Registered number
12323331
SINGLETON DEVELOPMENTS LTD
Filleted Accounts
30 November 2023
SINGLETON DEVELOPMENTS LTD
Registered number: 12323331
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 33,321 43,104
Investments 4 334,182 313,088
367,503 356,192
Current assets
Stocks 499,692 397,250
Debtors 5 20,218 22,080
Cash at bank and in hand 104,046 11,615
623,956 430,945
Creditors: amounts falling due within one year 6 (1,032,796) (782,058)
Net current liabilities (408,840) (351,113)
Net (liabilities)/assets (41,337) 5,079
Capital and reserves
Called up share capital 100 1
Profit and loss account (41,437) 5,078
Shareholder's funds (41,337) 5,079
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Singleton
Director
Approved by the board on 19 August 2024
SINGLETON DEVELOPMENTS LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company is currently insolvent but continues to trade with the support of its Director. The Company expects to recognise the income from an ongoing project in the coming or next financial year.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at the following rates
Plant & machinery 15% reducing balance
Motor vehicles 25% reducing balance
Work In progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 4,582 53,993 58,575
Additions 719 - 719
At 30 November 2023 5,301 53,993 59,294
Depreciation
At 1 December 2022 863 14,608 15,471
Charge for the year 656 9,846 10,502
At 30 November 2023 1,519 24,454 25,973
Net book value
At 30 November 2023 3,782 29,539 33,321
At 30 November 2022 3,719 39,385 43,104
4 Investments
Other
investments
£
Cost
At 1 December 2022 313,088
Additions 21,094
At 30 November 2023 334,182
5 Debtors 2023 2022
£ £
Trade debtors 18,146 17,900
Other debtors 2,072 4,180
20,218 22,080
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,911 24,017
Other creditors 1,030,885 758,041
1,032,796 782,058
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L Singleton
Directors loan account 758,041 (249,376) 522,300 1,030,965
A Singleton
Directors loan account - (20) (20)
F Singleton
Directors loan account - (20) (20)
L E Singleton
Directors loan account - (20) (20)
M Singleton
Directors loan account - (20) - (20)
758,041 (249,456) 522,300 1,030,885
8 Other information
SINGLETON DEVELOPMENTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 High Street
Stanley
Co Durham
DH9 0DQ
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