Colvester Homes Limited 09095966 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Construction of domestic buildings Digita Accounts Production Advanced 6.30.9574.0 true 09095966 2022-09-01 2023-08-31 09095966 2023-08-31 09095966 bus:OrdinaryShareClass1 2023-08-31 09095966 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 09095966 core:CurrentFinancialInstruments 2023-08-31 09095966 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09095966 core:Non-currentFinancialInstruments 2023-08-31 09095966 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 09095966 core:FurnitureFittingsToolsEquipment 2023-08-31 09095966 core:MotorVehicles 2023-08-31 09095966 bus:SmallEntities 2022-09-01 2023-08-31 09095966 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09095966 bus:FullAccounts 2022-09-01 2023-08-31 09095966 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09095966 bus:RegisteredOffice 2022-09-01 2023-08-31 09095966 bus:Director3 2022-09-01 2023-08-31 09095966 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 09095966 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09095966 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 09095966 core:MotorVehicles 2022-09-01 2023-08-31 09095966 core:PlantMachinery 2022-09-01 2023-08-31 09095966 countries:UnitedKingdom 2022-09-01 2023-08-31 09095966 2022-08-31 09095966 core:FurnitureFittingsToolsEquipment 2022-08-31 09095966 core:MotorVehicles 2022-08-31 09095966 2021-09-01 2022-08-31 09095966 2022-08-31 09095966 bus:OrdinaryShareClass1 2022-08-31 09095966 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-08-31 09095966 core:CurrentFinancialInstruments 2022-08-31 09095966 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 09095966 core:Non-currentFinancialInstruments 2022-08-31 09095966 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 09095966 core:FurnitureFittingsToolsEquipment 2022-08-31 09095966 core:MotorVehicles 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09095966

Colvester Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Colvester Homes Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Colvester Homes Limited

(Registration number: 09095966)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

54,582

67,183

Current assets

 

Stocks

5

501,153

934,832

Debtors

6

930,261

177,149

Cash at bank and in hand

 

16,428

315,345

 

1,447,842

1,427,326

Creditors: Amounts falling due within one year

7

(407,182)

(416,068)

Net current assets

 

1,040,660

1,011,258

Total assets less current liabilities

 

1,095,242

1,078,441

Creditors: Amounts falling due after more than one year

7

-

(62,499)

Provisions for liabilities

(11,745)

(12,766)

Net assets

 

1,083,497

1,003,176

Capital and reserves

 

Called up share capital

8

70

70

Capital redemption reserve

30

30

Retained earnings

1,083,397

1,003,076

Shareholders' funds

 

1,083,497

1,003,176

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
J T Collis
Director

 

Colvester Homes Limited

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

1

General information

The company is a private company limited by share capital incorporated in United Kingdom and the company registration number is 09095966.

The address of its registered office is:
1a Jonathans Garth
Tetney
Grimsby
Lincolnshire
DN36 5GA

These financial statements were authorised for issue by the Board on 26 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.

These financial statements have been prepared for the individual entity and are presented in Pound Sterling and rounded to the nearest pound

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 sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises current and deferred 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Colvester Homes Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Colvester Homes Limited

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

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

68,201

54,086

122,287

At 31 August 2023

68,201

54,086

122,287

Depreciation

At 1 September 2022

26,251

28,854

55,105

Charge for the year

6,292

6,308

12,600

At 31 August 2023

32,543

35,162

67,705

Carrying amount

At 31 August 2023

35,658

18,924

54,582

At 31 August 2022

41,950

25,233

67,183

5

Stocks

2023
£

2022
£

Work in progress

501,153

934,832

6

Debtors

Current

2023
£

2022
£

Trade debtors

82

4,978

Prepayments

5,906

184

Other debtors

924,273

171,987

 

930,261

177,149

 

Colvester Homes Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

62,500

129,203

Trade creditors

 

302,828

156,126

Taxation and social security

 

220

2,152

Other creditors

 

27,709

53,465

Accruals and deferred income

 

13,925

75,122

 

407,182

416,068

Due after one year

 

Loans and borrowings

9

-

62,499

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2022 - £4,202).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

62,499

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

70

70

70

70

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

62,499

2023
£

2022
£

Current loans and borrowings

Bank borrowings

62,500

125,001

Hire purchase contracts

-

4,202

62,500

129,203