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Company registration number: 12403796
Poltair Homes (Spurway Gardens) Ltd
Unaudited filleted financial statements
30 April 2023
POLTAIR HOMES (SPURWAY GARDENS) LTD
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Current assets
Stocks - 1,648,123
Debtors 5 505,076 1,833
Cash at bank and in hand 101,016 248,385
_______ _______
606,092 1,898,341
Creditors: amounts falling due
within one year 6 ( 547,801) ( 1,978,241)
_______ _______
Net current assets/(liabilities) 58,291 ( 79,900)
_______ _______
Total assets less current liabilities 58,291 ( 79,900)
_______ _______
Net assets/(liabilities) 58,291 ( 79,900)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 7 58,289 ( 79,902)
_______ _______
Shareholders funds/(deficit) 58,291 ( 79,900)
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
R E Ley
Director
Company registration number: 12403796
POLTAIR HOMES (SPURWAY GARDENS) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is that of development of building projects.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Work in progress is valued at the lower of cost and net reliasable value and includes the cost of construction and other direct site-related expenditure.Costs are only carried forward in work in progress where there is an expectation that the site will besuccessfully completed.Speculative costs are written off the profit and loss account in the year in which they are incurred.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Debtors
2023 2022
£ £
Amounts owed by group undertakings 495,076 2
Other debtors 10,000 1,831
_______ _______
505,076 1,833
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors - 26,000
Amounts owed to group undertakings 543,400 730,783
Accruals and deferred income 2,401 -
Other creditors 2,000 1,221,458
_______ _______
547,801 1,978,241
_______ _______
The Homes and Communities Agency holds security by means of debentures which includes fixed and floating charges over all assets of the company.
7. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
8. Related party transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned susbidiaries within the the group.At the begining of the year the company had an outstanding loan balance of £170,559 by Charterwell Limited, a company controlled by the spouse of Mr R E Ley , a director. Interest of £1,821 (2022 £7,151) has been incurred and the balance outstanding at the year end was £nil
9. Controlling party
The ultimate controlling party is Poltair Group Limied.