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REGISTERED NUMBER: 12106746 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

SOMERSBY HOMES LIMITED

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Contents of the Financial Statements
for the year ended 31 March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SOMERSBY HOMES LIMITED

Company Information
for the year ended 31 March 2023







Directors: Mr J G C Bourn
Mr H C Bourn





Secretary: Mr M J Cherry





Registered office: Barn Farm
Torrington Lane
Wragby
Market Rasen
Lincolnshire
LN8 5LE





Registered number: 12106746 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
23 Algitha Road
Skegness
United Kingdom
PE25 2AG

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Statement of Financial Position
31 March 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 184,243 122,729
Investment property 5 271,013 271,013
455,256 393,742

Current assets
Stocks 6 4,885,656 3,500,122
Debtors 7 14,432 17,545
Cash at bank 22,591 43,736
4,922,679 3,561,403
Creditors
Amounts falling due within one year 8 1,695,451 1,114,449
Net current assets 3,227,228 2,446,954
Total assets less current liabilities 3,682,484 2,840,696

Creditors
Amounts falling due after more than one year 9 (3,303,574 ) (2,913,852 )

Provisions for liabilities (35,006 ) (23,319 )
Net assets/(liabilities) 343,904 (96,475 )

Capital and reserves
Called up share capital 12 100 100
Retained earnings 13 343,804 (96,575 )
Shareholders' funds 343,904 (96,475 )

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Statement of Financial Position - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:




Mr H C Bourn - Director



Mr J G C Bourn - Director


SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Notes to the Financial Statements
for the year ended 31 March 2023


1. Statutory information

Somersby Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are included in the balance sheet at their open market value (valued by the director). Any aggregate surplus or deficit arising from changes in the market value are transferred to the fair value reserve on an annual basis which will not be distributed. The uplift or deficit will also be shown on the other comprehensive income statement. Any movement on the fair value in future will be subject to deferred taxation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. A provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


3. Employees and directors

The average number of employees during the year was 5 (2022 - 6 ) .

4. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 April 2022 130,790
Additions 75,500
At 31 March 2023 206,290
Depreciation
At 1 April 2022 8,061
Charge for year 13,986
At 31 March 2023 22,047
Net book value
At 31 March 2023 184,243
At 31 March 2022 122,729

5. Investment property
Total
£
Fair value
At 1 April 2022
and 31 March 2023 271,013
Net book value
At 31 March 2023 271,013
At 31 March 2022 271,013

The directors are of the opinion that the investment property in the financial accounts is valued at the current market value.

6. Stocks
2023 2022
£ £
Stock and work in progress 4,885,656 3,500,122

7. Debtors: amounts falling due within one year
2023 2022
£ £
VAT 14,432 17,545

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 450,186 490,790
Receipts in advance 4,865 29,507
Corporation tax 45,639 -
Social security and other taxes 22,543 15,114
Other creditors 75,246 2,273
Directors' current accounts 1,096,972 576,765
1,695,451 1,114,449

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans (see note 10) 1,000,000 1,000,000
Other loans (see note 10) 1,228,996 856,000
Directors' loan accounts 1,074,578 1,057,852
3,303,574 2,913,852

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Loan Investec Plc 1,000,000 1,000,000

10. Loans

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due between one and two years:
Loan K M Bourn Settlement
Trust 150,000 150,000
Loan Mr H C Bourn - 706,000
Loan H C Bourn & Son (Farming)
Ltd 1,078,996 -
1,228,996 856,000

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Loan Investec Plc 1,000,000 1,000,000

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


11. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 1,000,000 1,000,000

The Investec loan is secured on Assets of the K M Bourn Settlement Trust held by Investec, the Investec investment portfolio and a personal guarantee by Mr James Bourn (Director) and a personal guarantee from Mr H C Bourn (Trustee).

The loan is on an interest only basis.

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
49 Ordinary A shares £1 49 49
51 Ordinary B shares £1 51 51
100 100

13. Reserves
Retained
earnings
£

At 1 April 2022 (96,575 )
Profit for the year 440,379
At 31 March 2023 343,804

14. Related party disclosures

Mr H C Bourn
Director


During the year the Director introduced a loan of £580,207 (2022 £1,215,814) into the company. The company repaid £766,000 (2022 Nil) of the loan during the year. At the year end date the Director was owed £1,096,972 from the company (2022 £1,282,765).

Mr J G C Bourn
Director


During the year the Director introduced a loan of £16,726 (2022 £85,647) into the company. At the year end the director was owed £1,074,578 from the company (2022 £1,057,852)

The Directors loan will not be repaid in the short term. No interest will be charged on the loan.
The Directors loan will be reviewed on an annual basis.

SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746)

Notes to the Financial Statements - continued
for the year ended 31 March 2023


14. Related party disclosures - continued

H R Bourn and Sons (Linwood) Limited

In which Mr H C Bourn is a director


Included in trade creditors is an outstanding creditor due payable to H R Bourn & Sons (Linwood) Limited amounting to £313,875. (2022 £418,500). The liability is being repaid in installments based on property sales.

H C Bourn and Son (Farming) Limited

In which Mr H C Bourn and Mr J G C Bourn are directors


During the year H C Bourn and Son (Farming) Limited introduced a £1,078,996 loan to the company.

2023 2022
£ £
Amount due to related party at balance sheet date
Mr H C Bourn
Director 1,096,972 1,282,765
Mr J G C Bourn
Director 1,074,578 1,057,852
H R Bourn and Sons (Linwood) Limited
In which Mr H C Bourn is a director 313,875 418,500
H C Bourn and Son (Farming) Limited
In which Mr H C Bourn and Mr J G C Bourn are directors 1,078,996 -

15. Ultimate controlling party

The controlling party is Mr J G C Bourn.