Company registration number 04234503 (England and Wales)
CARRINGTON RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CARRINGTON RESIDENTIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CARRINGTON RESIDENTIAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
794
101
Current assets
Stocks
1,179,363
3,033,163
Debtors
4
528,578
15,372
Cash at bank and in hand
52,311
21,398
1,760,252
3,069,933
Creditors: amounts falling due within one year
5
(1,499,714)
(3,010,743)
Net current assets
260,538
59,190
Total assets less current liabilities
261,332
59,291
Creditors: amounts falling due after more than one year
6
(27,083)
(35,417)
Net assets
234,249
23,874
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
234,149
23,774
Total equity
234,249
23,874
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CARRINGTON RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 4 October 2023
Mr D Breckenridge
Director
Company Registration No. 04234503
CARRINGTON RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Carrington Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on written down value
Fixtures and fittings
25% on written down value
Computers
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated as the amount of construction costs, and associated expenditure, attributable to units that were unsold at the year end.
The amount attributable to each unit is determined by the floor area of each unit.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CARRINGTON RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
3,841
5,046
8,887
Additions
898
898
At 31 March 2023
898
3,841
5,046
9,785
Depreciation and impairment
At 1 April 2022
3,841
4,945
8,786
Depreciation charged in the year
180
25
205
At 31 March 2023
180
3,841
4,970
8,991
Carrying amount
At 31 March 2023
718
76
794
At 31 March 2022
101
101
CARRINGTON RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
12,018
Amounts owed by group undertakings
525,187
Other debtors
1,884
1,927
Prepayments and accrued income
1,507
1,427
528,578
15,372
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,333
8,333
Other borrowings
1,424,527
2,965,903
Corporation tax
33,541
Other creditors
30,313
30,107
Accruals and deferred income
3,000
6,400
1,499,714
3,010,743
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
27,083
35,417