Registration number:
North Essex Homes Limited
for the Period from 27 September 2022 to 31 March 2023
North Essex Homes Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
North Essex Homes Limited
(Registration number: 14380633)
Balance Sheet as at 31 March 2023
Note |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors (including £2,995,898 due after one year) |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
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Shareholders' deficit |
( |
For the financial period 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:
• |
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• |
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
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North Essex Homes Limited
Statement of Changes in Equity for the Period from 27 September 2022 to 31 March 2023
Share capital |
Retained earnings |
Total |
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Loss for the period |
- |
( |
( |
New share capital subscribed |
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- |
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At 31 March 2023 |
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( |
( |
North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Period from 27 September 2022 to 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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. The company meets its day to day working capital requirements through funds provided by its parent companies. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.
North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Period from 27 September 2022 to 31 March 2023
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investments |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Period from 27 September 2022 to 31 March 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
Proportion of voting rights |
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Undertaking |
Holding |
and shares held |
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Subsidiary Undertaking |
2023 |
Principal Activity |
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North Essex Homes Construction Limited |
Ordinary |
100% |
Development of building projects |
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North Essex Homes SPV 3 Limited |
Ordinary |
100% |
Development of building projects |
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North Essex Homes SPV 4 Limited |
Ordinary |
100% |
Development of building projects |
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North Essex Homes SPV 5 Limited |
Ordinary |
100% |
Development of building projects |
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North Essex Homes SPV 6 Limited |
Ordinary |
100% |
Development of building projects |
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All companies listed above hold the registered office of:
3 Dewhurst Road
Birchwood
Warrington
England
WA3 7GB
England and Wales
Debtors |
2023 |
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Owed by group undertakings |
4,213,777 |
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Other debtors |
117,280 |
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Details of non-current trade and other debtors
£2,995,898 of 'Owed by group undertakings' is classified as non current.
North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Period from 27 September 2022 to 31 March 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
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Due within one year |
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Accruals and deferred income |
132,872 |
Owed to related parties |
4,213,873 |
4,346,745 |
Included within Owed to related parties is £4,213,873 in relation to a loan which is secured by a first legal mortgage dated 5 December 2022, 31 March 2022 and 31 May 2023 by Salboy Partnerships Limited, securing any monies due to them.
The legal mortgages created a fixed and floating charge over the company’s freehold or leasehold property as well as the properties known as ‘the property at 39a Alexandra Road, SS3 0HN’ owned by North Essex Homes SPV 3 Limited, ‘Heath Lodge, Clacton Road, CO16 9EF’ which is owned by North Essex Homes SPV 4 Limited, and ‘land on the west side of Edward Street, Harwich’ which is owned by North Essex Homes SPV 5 Limited. As well as the above, a floating charge over all the property or undertakings of the company.
Creditors: amounts falling due after more than one year
2023 |
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Due after one year |
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Owed to group undertakings |
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Parent and ultimate parent undertaking |
The immediate parent companies are Salboy Partnerships Limited and G&S Properties Limited who both own 50% of the shareholding in North Essex Homes Limited. There is no ultimate parent company of North Essex Homes Limited.
Salboy Partnerships Limited is a company incorporated in England and Wales, company number 13626842, registered office 3 Birchwood One Business Park, Dewhurst Road, Birchwood, Warrington, WA3 7PQ.
G&S Properties Limited is a company incorporated in England and Wales, company number 11480956, registered office Office 5 & 6 The Factory High Street, Thorpe-Le-Soken, Clacton-On-Sea, CO16 0EA.