Company registration number 11852816 (England and Wales)
OAKMERE HOMES (CUMBRIA) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
OAKMERE HOMES (CUMBRIA) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OAKMERE HOMES (CUMBRIA) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
190,000
3,611,238
Debtors
3
855,612
25,511
Cash at bank and in hand
1,487,163
1,410,233
2,532,775
5,046,982
Creditors: amounts falling due within one year
4
(437,589)
(4,513,188)
Net current assets
2,095,186
533,794
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
2,095,185
533,793
Total equity
2,095,186
533,794

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr G  Middlebrook
Director
Company Registration No. 11852816
OAKMERE HOMES (CUMBRIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Oakmere Homes (Cumbria) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Helm Bank, Helm Lane, Natland, Kendal, LA9 7PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have given due consideration to the impact of the coronavirus pandemic on the business. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for land & property and management fees, net of VAT, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. Land & property sales are recognised on legal completion. Sales extras are recognised on the date of invoice after the work is completed.

OAKMERE HOMES (CUMBRIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of overhead expenditure. Profit is recognised on WIP, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

 

Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods where the timing differences will reverse. Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

OAKMERE HOMES (CUMBRIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
17,158
Amounts owed by group undertakings
855,612
8,353
855,612
25,511
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
2,621,836
Taxation and social security
195,119
133,416
Other creditors
242,470
1,757,936
437,589
4,513,188

Other creditors includes short term loans due of £Nil (2022 - £1,738,186) which are secured by a debenture over all the property, assets and undertaking of the company.

5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

OAKMERE HOMES (CUMBRIA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Jenny McCabe
Statutory Auditor:
MHA Moore and Smalley
7
Related party transactions

The company is a wholly owned subsidiary of Oakmere Homes (NorthWest) Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company and its fellow subsidiaries.

2023-03-312022-04-01false13 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr G MiddlebrookMr A BourneMr M Wilkinsonfalse118528162022-04-012023-03-31118528162023-03-31118528162022-03-3111852816core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111852816core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3111852816core:CurrentFinancialInstruments2023-03-3111852816core:CurrentFinancialInstruments2022-03-3111852816core:ShareCapital2023-03-3111852816core:ShareCapital2022-03-3111852816core:RetainedEarningsAccumulatedLosses2023-03-3111852816core:RetainedEarningsAccumulatedLosses2022-03-3111852816bus:Director12022-04-012023-03-31118528162021-04-012022-03-3111852816bus:PrivateLimitedCompanyLtd2022-04-012023-03-3111852816bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3111852816bus:FRS1022022-04-012023-03-3111852816bus:Audited2022-04-012023-03-3111852816bus:Director22022-04-012023-03-3111852816bus:Director32022-04-012023-03-3111852816bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP