Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-3132022-09-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05200407 2022-09-01 2023-08-31 05200407 2021-09-01 2022-08-31 05200407 2023-08-31 05200407 2022-08-31 05200407 c:Director1 2022-09-01 2023-08-31 05200407 d:PlantMachinery 2022-09-01 2023-08-31 05200407 d:FurnitureFittings 2022-09-01 2023-08-31 05200407 d:OtherPropertyPlantEquipment 2023-08-31 05200407 d:OtherPropertyPlantEquipment 2022-08-31 05200407 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05200407 d:CurrentFinancialInstruments 2023-08-31 05200407 d:CurrentFinancialInstruments 2022-08-31 05200407 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05200407 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 05200407 d:ShareCapital 2023-08-31 05200407 d:ShareCapital 2022-08-31 05200407 d:RetainedEarningsAccumulatedLosses 2023-08-31 05200407 d:RetainedEarningsAccumulatedLosses 2022-08-31 05200407 c:OrdinaryShareClass1 2022-09-01 2023-08-31 05200407 c:OrdinaryShareClass1 2023-08-31 05200407 c:OrdinaryShareClass1 2022-08-31 05200407 c:FRS102 2022-09-01 2023-08-31 05200407 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 05200407 c:FullAccounts 2022-09-01 2023-08-31 05200407 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05200407 d:Subsidiary1 2022-09-01 2023-08-31 05200407 d:Subsidiary1 1 2022-09-01 2023-08-31 05200407 2 2022-09-01 2023-08-31 05200407 6 2022-09-01 2023-08-31 05200407 e:PoundSterling 2022-09-01 2023-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 05200407









LOGAN HOMES LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
LOGAN HOMES LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
LOGAN HOMES LIMITED
REGISTERED NUMBER: 05200407

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
448
562

Investments
 5 
100
100

  
548
662

Current assets
  

Stocks
  
1,742,220
600,992

Debtors: amounts falling due within one year
 6 
314,767
2,536,448

Cash at bank and in hand
  
69,805
451,079

  
2,126,792
3,588,519

Creditors: amounts falling due within one year
 7 
(1,702,708)
(3,346,456)

Net current assets
  
 
 
424,084
 
 
242,063

  

Net assets
  
424,632
242,725


Capital and reserves
  

Called up share capital 
 8 
90
90

Profit and loss account
  
424,542
242,635

  
424,632
242,725


Page 1

 
LOGAN HOMES LIMITED
REGISTERED NUMBER: 05200407

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 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 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: 




D E Button
Director

Date: 12 February 2024

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

Page 2

 
LOGAN HOMES LIMITED
 

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

1.


General information

Logan Homes Limited is private Company limited by shares and incorporated in England and Wales within the United Kingdom. The address of its registered office is Tennyson House, Cambridge Business Park, Cowley Road, Cambridge, CB4 0WZ.
The Company's functional and presentational currency is GBP. These financial statements are rounded to the nearest pound.

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 directors consider that the resources avaliable to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. 
The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern. 

  
2.3

Turnover

Turnover comprises revenue recognised by the company in respect to revenue during the year, exlcusive of VAT Added Tax and trade discounts.
Revenue is recognised when development sales are exchanged and contracts are unconditional.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 3

 
LOGAN HOMES LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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:

Plant & machinery
-
33% reducing balance
Fixtures & fittings
-
15% 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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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 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.

 
2.11

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
LOGAN HOMES LIMITED
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

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.

Page 5

 
LOGAN HOMES LIMITED
 

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

3.


Employees

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


4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 September 2022
6,010



At 31 August 2023

6,010



Depreciation


At 1 September 2022
5,448


Charge for the year on owned assets
114



At 31 August 2023

5,562



Net book value



At 31 August 2023
448



At 31 August 2022
562

Page 6

 
LOGAN HOMES LIMITED
 

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

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 September 2022
100



At 31 August 2023
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Logan Homes (Wickhambrook) Limited
Ordinary
100%


6.


Debtors

2023
2022
£
£


Trade debtors
-
2,536,448

Amounts owed by group undertakings
314,767
-

314,767
2,536,448


Page 7

 
LOGAN HOMES LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
470,000

Trade creditors
8,028
1,410

Amounts owed to group undertakings
1,688,906
2,312,212

Other taxation and social security
5,774
7,208

Other creditors
-
555,626

1,702,708
3,346,456


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
470,000

Details of security provided:

Bank loans were secured over development land and buildings included in work in progress and a fixed and floating charge over the property of the company. Such loans were fully repaid during the year.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



90 (2022 - 90) Ordinary shares of £1.00 each
90
90



9.


Related party transactions

The Company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.


10.


Parent undertaking

The immediate undertaking is Leen Holdings Limited, a company incorporated in England and Wales. Its registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.


Page 8