REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Downfield Homes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Downfield Homes Limited |
Downfield Homes Limited (Registered number: 05008368) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Downfield Homes Limited |
Company Information |
for the Year Ended 31 August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Downfield Homes Limited (Registered number: 05008368) |
Balance Sheet |
31 August 2023 |
31.8.23 | 31.8.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Downfield Homes Limited (Registered number: 05008368) |
Balance Sheet - continued |
31 August 2023 |
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. |
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 |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Downfield Homes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Group accounts not prepared |
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when; |
the amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Tangible fixed assets |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture, fittings and equipment | - 25% on reducing balance |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary and associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - 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 and is included in interest payable and similar charges. |
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. |
Finance income and costs policy |
Interest income and expenses are recognised using the effective interest rate method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Furniture, |
fittings |
and |
equipment |
£ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1 September 2022 | 2 |
Additions | 1 |
At 31 August 2023 | 3 |
NET BOOK VALUE |
At 31 August 2023 | 3 |
At 31 August 2022 | 2 |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows: |
Subsidiary | Registered Office | Holding | Proportion of voting rights and shares held |
Associate | 2023 | 2022 |
UKHomeworks Limited |
Suite 5 Corum 2 Corum Office Park, Crown Way, Warmley, Bristol, BS30 8FJ |
Ordinary |
100% |
100% |
Downfield Homes Limited owns 2 (2022 - 2) ordinary shares each worth £1. |
UKHomeworks Ltd is a dormant company. |
Undertaking | Registered Office | Holding | Proportion of voting rights and shares held |
Joint venture | 2023 |
PPS Holdco Ltd |
161-165 Picton Road, Wavertree, Liverpool, L15 4LG |
Ordinary |
50% |
Downfield Homes Limited owns 1 ordinary shares each worth £1. The company was incorporated on 25 January 2023. |
The principal activity of PPS Holdco Ltd is the provision of real estate agency. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
6. | INVESTMENT PROPERTY - continued |
The company's investment properties were revalued by Savills UK on 3 March 2022. The directors confirm that there was no change in the market value of the properties held as at 31 August 2023. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
Amounts owed by joint ventures |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
Other creditors |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
The bank loans are secured by a legal charge over the properties at Alder Grange Nursing Home, Central Drive, Liverpool; St Anns House, 5 Croxteth Drive, Liverpool; Linwood House, North Mossley Hill Road, Liverpool; Park Lea, 6 Fulwood Park, Liverpool; Apartment 6 Evesham House, 35 Aigburth Drive, Liverpool; Apartment 11 Evesham House, 35 Aigburth Drive, Liverpool; Apartment 7 Adlington House, Livingston Drive, Liverpool; Apartment 1 Lynewood 27 Aigburth Drive, Liverpool; 1 Park Lea Manor, 6 Fulwood Park, Liverpool; 2 Park Lea Manor, 6 Fulwood Park, Liverpool; 3 Park Lea Manor, 6 Fulwood Park, Liverpool; 4 Park Lea Manor, 6 Fulwood Park, Liverpool; 5 Park Lea Manor, 6 Fulwood Park, Liverpool; 27 Aigburth Drive, Liverpool; and by a debenture creating a fixed and floating charge over the company's assets. |
11. | RELATED PARTY DISCLOSURES |
Loans to related parties |
Joint venture | Total |
2023 | £ | £ |
At start of period | - | - |
Advanced | 95,963 | 95,963 |
Repaid | (447 | ) | (447 | ) |
At end of period | 95,516 | 95,516 |
The loans to joint ventures are repayable on demand and interest is charged at 2.4% above the Bank of England base rate. |
Downfield Homes Limited (Registered number: 05008368) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
11. | RELATED PARTY DISCLOSURES - continued |
Loans from related parties |
Key management |
Total |
2023 | £ | £ |
At start of period | 4,853,326 | 4,853,326 |
Advanced | 395,493 | 395,493 |
Repaid | (538,115 | ) | (538,115 | ) |
At end of period | 4,710,704 | 4,710,704 |
Key management |
Total |
2022 | £ | £ |
At start of period | 6,628,578 | 6,628,578 |
Advanced | 18,242 | 18,242 |
Repaid | (1,793,494 | ) | (1,793,494 | ) |
At end of period | 4,853,326 | 4,853,326 |
The loans from key management are interest free. Of the total loans, £81,512 is repayable on demand and the remainder is repayable after more than one year. |