2 false false false false false false false false false false true false false false false false false 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07972570 2022-04-01 2023-03-31 07972570 2023-03-31 07972570 2022-03-31 07972570 2021-04-01 2022-03-31 07972570 2022-03-31 07972570 2021-03-31 07972570 core:PlantMachinery 2022-04-01 2023-03-31 07972570 core:MotorVehicles 2022-04-01 2023-03-31 07972570 bus:Director1 2022-04-01 2023-03-31 07972570 core:PlantMachinery 2022-03-31 07972570 core:MotorVehicles 2022-03-31 07972570 core:PlantMachinery 2023-03-31 07972570 core:MotorVehicles 2023-03-31 07972570 core:WithinOneYear 2023-03-31 07972570 core:WithinOneYear 2022-03-31 07972570 core:AfterOneYear 2023-03-31 07972570 core:AfterOneYear 2022-03-31 07972570 core:ShareCapital 2023-03-31 07972570 core:ShareCapital 2022-03-31 07972570 core:RetainedEarningsAccumulatedLosses 2023-03-31 07972570 core:RetainedEarningsAccumulatedLosses 2022-03-31 07972570 core:PlantMachinery 2022-03-31 07972570 core:MotorVehicles 2022-03-31 07972570 bus:SmallEntities 2022-04-01 2023-03-31 07972570 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07972570 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07972570 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07972570 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 07972570
Quantock Homes Limited
Filleted Unaudited Financial Statements
31 March 2023
Quantock Homes Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
72,963
83,521
Current assets
Stocks
255,813
423,263
Debtors
6
95,716
14,080
Cash at bank and in hand
111,981
35,307
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
463,510
472,650
Prepayments and accrued income
1,815
2,293
Creditors: amounts falling due within one year
7
( 24,137)
( 16,730)
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net current assets
441,188
458,213
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
514,151
541,734
Creditors: amounts falling due after more than one year
8
( 28,981)
( 33,369)
Provisions
Taxation including deferred tax
( 13,863)
( 15,869)
Accruals and deferred income
( 6,315)
( 5,670)
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net assets
464,992
486,826
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
100
100
Profit and loss account
464,892
486,726
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Shareholders funds
464,992
486,826
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Quantock Homes Limited
Statement of Financial Position (continued)
31 March 2023
For the year 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr A. Buttle
Director
Company registration number: 07972570
Quantock Homes Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Castle Street, Bridgwater, Somerset, TA6 3DT. The principal activity of the company during the year was that of property development .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
15% reducing balance
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress as there are no construction contracts in place.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
46,791
47,742
94,533
Additions
1,800
6,680
8,480
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
48,591
54,422
103,013
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2022
11,012
11,012
Charge for the year
5,571
13,467
19,038
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
16,583
13,467
30,050
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
32,008
40,955
72,963
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 March 2022
35,779
47,742
83,521
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
6. Debtors
2023
2022
£
£
Trade debtors
94,500
Other debtors
1,216
14,080
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
95,716
14,080
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,140
Taxation and social security
( 5,713)
( 5,706)
Other creditors
28,710
22,436
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
24,137
16,730
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
28,981
33,369
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