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COMPANY REGISTRATION NUMBER: 08983239
Snowdon Homes Ltd
Group Financial Statements
30 October 2022
Snowdon Homes Ltd
Group Financial Statements
Period ended 30 October 2022
Contents
Pages
Officers and professional advisers
1
Strategic report
2
Directors' report
3 to 4
Independent auditor's report to the members
5 to 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Notes to the group financial statements
15 to 27
Snowdon Homes Ltd
Officers and Professional Advisers
The board of directors
Mr M D Lee
Mr J Lewis
Mr J J Leydon
Mr G Pepper (Resigned 30 June 2023)
Company secretary
Mr G Pepper
Registered office
Artemis House
4a Bramley Road
Mount Farm
Milton Keynes
Bucks
MK1 1PT
Auditor
Ellacotts Audit Services Limited
Chartered Accountants & statutory auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
England
NN15 6XR
Snowdon Homes Ltd
Strategic Report
Period ended 30 October 2022
The Group present their Strategic Report for the period ended 30 October 2022 to provide a review of the business, principal risks and uncertainties and performance alongside key performance indicators. The Directors consider the state of the Group to be satisfactory. The Directors believe the key performance indicators of the business to be gross profit and operating profit (before exceptional items) as a percentage of turnover. These key performance indicator's have been met in this financial year. Revenue has increased from £16.9 million to £23.3 million an increase of 38% Gross Profit has increased from £3.8 million to £4.6 million an increase of 21% Operating Margin before tax has increased from £1 million to £1.1 million giving a percentage increase of 10% The profit for the period, after taxation, amounted to £754,648. Dividends of £421,560 have been paid in the period. The Group's principal financial instruments comprise bank balances, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds and to finance the Group's operations. Due to the nature of the financial instruments used by the Group, there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below. a)The Group is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet payments when they arise. b)Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. c)Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. It is the policy of the Group to settle terms of payment with suppliers on a timely basis in the ordinary course of business, and to agree appropriate terms and conditions in advance with its suppliers. The Group endeavours to make payment in accordance with those terms and conditions provided that the supplier has complied with them. Suppliers and their payment terms are looked at on an individual basis and regularly reviewed. The Group believes that the average payment period of suppliers is 45-60 days. A copy of the Group's standard payment practice can be obtained from the Group's premises.
This report was approved by the board of directors on 25 October 2023 and signed on behalf of the board by:
Mr J Lewis
Director
Snowdon Homes Ltd
Directors' Report
Period ended 30 October 2022
The directors present their report and the Group Financial Statements of the group for the period ended 30 October 2022 .
Directors
The directors who served the company during the period were as follows:
Mr M D Lee
Mr J Lewis
Mr J J Leydon
Mr G Pepper
Mr G Pepper resigned on 30 June 2023.
Dividends
Particulars of recommended dividends are detailed in note 11 to the Group Financial Statements.
Future developments
The Group's future developments will consist of further development of sites for housing.
We will also be looking at developing our corporate structure and exploring possible investment acquisitions to help provide more opportunities for the business to grow.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the Group Financial Statements in accordance with applicable law and regulations. Company law requires the directors to prepare Group Financial Statements for each financial period. Under that law the directors have elected to prepare the Group Financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the Group Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these Group Financial Statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the Group Financial Statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the Group Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Ellacotts Audit Services Limited were appointed as auditor to the group in accordance with section 485 of the Companies Act 2006. Each of the person who is a director at the date of approval of this report confirms that: - so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 25 October 2023 and signed on behalf of the board by:
Mr J Lewis
Director
Snowdon Homes Ltd
Independent Auditor's Report to the Members of Snowdon Homes Ltd
Period ended 30 October 2022
Disclaimer of opinion
We were engaged to audit the financial statements of Snowdon Homes Limited (the 'company') and it's subsidiaries (the 'group') for the period ended 30 October 2022 which comprise the Consolidated Statement of Comprehensive income, the Consolidated Statement of Financial Position, the Consolidated Statement of changes in equity, the company statement of changes in equity, the Consolidated Statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). We do not express an opinion on the accompanying financial statements of the company and group. Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
As a result of being appointed as auditors after the group's period end date, the counting of physical inventories at the period end was not performed and thus we did not observe this process. We were unable to satisfy ourselves by alternative means concerning the existence of stock held at 30 October 2022, which are included in the balance sheet at £7,070,350, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. Additionally, the evidence available to us was limited in relation to the comparatives in the current period's financial statements which are derived from the unaudited financial statements for the year ended 31 October 2021. As the comparatives were not audited and we were appointed as auditor in April 2023 it was not possible for us to perform the auditing procedures necessary to obtain sufficient appropriate audit evidence concerning the comparative figures. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the Group Financial Statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the Group Financial Statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the Group Financial Statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion based on the work undertaken in the course of our audit:
- the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the group and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the directors' report. Arising from the limitation of our work referred to above: - we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and - we were unable to determine whether adequate accounting records have been kept. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the Group Financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of Group Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Group Financial Statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the group financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk is increased the more that compliance with law or regulation is removed from events and transactions reflected the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also perform the following procedures:
- Enquiry of management and those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify and instances of non-compliance with laws and regulations,
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors Report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
David Stevens BA FCA
(Senior Statutory Auditor)
For and on behalf of
Ellacotts Audit Services Limited
Chartered Accountants & statutory auditor
Vantage House
2700 Kettering Parkway
Kettering Venture Park
Kettering
Northamptonshire
England
NN15 6XR
25 October 2023
Snowdon Homes Ltd
Consolidated Statement of Comprehensive Income
Period ended 30 October 2022
2022
2021
(restated)
Note
£
£
Turnover
4
23,329,576
16,926,399
Cost of sales
18,745,995
13,173,769
-------------
-------------
Gross profit
4,583,581
3,752,630
Administrative expenses
3,163,384
2,398,719
------------
------------
Operating profit
5
1,420,197
1,353,911
Other interest receivable and similar income
8
362,789
337,294
Interest payable and similar expenses
9
668,769
660,902
------------
------------
Profit before taxation
1,114,217
1,030,303
Tax on profit
10
359,569
384,208
------------
------------
Profit for the financial period and total comprehensive income
754,648
646,095
------------
------------
Profit for the financial period attributable to:
The owners of the parent company
780,153
616,607
Non-controlling interests
( 25,505)
29,488
---------
---------
754,648
646,095
---------
---------
All the activities of the group are from continuing operations.
Snowdon Homes Ltd
Consolidated Statement of Financial Position
30 October 2022
2022
2021
(restated)
Note
£
£
Fixed assets
Tangible assets
12
2,731,428
2,226,194
Current assets
Stocks
14
7,070,350
6,473,783
Debtors
15
3,643,793
3,472,036
Cash at bank and in hand
268,240
64,998
-------------
-------------
10,982,383
10,010,817
Creditors: amounts falling due within one year
17
8,965,464
7,960,033
-------------
-------------
Net current assets
2,016,919
2,050,784
------------
------------
Total assets less current liabilities
4,748,347
4,276,978
Creditors: amounts falling due after more than one year
18
1,124,851
1,162,326
Provisions
20
594,630
358,688
------------
------------
Net assets
3,028,866
2,755,964
------------
------------
Capital and reserves
Called up share capital
24
780
780
Profit and loss account
3,144,457
2,785,864
------------
------------
Equity attributable to the owners of the parent company
3,145,237
2,786,644
Non-controlling interests
( 116,371)
( 30,680)
------------
------------
3,028,866
2,755,964
------------
------------
These Group Financial Statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr J Lewis
Director
Company registration number: 08983239
Snowdon Homes Ltd
Company Statement of Financial Position
30 October 2022
2022
2021
(restated)
Note
£
£
Fixed assets
Tangible assets
12
1,873,189
1,472,088
Investments
13
380
380
------------
------------
1,873,569
1,472,468
Current assets
Stocks
14
7,067,807
6,519,918
Debtors
15
3,095,475
1,982,562
Cash at bank and in hand
243,022
46,294
-------------
------------
10,406,304
8,548,774
Creditors: amounts falling due within one year
17
8,421,336
6,654,646
-------------
------------
Net current assets
1,984,968
1,894,128
------------
------------
Total assets less current liabilities
3,858,537
3,366,596
Creditors: amounts falling due after more than one year
18
832,556
885,925
Provisions
20
323,680
214,045
------------
------------
Net assets
2,702,301
2,266,626
------------
------------
Capital and reserves
Called up share capital
24
780
780
Profit and loss account
2,701,521
2,265,846
------------
------------
Shareholders funds
2,702,301
2,266,626
------------
------------
The profit for the financial period of the parent company was £ 857,235 (2021: £ 952,898 ).
