Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31false2022-06-01No description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03821558 2022-06-01 2023-05-31 03821558 2021-06-01 2022-05-31 03821558 2023-05-31 03821558 2022-05-31 03821558 c:Director1 2022-06-01 2023-05-31 03821558 d:CurrentFinancialInstruments 2023-05-31 03821558 d:CurrentFinancialInstruments 2022-05-31 03821558 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03821558 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 03821558 d:ShareCapital 2023-05-31 03821558 d:ShareCapital 2022-05-31 03821558 d:RetainedEarningsAccumulatedLosses 2023-05-31 03821558 d:RetainedEarningsAccumulatedLosses 2022-05-31 03821558 c:FRS102 2022-06-01 2023-05-31 03821558 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 03821558 c:FullAccounts 2022-06-01 2023-05-31 03821558 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03821558 2 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Registered number: 03821558










BOURNE HOMES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 May 2023

 
BOURNE HOMES LTD
Registered number: 03821558

STATEMENT OF FINANCIAL POSITION
As at 31 May 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
3,584,413
3,671,819

Debtors: amounts falling due within one year
 5 
43,703
505,057

Cash at bank and in hand
  
369,604
206,821

  
3,997,720
4,383,697

Creditors: amounts falling due within one year
 6 
(1,670,065)
(2,252,519)

Net current assets
  
 
 
2,327,655
 
 
2,131,178

Total assets less current liabilities
  
2,327,655
2,131,178

  

Net assets
  
2,327,655
2,131,178


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
2,327,653
2,131,176

  
2,327,655
2,131,178


Page 1

 
BOURNE HOMES LTD
Registered number: 03821558
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 May 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A J Kamm
Director

Date: 25 January 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
BOURNE HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 May 2023

1.


General information

Bourne Homes Ltd, 03821558, is a private company limited by shares and incorporated in England and Wales. Its registered office is Langborough House, Beales Lane, Farnham, Surrey, GU10 4PY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
BOURNE HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
BOURNE HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 May 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
3,584,413
3,671,819

3,584,413
3,671,819



5.


Debtors

2023
2022
£
£


Trade debtors
-
1,917

Amounts owed by joint ventures and associated undertakings
-
406,180

Other debtors
42,994
96,251

Prepayments and accrued income
709
709

43,703
505,057



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
-
200,000

Trade creditors
10,719
23,343

Amounts owed to other participating interests
1,254,000
1,100,000

Corporation tax
81,400
61,514

Other creditors
321,446
865,162

Accruals and deferred income
2,500
2,500

1,670,065
2,252,519


The loans with Close Brothers Property Finance are secured by:
a) Our existing legal debenture over all the borrower's assets and undertakings
 A costs overrun and interest shortfall guarantee to be given by Andrew Kamm (the "Guarantor")
b) A first legal charge over the property to be given by Bourne Homes Ltd
c) All existing and future security granted by you to us in support of facilities made available by you to us from time to time

Page 5

 
BOURNE HOMES LTD
 
 
Page 6