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Registration number: NI628615

Pot Hill Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Pot Hill Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Pot Hill Homes Ltd

Company Information

Director

Mr Kieran Morgan

Registered office

10 Lower Knockbarragh Road
Rostrevor
Co Down
BT34 3DP

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Pot Hill Homes Ltd

(Registration number: NI628615)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,144

1,022

Current assets

 

Stocks

5

703,007

651,886

Debtors

6

203

771

Cash at bank and in hand

 

3,709

2,941

 

706,919

655,598

Creditors: Amounts falling due within one year

7

(662,639)

(593,031)

Net current assets

 

44,280

62,567

Total assets less current liabilities

 

47,424

63,589

Creditors: Amounts falling due after more than one year

7

(34,643)

(39,662)

Net assets

 

12,781

23,927

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

12,780

23,926

Total equity

 

12,781

23,927

For the financial year ending 31 January 2023 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 October 2023
 

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

Mr Kieran Morgan
Director

 

Pot Hill Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
10 Lower Knockbarragh Road
Rostrevor
Co Down
BT34 3DP

These financial statements were authorised for issue by the director on 11 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

20% straight line

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.

 

Pot Hill Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Pot Hill Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

2,560

2,560

Additions

3,292

3,292

At 31 January 2023

5,852

5,852

Depreciation

At 1 February 2022

1,538

1,538

Charge for the year

1,170

1,170

At 31 January 2023

2,708

2,708

Carrying amount

At 31 January 2023

3,144

3,144

At 31 January 2022

1,022

1,022

5

Stocks

2023
£

2022
£

Work in progress

703,007

651,886

6

Debtors

2023
£

2022
£

Other debtors

203

771

203

771

 

Pot Hill Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

6,124

6,123

Trade creditors

 

2,533

3,026

Other creditors

 

71,210

50,000

Loans from directors

 

580,746

527,032

Accruals and deferred income

 

2,026

6,850

 

662,639

593,031

Due after one year

 

Loans and borrowings

9

34,643

39,662

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,124

6,123

Other borrowings

50,000

50,000

56,124

56,123

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

34,643

39,662