NERVA HOMES LTD

Company Registration Number:
11706173 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2023

Period of accounts

Start date: 1 April 2022

End date: 31 March 2023

NERVA HOMES LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

NERVA HOMES LTD

Directors' report period ended 31 March 2023

The directors present their report with the financial statements of the company for the period ended 31 March 2023

Principal activities of the company

Nerva Homes Limited “the Company” was incorporated in England on 30th November 2018 as a private company limited by shares and is a wholly owned subsidiary of Gloucester City Homes Limited.Its purpose is to provide design and build services relating to the development of new housing. Formal contracts are entered into for all appointments.Gloucester City Homes Limited owns and manages over 4,700 housing properties with a net book value of £131m. The core business is the management, maintenance, and development of high-quality social housing affordable homes for people in need, together with appropriate support services.

Additional information

Statement of Directors’ responsibilities in respect of the directors’ report and the financial statementsThe Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and regulations.Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have prepared the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS102 Section 1A the Financial Reporting Standard applicable in the UK and Republic of Ireland.Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:select suitable accounting policies and then apply them consistently;make judgements and accounting estimates that are reasonable and prudent;state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern;use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations or have no realistic alternative to do so. 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 financial statements comply with the Companies Act 2006. they are responsible for such internal control as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.Information for auditorsEach of the persons who is a Director at the date of the 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, andThey 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.Going ConcernThe accounts have been prepared on a going concern basis, on the grounds that the Company has adequate revenue streams, cashflows and liquidity to continue its operations over the next 12-month period.In assessing the going concern position, the Directors have given careful consideration to the cost-of-living crisis increasing cost of goods and services on the cashflows and liquidity of the Company over the next 12-month period. Financial forecasts reflect the rising costs, despite these, the development performance and revenue forecasts remain strong, and sufficient for the Company to continue its operations.Should revenues decline further, the Company’s basis of generating revenue provides protection in ensuring that the Company continues to be profitable. All new revenue is generated from the parent company, Gloucester City Homes Limited, and includes a profit margin on the majority of Nerva Homes’ costs, and therefore the Company is not likely, at any point, to generate losses and fall short in providing its contractual obligations.The majority of revenue forecast over the next 12-month period is already contracted, therefore, it is probable that whilst we are not expecting further disruption due to rising inflation, this would only cause delays in revenue generation, rather than lost revenue.As the parent company, Gloucester City Homes Limited has the discretion not to demand payment of invoices owed by the Company to the parent company. The Directors of Gloucester City Homes have provided assurance to the Directors of the Company that Gloucester City Homes, based on its latest cashflow forecasts and stress testing, has significant resources in order to continue to operate, even in the unlikely event of also supporting any additional liquidity requirements of the Company.The Directors have concluded that the potential impact of the cost-of-living crisis and services described above does not represent a material uncertainty over the Company’s ability to continue as a going concern and any potential variations in the forecasts will result in timing differences as opposed to lost business opportunities.The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the next 12 months, therefore it is appropriate to adopt a going concern basis for the preparation of the Financial Statements. JudgementsNo significant judgements have been made by the Directors in preparing these financial statements.Appointment of AuditorsBeever and Struthers were appointed as external auditors for the year ended 31 March 2023.Small companies provisionsThis report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.



Directors

The directors shown below have held office during the whole of the period from
1 April 2022 to 31 March 2023

Anthony Thomas
Matthew Sands
Sarah McQuatt


The director shown below has held office during the period of
14 March 2023 to 31 March 2023

Paul Roberts


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
2 August 2023

And signed on behalf of the board by:
Name: Anthony Thomas
Status: Director

NERVA HOMES LTD

Profit And Loss Account

for the Period Ended 31 March 2023

2023 2022


£

£
Turnover: 10,124,000 14,740,000
Cost of sales: ( 9,369,000 ) ( 13,863,000 )
Gross profit(or loss): 755,000 877,000
Administrative expenses: ( 275,000 ) ( 226,000 )
Operating profit(or loss): 480,000 651,000
Profit(or loss) before tax: 480,000 651,000
Profit(or loss) for the financial year: 480,000 651,000

NERVA HOMES LTD

Balance sheet

As at 31 March 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 1,219,000 1,069,000
Cash at bank and in hand: 1,009,000 1,450,000
Total current assets: 2,228,000 2,519,000
Net current assets (liabilities): 2,228,000 2,519,000
Total assets less current liabilities: 2,228,000 2,519,000
Accruals and deferred income: ( 1,747,708 ) ( 1,867,959 )
Total net assets (liabilities): 480,292 651,041
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 480,291 651,040
Total Shareholders' funds: 480,292 651,041

The notes form part of these financial statements

NERVA HOMES LTD

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 2 August 2023
and signed on behalf of the board by:

Name: Anthony Thomas
Status: Director

The notes form part of these financial statements

NERVA HOMES LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents the fair value of income receivable from design and build services supplied by the Company in the period, net of value added tax and any claims of refunds.Turnover is recognised on a contract basis, in line with services delivered.

    Other accounting policies

    TaxationThe tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.Both the current and deferred tax charge are calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date in the countries where the Company operates and generates taxable income.Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except:The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities of other future taxable profits;Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.Gift AidGift aid payments are charged as distributions of reserves. The tax effect of gift aid payments is recognised in the profit for the period in which it will be recognised for Corporation tax purposes.

NERVA HOMES LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

NERVA HOMES LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Debtors

2023 2022
£ £
Trade debtors 1,188,852 1,043,815
Other debtors 30,148 25,185
Total 1,219,000 1,069,000