These Group Financial Statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr J Lewis
Director
Company registration number: 08983239
Snowdon Homes Ltd
Consolidated Statement of Changes in Equity
Period ended 30 October 2022
Called up share capital
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
At 1 November 2020
780
2,446,257
2,447,037
20
2,447,057
Profit for the period
616,607
616,607
29,488
646,095
----
------------
------------
--------
------------
Total comprehensive income for the period
616,607
616,607
29,488
646,095
Dividends paid and payable
11
( 277,000)
( 277,000)
( 60,188)
( 337,188)
----
------------
------------
--------
------------
Total investments by and distributions to owners
( 277,000)
( 277,000)
( 60,188)
( 337,188)
At 31 October 2021
780
2,785,864
2,786,644
( 30,680)
2,755,964
Profit for the period
780,153
780,153
( 25,505)
754,648
----
------------
------------
--------
------------
Total comprehensive income for the period
780,153
780,153
( 25,505)
754,648
Dividends paid and payable
11
( 421,560)
( 421,560)
( 60,186)
( 481,746)
----
---------
---------
--------
---------
Total investments by and distributions to owners
( 421,560)
( 421,560)
( 60,186)
( 481,746)
----
------------
------------
---------
------------
At 30 October 2022
780
3,144,457
3,145,237
( 116,371)
3,028,866
----
------------
------------
---------
------------
Snowdon Homes Ltd
Company Statement of Changes in Equity
Period ended 30 October 2022
Called up share capital
Profit and loss account
Total
£
£
£
At 1 November 2020
780
1,589,948
1,590,728
Profit for the period
952,898
952,898
----
------------
------------
Total comprehensive income for the period
952,898
952,898
Dividends paid and payable
11
( 277,000)
( 277,000)
----
------------
------------
Total investments by and distributions to owners
( 277,000)
( 277,000)
At 31 October 2021
780
2,265,846
2,266,626
Profit for the period
857,235
857,235
----
------------
------------
Total comprehensive income for the period
857,235
857,235
Dividends paid and payable
11
( 421,560)
( 421,560)
----
---------
---------
Total investments by and distributions to owners
( 421,560)
( 421,560)
----
------------
------------
At 30 October 2022
780
2,701,521
2,702,301
----
------------
------------
Snowdon Homes Ltd
Consolidated Statement of Cash Flows
Period ended 30 October 2022
2022
2021
(restated)
Note
£
£
Cash flows from operating activities
Profit for the financial period
754,648
646,095
Adjustments for:
Depreciation of tangible assets
239,919
143,699
Other interest receivable and similar income
( 362,789)
( 337,294)
Interest payable and similar expenses
668,769
660,902
Gains on disposal of tangible assets
( 21,693)
Tax on profit
359,569
384,208
Accrued (income)/expenses
( 595,365)
1,250,762
Other operating cash flow adjustment
1,632
173
Changes in:
Stocks
( 596,567)
( 6,473,783)
Trade and other debtors
( 112,584)
( 3,122,140)
Trade and other creditors
1,532,869
5,168,911
Provisions and employee benefits
56,490
------------
------------
Cash generated from operations
1,924,898
( 1,678,467)
Interest paid
( 668,769)
( 660,902)
Interest received
362,789
337,294
Tax paid
( 162,867)
( 24,765)
------------
------------
Net cash from/(used in) operating activities
1,456,051
( 2,026,840)
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 765,893)
( 345,325)
Proceeds from sale of tangible assets
42,433
11,272
------------
------------
Net cash used in investing activities
( 723,460)
( 334,053)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 98,577)
1,402,724
Payments of finance lease liabilities
51,947
821,906
Dividends paid
( 481,746)
( 337,188)
------------
------------
Net cash (used in)/from financing activities
( 528,376)
1,887,442
------------
------------
Net increase/(decrease) in cash and cash equivalents
204,215
( 473,451)
Cash and cash equivalents at beginning of period
64,425
538,049
---------
---------
Cash and cash equivalents at end of period
16
268,640
64,598
---------
---------
Snowdon Homes Ltd
Notes to the Group Financial Statements
Period ended 30 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Artemis House, 4a Bramley Road, Mount Farm, Milton Keynes, Bucks, MK1 1PT.
