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Company registration number: 10632879
Bancroft Homes (Yorkshire) Limited
Unaudited filleted financial statements
31 March 2023
Bancroft Homes (Yorkshire) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Bancroft Homes (Yorkshire) Limited
Directors and other information
Directors Mr G P Harford
Mrs A Harford
Company number 10632879
Registered office Stoop Barn
Stirton
Skipton
North Yorkshire
BD23 3LH
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
BB18 5NA
Bankers HSBC Bank Plc
61 High Street
Skipton
North Yorkshire
BD23 1DW
Bancroft Homes (Yorkshire) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 - 3,164
_______ _______
- 3,164
Current assets
Stocks 127,000 128,021
Debtors 6 - 24
Cash at bank and in hand 537 -
_______ _______
127,537 128,045
Creditors: amounts falling due
within one year 7 ( 162,437) ( 158,337)
_______ _______
Net current liabilities ( 34,900) ( 30,292)
_______ _______
Total assets less current liabilities ( 34,900) ( 27,128)
Provisions for liabilities - ( 602)
_______ _______
Net liabilities ( 34,900) ( 27,730)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 35,000) ( 27,830)
_______ _______
Shareholders deficit ( 34,900) ( 27,730)
_______ _______
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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr G P Harford
Director
Company registration number: 10632879
Bancroft Homes (Yorkshire) 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 & Wales. The address of the registered office is Stoop Barn, Stirton, Skipton, North Yorkshire, BD23 3LH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied, net of discounts and Value Added Tax.Turnover is recognised on completion of properties sold.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and 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 machinery - 25% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2022 and 31 March 2023 10,000 10,000
_______ _______
Depreciation
At 1 April 2022 6,836 6,836
Charge for the year 3,164 3,164
_______ _______
At 31 March 2023 10,000 10,000
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 3,164 3,164
_______ _______
6. Debtors
2023 2022
£ £
Other debtors - 24
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 456
Other creditors 162,437 157,881
_______ _______
162,437 158,337
_______ _______
8. Related party transactions
The Directors have provided interest free loans to the company. The balance due to them at the year-end was £161,532 (31 March 2022 - £156,381). This balance is included in creditors falling due within one year.
9. Controlling party
The company is under the control of Mr G P Harford & Mrs A Harford , who own the majority of the company's issued share capital.