for the Period Ended 31 March 2023
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2023
Principal activities of the company
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
The director shown below has held office during the period of
14 March 2023 to 31 March 2023
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2023 | 2022 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Administrative expenses: | ( | ( |
Operating profit(or loss): | | |
Profit(or loss) before tax: | | |
Profit(or loss) for the financial year: | | |
As at
Notes | 2023 | 2022 | |
---|---|---|---|
| £ | £ | |
Current assets | |||
Debtors: | 3 | | |
Cash at bank and in hand: | | | |
Total current assets: | | | |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Accruals and deferred income: | ( | ( | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2023
Basis of measurement and preparation
Turnover policy
Other accounting policies
for the Period Ended 31 March 2023
2023 | 2022 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2023
2023 | 2022 | |
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£ | £ | |
Trade debtors | | |
Other debtors | | |
Total | | |