2. Statement of compliance
These Group Financial Statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The accounts have been prepared up to 30th October 2022. The financial statements are prepared in sterling, which is the functional currency of the entity. The prior years figures have not been audited. The prior year figures have been restated, due to the deferred tax provision being omitted.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The Group Financial Statements consolidate the Group Financial Statements of Snowdon Homes Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Recognition of revenue and profit is based on judgments made in respect of the ultimate profitability of a contract. Such judgments are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. The Group has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% reducing balance
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
20% reducing balance
Equipment
-
25% straight line
There is no depreciation on land and buildings as the cost price is lower than market value.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. Snagging Provision At each reporting date the snagging provision is assessed for adequacy. For the period to 30th October 2022 the provision in the subsidiaries was £56,490 and this was based on 1.07% of the prior periods turnover. Based on the experience of the management considering the snagging expenditure and sales in the year, the amount of this provision will be adjusted in future accounting periods. The movement will be recognised in the statement of comprehensive income.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2022
2021
(restated)
£
£
Construction contracts
23,329,576
16,926,399
-------------
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2022
2021
(restated)
£
£
Depreciation of tangible assets
239,919
143,699
Gains on disposal of tangible assets
( 21,693)
---------
---------
6. Staff costs
The average number of persons employed by the group during the period, including the directors, amounted to:
2022
2021
No.
No.
Production staff
38
43
Administrative staff
45
60
Management staff
12
20
----
----
95
123
----
----
The aggregate payroll costs incurred during the period, relating to the above, were:
2022
2021
(restated)
£
£
Wages and salaries
1,794,149
1,348,795
Social security costs
201,727
149,993
Other pension costs
47,318
35,441
------------
------------
2,043,194
1,534,229
------------
------------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2022
2021
(restated)
£
£
Remuneration
36,405
47,503
--------
--------
8. Other interest receivable and similar income
2022
2021
(restated)
£
£
Interest on loans and receivables
362,789
337,294
---------
---------
9. Interest payable and similar expenses
2022
2021
(restated)
£
£
Interest on banks loans and overdrafts
616,235
614,491
Interest on obligations under finance leases and hire purchase contracts
33,627
27,491
Other interest payable and similar charges
18,907
18,920
---------
---------
668,769
660,902
---------
---------
10. Tax on profit
Major components of tax expense
2022
2021
(restated)
£
£
Current tax:
UK current tax expense
180,117
152,352
Deferred tax:
Origination and reversal of timing differences
179,452
231,856
---------
---------
Tax on profit
359,569
384,208
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
(restated)
£
£
Profit on ordinary activities before taxation
1,114,217
1,030,303
------------
------------
Profit on ordinary activities by rate of tax
211,701
195,757
Effect of expenses not deductible for tax purposes
( 11,270)
( 6,205)
Effect of capital allowances and depreciation
( 20,314)
( 37,200)
Deferred tax
179,452
231,856
------------
------------
Tax on profit
359,569
384,208
------------
------------
11. Dividends
2022
2021
(restated)
£
£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period )
481,746
337,188
---------
---------
12. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2021 (as restated)
478,228
1,486,806
95,499
984,476
22,762
3,067,771
Additions
470,334
8,276
280,261
7,022
765,893
Disposals
( 88,862)
( 30,006)
( 118,868)
---------
