REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Somerset Home Developments Ltd |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Accumulated deficit | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Lendinvest BTL Ltd |
Charter Court Financial |
Services Ltd |
The Mortgage Lender Ltd |
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 |
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. |