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Registered number: 10208174









ARTICHOKE HOMES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
ARTICHOKE HOMES LIMITED
REGISTERED NUMBER: 10208174

BALANCE SHEET
AS AT 31 MAY 2023

2023
2023
2022
2022
Note
£
£
£
£

  

Current assets
  

Stocks
 4 
2,508,206
1,122,245

Debtors: amounts falling due within one year
 5 
9,481
6,617

Cash at bank and in hand
 6 
3,278,848
1,741,831

  
5,796,535
2,870,693

Creditors: amounts falling due within one year
 7 
(5,925,270)
(2,921,062)

Net current liabilities
  
 
 
(128,735)
 
 
(50,369)

Total assets less current liabilities
  
(128,735)
(50,369)

  

Net liabilities
  
(128,735)
(50,369)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(128,835)
(50,469)

  
(128,735)
(50,369)


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 comprehensive income 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 on 25 January 2024.




M J Yarrow
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
ARTICHOKE HOMES LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
100
(50,469)
(50,369)


Comprehensive income for the year

Loss for the year
-
(78,366)
(78,366)
Total comprehensive income for the year
-
(78,366)
(78,366)


At 31 May 2023
100
(128,835)
(128,735)



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2021
100
(234,322)
(234,222)


Comprehensive income for the year

Profit for the year
-
183,853
183,853
Total comprehensive income for the year
-
183,853
183,853


At 31 May 2022
100
(50,469)
(50,369)


The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Artichoke Homes Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 10208174. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The nature of the company's operations and principal activity is property development.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Diomed Developments Limited as at 31 May 2023 and these financial statements may be obtained from companies house.

 
2.3

Going concern

The company incurred a loss for the year of £78,366 (2022: profit of £183,853) and had net liabilities at 31 May 2023 of £128,735 (2022: net liabilities of £50,369). Included in creditors within one year is an amount of £5,917,148 (2022: £2,913,435) due to its parent company. The company has received financial support from its parent company and continues to receive this support and has no reason to believe that this support will be withdrawn. Based on this, the accounts have been prepared on the going concern basis and do not take into account any adjustments which would be necessary if the going concern basis was not appropriate. 

Page 3

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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 balance sheet date in the countries where the Company operates and generates income.

 
2.7

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.. 
At each balance sheet 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.

Page 4

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


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

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

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


4.


Stocks

2023
2022
£
£

Development property
2,508,206
1,122,245

2,508,206
1,122,245



5.


Debtors

2023
2022
£
£


Other debtors
3,584
3,814

Prepayments and accrued income
5,897
2,803

9,481
6,617


Page 6

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,278,848
1,741,831

3,278,848
1,741,831



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,553
-

Amounts owed to group undertakings
5,917,148
2,913,435

Other creditors
1,389
1,389

Accruals and deferred income
3,180
6,238

5,925,270
2,921,062



8.


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 £2,292 (2022: £2,175). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date.


9.


Related party transactions

During the year the key management personnel of the entity received remuneration equating to £50,352 (2022: £48,500).
The following amounts were due from/(to) related parties at the year end:


2023
2022
£
£

Entities which have significant control over the company
5,917,148
2,913,435
Key management personnel
1,189
1,189

Page 7

 
ARTICHOKE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Controlling party

The ultimate parent undertaking is Diomed Developments Limited, a company incorporated in England
and Wales.
Diomed Developments Limited prepares consolidated group financial statements and copies can be obtained from Companies House.
The ultimate controlling party is M J Yarrow, by virtue of his majority shareholding in the parent company.

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2023 was unqualified.

The audit report was signed on 25 January 2024 by Charalambos Patsalides (Senior Statutory Auditor) on behalf of Haslers.

 
Page 8