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Registration number: 10446877

Pro Active Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Pro Active Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Pro Active Homes Ltd

Company Information

Directors

Mr T Pincott

Mrs C Pincott

Miss J R Pincott

Mr D J Pincott

Mr N Pincott

Registered office

Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Pro Active Homes Ltd

(Registration number: 10446877)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,723

11,447

Investment property

5

540,000

230,500

 

545,723

241,947

Current assets

 

Cash at bank and in hand

 

-

9,859

Creditors: Amounts falling due within one year

6

(106,882)

(67,442)

Net current liabilities

 

(106,882)

(57,583)

Total assets less current liabilities

 

438,841

184,364

Creditors: Amounts falling due after more than one year

6

(407,029)

(171,944)

Provisions for liabilities

(1,087)

(2,175)

Net assets

 

30,725

10,245

Capital and reserves

 

Called up share capital

7

2

2

Revaluation reserve

4,337

(12,085)

Retained earnings

26,386

22,328

Shareholders' funds

 

30,725

10,245

For the financial year ending 31 March 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 8 November 2023 and signed on its behalf by:
 

 

Pro Active Homes Ltd

(Registration number: 10446877)
Balance Sheet as at 31 March 2023

.........................................
Mr T Pincott
Director

 

Pro Active Homes Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

These financial statements were authorised for issue by the Board on 8 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

Pro Active Homes Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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% Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pro Active Homes Ltd

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

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Pro Active Homes Ltd

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

22,894

22,894

At 31 March 2023

22,894

22,894

Depreciation

At 1 April 2022

11,447

11,447

Charge for the year

5,724

5,724

At 31 March 2023

17,171

17,171

Carrying amount

At 31 March 2023

5,723

5,723

At 31 March 2022

11,447

11,447

5

Investment properties

2023
£

At 1 April

230,500

Additions

295,048

Transfers to and from stocks

(1,970)

Fair value adjustments

16,422

At 31 March

540,000

There has been no valuation of investment property by an independent valuer.

 

Pro Active Homes Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

18,252

-

Amounts owed to related parties

84,767

65,242

Other creditors

 

3,863

2,200

 

106,882

67,442

Due after one year

 

Loans and borrowings

9

407,029

171,944

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

407,029

171,944

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share(s) of £1 each

2

2

2

2

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of other assets

16,422

(16,422)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on revaluation of other assets

(12,085)

12,085

 

Pro Active Homes Ltd

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

407,029

171,944

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

18,252

-

10

Control

The company is controlled by the directors, Mr T and Mrs C Pincott, who own 100% of the called up share capital.