Caseware UK (AP4) 2022.0.179 2022.0.179 true2022-04-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05078051 2022-04-01 2023-03-31 05078051 2021-04-01 2022-03-31 05078051 2023-03-31 05078051 2022-03-31 05078051 c:Director1 2022-04-01 2023-03-31 05078051 d:Buildings 2022-04-01 2023-03-31 05078051 d:Buildings 2023-03-31 05078051 d:Buildings 2022-03-31 05078051 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05078051 d:Buildings d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05078051 d:PlantMachinery 2022-04-01 2023-03-31 05078051 d:PlantMachinery 2023-03-31 05078051 d:PlantMachinery 2022-03-31 05078051 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05078051 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05078051 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05078051 d:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 05078051 d:CurrentFinancialInstruments 2023-03-31 05078051 d:CurrentFinancialInstruments 2022-03-31 05078051 d:Non-currentFinancialInstruments 2023-03-31 05078051 d:Non-currentFinancialInstruments 2022-03-31 05078051 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05078051 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05078051 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05078051 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05078051 d:ShareCapital 2023-03-31 05078051 d:ShareCapital 2022-03-31 05078051 d:RetainedEarningsAccumulatedLosses 2023-03-31 05078051 d:RetainedEarningsAccumulatedLosses 2022-03-31 05078051 c:OrdinaryShareClass1 2022-04-01 2023-03-31 05078051 c:OrdinaryShareClass1 2023-03-31 05078051 c:OrdinaryShareClass1 2022-03-31 05078051 c:FRS102 2022-04-01 2023-03-31 05078051 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05078051 c:FullAccounts 2022-04-01 2023-03-31 05078051 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05078051 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05078051 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 05078051 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 05078051 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05078051










New Homes and Land Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 March 2023

 
New Homes and Land Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of New Homes and Land Ltd for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Homes and Land Ltd for the year ended 31 March 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of New Homes and Land Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of New Homes and Land Ltd  and state those matters that we have agreed to state to the Board of directors of New Homes and Land Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Homes and Land Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that New Homes and Land Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Homes and Land Ltd. You consider that New Homes and Land Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of New Homes and Land Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
7 November 2023
Page 1

 
New Homes and Land Ltd
Registered number: 05078051

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
238,604
253,266

Current assets
  

Stocks
  
232,002
207,011

Debtors: amounts falling due within one year
 5 
1,689,915
1,059,934

Cash at bank and in hand
  
20,123
651,026

  
1,942,040
1,917,971

Creditors: amounts falling due within one year
 6 
(216,483)
(245,672)

Net current assets
  
 
 
1,725,557
 
 
1,672,299

Total assets less current liabilities
  
1,964,161
1,925,565

Creditors: amounts falling due after more than one year
 7 
(42,726)
(38,228)

Provisions for liabilities
  

Deferred tax
 8 
(36,958)
(33,426)

  
 
 
(36,958)
 
 
(33,426)

Net assets
  
1,884,477
1,853,911


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
1,884,377
1,853,811

  
1,884,477
1,853,911


Page 2

 
New Homes and Land Ltd
Registered number: 05078051

Balance sheet (continued)
As at 31 March 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 November 2023.



S W Attwood
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

1.


General information

New Homes and Land Ltd ("the company") is a private company limited by shares and is incorporated in England and Wales with the registration number 05078051. The address of the registered office, and trading address, is New Hook Farm, Lower Road Minster, Sheerness, Kent, ME12 3SU. The company's principal activity is that of property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Land
-
no depreciation
Plant & machinery
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Page 6

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

4.


Tangible fixed assets





Land
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 April 2022
30,000
653,706
683,706


Additions
-
44,518
44,518


Disposals
-
(100,489)
(100,489)



At 31 March 2023

30,000
597,735
627,735



Depreciation


At 1 April 2022
-
430,440
430,440


Charge for the year on owned assets
-
21,910
21,910


Charge for the year on financed assets
-
8,018
8,018


Disposals
-
(71,237)
(71,237)



At 31 March 2023

-
389,131
389,131



Net book value



At 31 March 2023
30,000
208,604
238,604



At 31 March 2022
30,000
223,266
253,266

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£


Plant and machinery
77,664
56,732


5.


Debtors

2023
2022
£
£


Trade debtors
612,574
263,232

Other debtors
1,077,341
796,702

1,689,915
1,059,934


Page 8

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
29,227
45,523

Corporation tax
45,474
69,825

Other taxation and social security
8,394
6,955

Obligations under finance lease and hire purchase contracts
15,503
19,995

Other creditors
117,885
100,574

Accruals and deferred income
-
2,800

216,483
245,672



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
42,726
38,228



8.


Deferred taxation




2023


£






At beginning of year
(33,426)


Charged to profit or loss
(3,532)



At end of year
(36,958)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(36,958)
(33,426)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 9

 
New Homes and Land Ltd
 

 
Notes to the financial statements
For the Year Ended 31 March 2023

10.


Related party transactions

S. W. Attwood (Farms) Limited is a related party of New Homes and Land Ltd as S W Attwood and J F Attwood are directors of both companies. During the year S. W. Attwood (Farms) Limited had an interest free loan from New Homes and Land Ltd, as at 31 March 2023 S. W. Attwood (Farms) Limited owed £976,588 (2022: £726,588). This loan is repayable on demand.
All other transactions with related parties that arose during the current and prior years, including any directors' remuneration payable, were done so under normal market conditions.


Page 10