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REGISTERED NUMBER: 05008368 (England and Wales)















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: D J Ballard
A C A Ballard
T E L Walker
C B Walker





REGISTERED OFFICE: Suite 5 Corum 2
Corum Office Park
Crown Way
Warmley
Bristol
BS30 8FJ





REGISTERED NUMBER: 05008368 (England and Wales)





ACCOUNTANTS: Verinder Powell Associates Ltd
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 7,942 8,800
Investments 5 3 2
Investment property 6 11,107,687 11,107,687
11,115,632 11,116,489

CURRENT ASSETS
Stocks 783,421 729,484
Debtors 7 146,570 49,376
Cash at bank 59,702 567,189
989,693 1,346,049
CREDITORS
Amounts falling due within one year 8 128,415 97,585
NET CURRENT ASSETS 861,278 1,248,464
TOTAL ASSETS LESS CURRENT LIABILITIES 11,976,910 12,364,953

CREDITORS
Amounts falling due after more than one
year

9

(7,720,113

)

(7,933,915

)

PROVISIONS FOR LIABILITIES (543,635 ) (542,964 )
NET ASSETS 3,713,162 3,888,074

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 3,713,154 3,888,066
3,713,162 3,888,074

Downfield Homes Limited (Registered number: 05008368)

Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 12 March 2024 and were signed on its behalf by:





D J Ballard - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Furniture,
fittings
and
equipment
£   
COST
At 1 September 2022 21,450
Additions 2,981
Disposals (2,759 )
At 31 August 2023 21,672
DEPRECIATION
At 1 September 2022 12,650
Charge for year 2,573
Eliminated on disposal (1,493 )
At 31 August 2023 13,730
NET BOOK VALUE
At 31 August 2023 7,942
At 31 August 2022 8,800

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 - 2
Additions - 1 1
At 31 August 2023 2 1 3
NET BOOK VALUE
At 31 August 2023 2 1 3
At 31 August 2022 2 - 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 11,107,687
NET BOOK VALUE
At 31 August 2023 11,107,687
At 31 August 2022 11,107,687

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 15,060 21,039
Amounts owed by joint ventures 95,516 -
Other debtors 35,994 28,337
146,570 49,376

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 1,638 28,062
Taxation and social security - 29,023
Other creditors 126,777 40,500
128,415 97,585

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans 3,007,794 3,006,627
Other creditors 4,712,319 4,927,288
7,720,113 7,933,915

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 3,007,794 3,006,627

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.