade debtors

-

9,299

Other debtors

-

1,533

 

-

10,832

 

Andrew Developments Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

5,000

90,670

Trade creditors

 

29,364

11,911

Corporation tax

 

17,216

22,783

Taxation and social security

 

5,445

-

Other creditors

 

102,372

231,496

Accruals and deferred income

 

3,000

3,931

 

162,397

360,791

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

42,500

50,000

7

Loans and borrowings

2021
£

2020
£

Loans and borrowings due after one year

Bank borrowings

42,500

50,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

5,000

90,670

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1