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Registered number: 02524258













MADDOX HOMES LIMITED
UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023


 
MADDOX HOMES LIMITED
 

 
COMPANY INFORMATION


Directors
P J W Smith 
N R W Smith 




Company secretary
P Smith



Registered number
02524258



Registered office
Church Court
Church Road

Great Bookham

Surrey

KT23 3PG




Accountants
Warrener Stewart
Chartered Accountants

Harwood House

43 Harwood Road

London

SW6 4QP






 
MADDOX HOMES LIMITED
 


CONTENTS



Page
Directors' Report
 
1 - 2
Accountants' Report
 
3
Statement of Comprehensive Income
 
4
Balance Sheet
 
5 - 6
Statement of Changes in Equity
 
7
Notes to the Financial Statements
 
8 - 14



 
MADDOX HOMES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the company during the year was that of contract building and the development of building land.

Directors

The directors who served during the year were:

P J W Smith 
N R W Smith 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1


 
MADDOX HOMES LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

This report was approved by the board and signed on its behalf.
 



................................................
N R W Smith
Director

Date: 29 March 2024

Page 2


 
MADDOX HOMES LIMITED
 

 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MADDOX HOMES LIMITED
FOR THE YEAR ENDED 31 MARCH 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maddox Homes Limited for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Maddox Homes Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2016Our work has been undertaken solely to prepare for your approval the financial statements of Maddox Homes Limited  and state those matters that we have agreed to state to the Board of Directors of Maddox Homes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maddox Homes Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Maddox Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Maddox Homes Limited. You consider that Maddox Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Maddox Homes 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 financial statements.

  



Warrener Stewart
 
Chartered Accountants
  
Harwood House
43 Harwood Road
London
SW6 4QP
 
Date: 
29 March 2024
Page 3


 
MADDOX HOMES LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

  

Turnover
  
360,355
148,120

Cost of sales
  
(146,682)
(142,321)

Gross profit
  
213,673
5,799

Administrative expenses
  
(298,444)
(426,502)

Other operating income
  
-
6,800

Operating loss
  
(84,771)
(413,903)

Interest payable and expenses
  
(92,854)
(154,101)

Loss before tax
  
(177,625)
(568,004)

Tax on loss
  
-
-

Loss for the financial year
  
(177,625)
(568,004)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 8 to 14 form part of these financial statements.

Page 4


 
MADDOX HOMES LIMITED
REGISTERED NUMBER:02524258


BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,366
1,822

Investments
 5 
300
300

  
1,666
2,122

Current assets
  

Stocks
  
579,864
448,787

Debtors: amounts falling due within one year
 6 
38,279
350,726

Cash at bank and in hand
  
285,429
53,199

  
903,572
852,712

Creditors: amounts falling due within one year
 7 
(2,214,345)
(1,430,316)

Net current liabilities
  
 
 
(1,310,773)
 
 
(577,604)

Total assets less current liabilities
  
(1,309,107)
(575,482)

Creditors: amounts falling due after more than one year
 8 
(354,000)
(910,000)

  

Net liabilities
  
(1,663,107)
(1,485,482)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(1,663,207)
(1,485,582)

  
(1,663,107)
(1,485,482)


Page 5


 
MADDOX HOMES LIMITED
REGISTERED NUMBER:02524258

    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 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 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 were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N R W Smith
Director

Date: 29 March 2024

The notes on pages 8 to 14 form part of these financial statements.

Page 6


 
MADDOX HOMES LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
100
(917,578)
(917,478)


Comprehensive income for the year

Loss for the year
-
(568,004)
(568,004)



At 1 April 2022
100
(1,485,582)
(1,485,482)


Comprehensive income for the year

Loss for the year
-
(177,625)
(177,625)


At 31 March 2023
100
(1,663,207)
(1,663,107)


The notes on pages 8 to 14 form part of these financial statements.

Page 7


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Maddox Homes Limited is a limited company incorporated and domiciled in England and Wales. The Company's registered office is Church Court, Church Road, Great Bookham, Surrey, KT23 3PG.
The principal activity of the company during the year was that of contract building and the development of building land.

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

Going concern

The financial statements have been prepared on the going concern basis which presumes the company will continue in operational existence for the foreseeable future.
The company has net liabilities at the year end of £1,663,107. However, the balance sheet is arrived at after amounts of £1,448,539 owed to directors and parties connected with them who will not withdraw their financial support until the company's position strengthens.
In light of the above and after taking into account all information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company's accounts.

 
2.3

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 8


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value. Work in progress includes overheads appropriate to the stage of construction less deposits received. Interest on loans taken out to fund the development of properties is complete. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal.

 
2.7

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.

 
2.8

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.

 
2.9

Borrowing costs

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

Page 9


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.11

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.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.13

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.

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 10


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 3).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
15,299
14,300
29,599



At 31 March 2023

15,299
14,300
29,599



Depreciation


At 1 April 2022
14,151
13,626
27,777


Charge for the year on owned assets
287
169
456



At 31 March 2023

14,438
13,795
28,233



Net book value



At 31 March 2023
861
505
1,366



At 31 March 2022
1,148
674
1,822

Page 11


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
300



At 31 March 2023
300





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Maddox Homes (Oakleigh Court) Limited
England and Wales
Property development
Ordinary
100%
Maddox Homes (Sugden Road) Limited
England and Wales
Property development
Ordinary
100%
Maddox Homes (Norbury View) Limited
England and Wales
Property development
Ordinary
100%

Page 12


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Other debtors
35,779
348,226

Prepayments and accrued income
2,500
2,500

38,279
350,726



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
6,000
6,000

Trade creditors
352,438
156,526

Other taxation and social security
34,716
25,809

Other creditors
1,801,364
1,230,981

Accruals and deferred income
19,827
11,000

2,214,345
1,430,316



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
37,000
43,000

Other creditors
317,000
867,000

354,000
910,000


Page 13


 
MADDOX HOMES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Bank loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
6,000
6,000

Amounts falling due 1-2 years
6,000
6,000

Amounts falling due 2-5 years
18,000
18,000

Amounts falling due after more than 5 years
13,000
19,000

43,000
49,000



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,665 (2022: £4,073). Contributions totaling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

At the year end the company owed £228,538 to P J W Smith (2022: £240,908) and £237,999 was owed from N R W Smith (2022: 109,101). Both P J W Smith and N R W Smith are directors of the company. These loans have no specific repayment terms. P W J Smith received £nil (2022: £1,702) interest during the year.
Loans totaling £297,000 (2022: £297,000) are payable by the company to members' of the directors' immediate family. Interest is paid on these loans at 3% above the Bank of England base rate during the year.
Included in other debtors is £9,275 (2022: £9,275) due from Maddox Homes (Oakleigh Court) Limited, a subsidiary undertaking of the company. The loan is interest free and repayable on demand. During the year sales of £nil (2022: £133,154) were raised to Maddox Homes (Oakleigh Court) Limited.
Also included in other creditors is £569,428 (2022: included in other debtors £330,064) due to Maddox Homes (Sugden Road) Limited, a subsidiary undertaking of the company. The loan is interest free and repayable on demand.


12.


Controlling party

The company is controlled by the directors.

 
Page 14