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REGISTRAR OF COMPANIES

Registration number: 11850723

BENMCN Alliance (Park Farm) Limited

Unaudited Financial Statements

28 February 2023

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BENMCN Alliance (Park Farm) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
BENMCN Alliance (Park Farm) Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of BENMCN Alliance (Park Farm) Limited for the year ended 28 February 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of BENMCN Alliance (Park Farm) Limited, as a body, in accordance with the terms of our engagement letter dated 25 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of BENMCN Alliance (Park Farm) Limited and state those matters that we have agreed to state to the Board of Directors of BENMCN Alliance (Park Farm) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BENMCN Alliance (Park Farm) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that BENMCN Alliance (Park Farm) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of BENMCN Alliance (Park Farm) Limited. You consider that BENMCN Alliance (Park Farm) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of BENMCN Alliance (Park Farm) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

24 November 2023

 

BENMCN Alliance (Park Farm) Limited

(Registration number: 11850723)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

428,323

2,165,905

Debtors

5

121,260

181,133

Cash at bank and in hand

 

145,156

337,434

 

694,739

2,684,472

Creditors: Amounts falling due within one year

6

(2,263,626)

(4,239,453)

Net liabilities

 

(1,568,887)

(1,554,981)

Capital and reserves

 

Allotted, called up and fully paid share capital

50,000

50,000

Profit and loss account

(1,618,887)

(1,604,981)

Total equity

 

(1,568,887)

(1,554,981)

 

BENMCN Alliance (Park Farm) Limited

(Registration number: 11850723)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges 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 Board on 24 November 2023
 

.........................................

H Loudon

Director

 

BENMCN Alliance (Park Farm) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Fifteen Montgomery Way
Rosehill Industrial Estate
Carlisle
Cumbria
CA1 2RW
United Kingdom

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net liabilities at 28 February 2023 and meets its day to day working capital requirements through loans provided from Svella Estates Limited and the wider Svella Plc group companies, all being repayable on demand. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis. During the year Svella Estates Limited owned 50% of the shares however since 26 April 2023 Svella Estates Limited owns 100% of the issued share capital.

However, should the company not have the support of the Svella group, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued support of the investors, in particular the financial support of Svella Estates Limited and the wider Svella Plc group.

Revenue recognition

Revenue represents the total value of sales from new build properties, excluding value added tax, made during the period.

New build property sales are recognised in the profit and loss account when the significant risks and rewards have been transferred to the purchaser, which is on legal completion.

 

BENMCN Alliance (Park Farm) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Work in progress

Work in progress comprises the cost of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the properties to their present location and condition. At each reporting date, work in progress is assessed for impairment. If impaired, the carrying amount is reduced to selling price less costs to complete and sell and the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

BENMCN Alliance (Park Farm) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method. Interest during the year has been capitalised as a direct cost carried forward in inventories.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

4

Stocks

2023
£

2022
£

Work in progress

428,323

2,165,905

5

Debtors

2023
£

2022
£

Other debtors

121,260

181,133

121,260

181,133

6

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

20,905

35,303

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

2,241,871

4,187,681

Other creditors

 

850

16,469

 

2,263,626

4,239,453

 

BENMCN Alliance (Park Farm) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

The amounts due to group undertakings (and participating interests) are secured by way of a fixed and floating charge held over the assets of the company.

7

Non adjusting events after the financial period

On 26 April 2023 the shares held by Brooklyn Ellis Limited were purchased by Svella Estates Limited. As of 26 April 2023 Svella Estates Limited owned 100% of the issued share capital.