Company Registration No. 04178345 (England and Wales)
TEMPUS HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
TEMPUS HOMES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
TEMPUS HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
9,948
10,024
Investment properties
5
868,000
722,065
877,948
732,089
Current assets
Trade and other receivables
6
72,082
54,658
Cash and cash equivalents
140,921
2,006
213,003
56,664
Current liabilities
7
(560,490)
(409,170)
Net current liabilities
(347,487)
(352,506)
Total assets less current liabilities
530,461
379,583
Non-current liabilities
8
(275,623)
(284,486)
Provisions for liabilities
9
(38,067)
2,961
Net assets
216,771
98,058
Equity
Called up share capital
10
400
2
Retained earnings
216,371
98,056
Total equity
216,771
98,058

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

TEMPUS HOMES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
Mr M Steele
Director
Company Registration No. 04178345
TEMPUS HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2021
2
39,352
39,354
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
58,704
58,704
Balance at 30 June 2022
2
98,056
98,058
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
118,315
118,315
Issue of share capital
10
398
-
398
Balance at 30 June 2023
400
216,371
216,771
TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Tempus Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 160a Burley Road, Bransgore, Dorset, BH23 8DB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents amounts derived from the provision of goods and services which fall within the company's ordinary activities. The principal income stream relates to that of property development and property rentals. Income is recognised at fair value and accrued on a daily basis.

Revenue from contracts for the provision of development services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% per annum on a reducing balance basis
Fixtures, fittings and equipment
15% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
3
4
Property, plant and equipment
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 July 2022
12,850
39,864
52,714
Additions
-
0
1,680
1,680
At 30 June 2023
12,850
41,544
54,394
Depreciation and impairment
At 1 July 2022
9,860
32,830
42,690
Depreciation charged in the year
449
1,307
1,756
At 30 June 2023
10,309
34,137
44,446
Carrying amount
At 30 June 2023
2,541
7,407
9,948
At 30 June 2022
2,990
7,034
10,024

Plant and equipment with a carrying amount of £9,948 (2022 - £10,024) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 July 2022
722,065
Revaluations
145,935
At 30 June 2023
868,000

The valuations of investment properties were made as at 30 June 2023 by the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Investment property with a carrying amount of £868,000 (2022 - £722,065) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
90
-
0
Corporation tax recoverable
13,073
13,073
Other receivables
57,893
40,225
Prepayments and accrued income
1,026
1,360
72,082
54,658

Trade and other receivables with a carrying amount of £72,082 (2022: £54,658) have been pledged to secure borrowings of the company.

 

7
Current liabilities
2023
2022
£
£
Bank loans
8,930
8,258
Trade payables
26,873
1,349
Corporation tax
(528)
(528)
Other payables
519,173
396,168
Accruals and deferred income
6,042
3,923
560,490
409,170
8
Non-current liabilities
2023
2022
Notes
£
£
Bank loans and overdrafts
275,623
284,486
TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Non-current liabilities
(Continued)
- 9 -

The bank loans and overdrafts totalling £275,623 (2022: £284,486) are secured by way of a fixed and floating charge over the company's assets.

 

 

9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,890
1,336
Tax losses
(51,844)
(54,428)
Revaluations
88,021
50,131
38,067
(2,961)
2023
Movements in the year:
£
Asset at 1 July 2022
(2,961)
Charge to profit or loss
41,028
Liability at 30 June 2023
38,067

Of the deferred tax liability set out above £283 is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
200 (2022: 2) ordinary shares of £1 each
200
2
100 (2022: 0) ordinary 'A' shares of £1 each
100
-
25 (2022: 0) ordinary 'B' shares of £1 each
25
-
25 (2022: 0) ordinary 'C' shares of £1 each
25
-
25 (2022: 0) ordinary 'D' shares of £1 each
25
-
25 (2022: 0) ordinary 'E' shares of £1 each
25
-
400
2

During the year, 198 ordinary shares of £1 each, 100 ordinary 'A' shares of £1 each, 25 ordinary 'B' shares of £1 each, 25 ordinary 'C' shares of £1 each, 25 ordinary 'D' shares of £1 each and 25 ordinary 'E' shares of £1 each were issued at a nominal value.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Company under common control
517,106
396,168
517,106
396,168

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Company under common control
37,776
-
37,776
-
TEMPUS HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
12
Directors' transactions

Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.

At the year ended 30 June 2023, £nil (2022: £40,224) was owed to the company by the directors.

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