REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
SOMERSBY HOMES LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Investment property | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 12 |
Retained earnings | 13 | ( |
) |
Shareholders' funds | ( |
) |
SOMERSBY HOMES LIMITED (REGISTERED NUMBER: 12106746) |
Statement of Financial Position - continued |
31 March 2023 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
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 |
4. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 April 2022 |
and 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
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 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
VAT |
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 |
Receipts in advance | 4,865 | 29,507 |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans (see note 10) |
Other loans (see note 10) |
Directors' loan accounts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Loan Investec Plc |
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 |
Loan Mr H C Bourn | - | 706,000 |
Loan H C Bourn & Son (Farming) |
Ltd | 1,078,996 | - |
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 |
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: | £ | £ |
Ordinary A shares | £1 | 49 | 49 |
Ordinary B shares | £1 | 51 | 51 |
100 | 100 |
13. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 | ( |
) |
Profit for the year |
At 31 March 2023 |
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. |