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REGISTERED NUMBER: 10261697 (England and Wales)
















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Somerset Home Developments Ltd

Somerset Home Developments Ltd (Registered number: 10261697)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Somerset Home Developments Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs D Drayton
Mr C Drayton





SECRETARY: Mrs D Drayton





REGISTERED OFFICE: Old Farm
Pye Corner
Merriott
Somerset
TA15 5NJ





REGISTERED NUMBER: 10261697 (England and Wales)





ACCOUNTANTS: Somerset Accountancy Services Ltd
22 Wessex Park
Bancombe Business Estate
Somerton
Somerset
TA11 6SB

Somerset Home Developments Ltd (Registered number: 10261697)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 623,062 623,493

CURRENT ASSETS
Debtors 1,774 1,713
Cash at bank 6,696 2,936
8,470 4,649
CREDITORS
Amounts falling due within one year 7,221 8,472
NET CURRENT ASSETS/(LIABILITIES) 1,249 (3,823 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

624,311

619,670

CREDITORS
Amounts falling due after more than one
year

5

(554,908

)

(555,358

)

PROVISIONS FOR LIABILITIES (582 ) (715 )
NET ASSETS 68,821 63,597

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 105,748 105,748
Accumulated deficit (37,027 ) (42,251 )
SHAREHOLDERS' FUNDS 68,821 63,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Somerset Home Developments Ltd (Registered number: 10261697)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 23 November 2023 and were signed on its behalf by:





Mrs D Drayton - Director


Somerset Home Developments Ltd (Registered number: 10261697)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Somerset Home Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Going Concern

The directors are aware of the adverse profit and loss account at the balance sheet date, which arose mainly from a low early-stage yield on investment.

The directors have advanced long-term loans to the company in excess of the total accumulated deficit.

The company revalued its investment properties in 2021 and the increase in market value, reflected in the revaluation reserve, exceeds the accumulated deficit.

The directors are satisfied that the company is a going concern and the accounts are prepared on this basis.

Changes in accounting policies
Land and Buildings are revalued annually and will now be stated at market value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on reducing balance, 20% on cost and 15% on reducing balance

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Somerset Home Developments Ltd (Registered number: 10261697)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2022 629,475
Additions 1,175
At 31 March 2023 630,650
DEPRECIATION
At 1 April 2022 5,982
Charge for year 1,606
At 31 March 2023 7,588
NET BOOK VALUE
At 31 March 2023 623,062
At 31 March 2022 623,493

Freehold property is not depreciated.

Cost or valuation at 31 March 2023 is represented by:

Totals
£   
Valuation in 2021 105,748
Cost 524,902
630,650

If freehold property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 514,252 514,252

Value of land in freehold land and buildings 514,252 514,252

Freehold property was valued on an open market basis on 31 March 2021 by the director .

Somerset Home Developments Ltd (Registered number: 10261697)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.23 31.3.22
£    £   
Repayable by instalments
Foundation Home Loans - 112,498
Lendinvest BTL Ltd 176,088 176,088
Charter Court Financial
Services Ltd 111,756 111,756
The Mortgage Lender Ltd 135,000 -
422,844 400,342

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Foundation Home Loans - 112,498
Lendinvest BTL Ltd 176,088 176,088
Charter Court Financial
Services Ltd 111,756 111,756
The Mortgage Lender Ltd 135,000 -
422,844 400,342

The following interest only mortgages secured against the company's freehold properties.
Lendinvest BTL Ltd, repayable 16.4.2045
Charter Court Financial Services Ltd, repayable 24.4.2038
The Mortgage Lender Ltd, repayable 19.7.2057

7. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 105,748

8. ULTIMATE CONTROLLING PARTY

The company is under the joint control of Mr C Drayton and Mrs D Drayton who are the only shareholders of the company.