------------
---------
------------
--------
------------
At 30 Oct 2022
478,228
1,868,278
103,775
1,234,731
29,784
3,714,796
---------
------------
---------
------------
--------
------------
Depreciation
At 1 Nov 2021
620,563
6,258
206,379
8,377
841,577
Charge for the period
160,808
24,863
48,613
5,635
239,919
Disposals
( 81,180)
( 16,948)
( 98,128)
---------
------------
---------
------------
--------
------------
At 30 Oct 2022
700,191
31,121
238,044
14,012
983,368
---------
------------
---------
------------
--------
------------
Carrying amount
At 30 Oct 2022
478,228
1,168,087
72,654
996,687
15,772
2,731,428
---------
------------
---------
------------
--------
------------
At 31 Oct 2021
478,228
866,243
89,241
778,097
14,385
2,226,194
---------
------------
---------
------------
--------
------------
Company
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2021 (as restated)
478,228
356,599
95,499
827,198
22,762
1,780,286
Additions
224,449
8,276
280,261
7,022
520,008
Disposals
( 42,582)
( 30,006)
( 72,588)
---------
---------
---------
------------
--------
------------
At 30 Oct 2022
478,228
538,466
103,775
1,077,453
29,784
2,227,706
---------
---------
---------
------------
--------
------------
Depreciation
At 1 Nov 2021
156,906
6,258
136,657
8,377
308,198
Charge for the period
35,971
24,863
31,697
5,635
98,166
Disposals
( 34,900)
( 16,947)
( 51,847)
---------
---------
---------
------------
--------
------------
At 30 Oct 2022
157,977
31,121
151,407
14,012
354,517
---------
---------
---------
------------
--------
------------
Carrying amount
At 30 Oct 2022
478,228
380,489
72,654
926,046
15,772
1,873,189
---------
---------
---------
------------
--------
------------
At 31 Oct 2021
478,228
199,693
89,241
690,541
14,385
1,472,088
---------
---------
---------
------------
--------
------------
13. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 November 2021 as restated and 30 October 2022
380
----
Impairment
At 1 November 2021 as restated and 30 October 2022
----
Carrying amount
At 1 November 2021 and 30 October 2022
380
----
At 31 October 2021
380
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Foundry Brickworks Limited
Ordinary
100
Higham Groundworks and Civil Engineering Limited
Ordinary
80
14. Stocks
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Raw materials and consumables
310,117
274,862
310,117
274,862
Work in progress
6,760,233
6,198,921
6,757,690
6,245,056
------------
------------
------------
------------
7,070,350
6,473,783
7,067,807
6,519,918
------------
------------
------------
------------
15. Debtors
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Trade debtors
1,496,234
1,198,705
1,325,178
1,060,048
Amounts owed by group undertakings
400
Prepayments and accrued income
436,373
408,990
436,373
382,308
Corporation tax repayable
1,258
Other debtors
1,711,186
1,864,341
1,332,266
540,206
------------
------------
------------
------------
3,643,793
3,472,036
3,095,475
1,982,562
------------
------------
------------
------------
16. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2022
2021
(restated)
£
£
Cash at bank and in hand
268,240
64,998
Bank overdrafts
( 1,232)
( 573)
---------
--------
267,008
64,425
---------
--------
17. Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Bank loans and overdrafts
293,330
303,270
271,698
280,385
Trade creditors
3,066,054
2,751,105
2,622,091
2,346,953
Amounts owed to group undertakings
668,680
648,295
Accruals and deferred income
1,064,466
1,600,658
655,397
450,762
Corporation tax
144,837
127,587
20,134
Social security and other taxes
96,657
64,203
77,971
41,804
Obligations under finance leases and hire purchase contracts
363,430
427,773
201,100
202,984
Director loan accounts
397,621
331,834
397,584
332,197
Other creditors
3,539,069
2,353,603
3,526,815
2,331,132
------------
------------
------------
------------
8,965,464
7,960,033
8,421,336
6,654,646
------------
------------
------------
------------
The bank loans are secured by a debenture over the freehold property, and the hire purchase agreements are secured over the assets to which they relate.
18. Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Bank loans and overdrafts
614,428
768,193
567,465
700,412
Obligations under finance leases and hire purchase contracts
510,423
394,133
265,091
185,513
------------
------------
---------
---------
1,124,851
1,162,326
832,556
885,925
------------
------------
---------
---------
The bank loans are secured by a debenture over the freehold property, and the hire purchase agreements are secured over the assets to which they relate.
19. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Not later than 1 year
363,430
427,773
201,100
202,984
Later than 1 year and not later than 5 years
510,423
394,133
265,091
185,513
---------
---------
---------
---------
873,853
821,906
466,191
388,497
---------
---------
---------
---------
20. Provisions
Group
Deferred tax (note 21)
Snagging Provision
Total
£
£
£
At 1 November 2021 (as restated)
358,688
358,688
Additions
179,452
56,490
235,942
---------
--------
---------
At 30 October 2022
538,140
56,490
594,630
---------
--------
---------
Company
Deferred tax (note 21)
£
At 1 November 2021 (as restated)
214,045
Additions
109,635
---------
At 30 October 2022
323,680
---------
At each reporting date the snagging provision is assessed for adequacy. For the period to 30th October 2022 the provision in the subsidiaries was £56,490 and this was based on 1.07% of the prior periods turnover. Based on the experience of the management considering the snagging expenditure and sales in the year, the amount of this provision will be adjusted in future accounting periods. The movement will be recognised in the statement of comprehensive income.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Included in provisions (note 20)
538,140
358,688
323,680
214,045
---------
---------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2022
2021
2022
2021
(restated)
(restated)
£
£
£
£
Accelerated capital allowances
538,140
358,688
323,680
214,045
---------
---------
---------
---------
22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,318 (2021: £ 35,441 ).
23. Prior period adjustments
The following prior year adjustments have been made: 1. Interest payable was not accrued on the loans in the year totalling £450,762, which increased loan interest payable from £163,729 to £614,491 2. Deferred tax was not accounted for in the year, so a provision of £358,688 was entered, the balance was previously nil. 3. Corporation tax due in the year decreased by £34,786 due to the interest payable now being accounted for in the year. The original balance was £99,038.
24. Called up share capital
Issued, called up and fully paid
2022
2021
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
195
195
195
195
A Ordinary £1 Shares shares of £ 1 each
195
195
195
195
B Ordinary £1 Shares shares of £ 1 each
195
195
195
195
C Ordinary £1 Shares shares of £ 1 each
195
195
195
195
----
----
----
----
780
780
780
780
----
----
----
----
25. Analysis of changes in net debt
At 1 Nov 2021
Cash flows
At 30 Oct 2022
£
£
£
Cash at bank and in hand
64,998
203,242
268,240
Bank overdrafts
(573)
(659)
(1,232)
Debt due within one year
(1,062,304)
9,155
(1,053,149)
Debt due after one year
(1,162,326)
37,475
(1,124,851)
------------
---------
------------
( 2,160,205)
249,213
( 1,910,992)
------------
---------
------------
Snowdon Homes Ltd
Notes to the Group Financial Statements (continued)
Period ended 30 October 2022
26. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company and its subsidiary undertakings:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M D Lee
( 79,817)
( 36,000)
36,000
( 79,817)
Mr J Lewis
( 5,000)
( 5,000)
Mr J J Leydon
( 62,000)
( 68,000)
32,233
( 97,767)
Mr G Pepper
( 190,037)
( 95,000)
70,000
( 215,037)
---------
---------
---------
---------
( 331,854)
( 204,000)
138,233
( 397,621)
---------
---------
---------
---------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr M D Lee
( 50,000)
( 50,817)
21,000
( 79,817)
Mr J Lewis
Mr J J Leydon
( 12,000)
( 62,000)
12,000
( 62,000)
Mr G Pepper
( 50,007)
( 210,030)
70,000
( 190,037)
---------
---------
---------
---------
( 112,007)
( 322,847)
103,000
( 331,854)
---------
---------
---------
---------
27. Related party transactions
Company
The company was under the control of Mr J J Leydon , Mr G Pepper , Mr J Lewis & Mr M D Lee throughout the current and prior period. The company has taken advantage of the exemption conferred by the Financial Reporting Standard 102 not to disclose transactions with members of the group headed by Snowdon Homes Ltd .