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Registration number: 05189375

Martin Howard Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Martin Howard Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Martin Howard Homes Limited

Company Information

Director

Mrs S St Ledger

Company secretary

Mr CW Risbridger

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Martin Howard Homes Limited

(Registration number: 05189375)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,079

48,107

Investment property

5

457,567

457,567

 

493,646

505,674

Current assets

 

Stocks

6

395,000

370,000

Debtors

7

86,069

46,572

Cash at bank and in hand

 

9,393

51,399

 

490,462

467,971

Creditors: Amounts falling due within one year

8

(1,103,306)

(959,099)

Net current liabilities

 

(612,844)

(491,128)

Total assets less current liabilities

 

(119,198)

14,546

Creditors: Amounts falling due after more than one year

8

(33,608)

(172,037)

Net liabilities

 

(152,806)

(157,491)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(152,906)

(157,591)

Shareholders' deficit

 

(152,806)

(157,491)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 March 2024
 

 

Martin Howard Homes Limited

(Registration number: 05189375)
Balance Sheet as at 31 July 2023

.........................................
Mrs S St Ledger
Director

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
Whiteley Lane
Whiteley
Fareham
Hampshire
PO15 6RQ
England

These financial statements were authorised for issue by the director on 12 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible 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

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

32,800

1,828

108,223

142,851

At 31 July 2023

32,800

1,828

108,223

142,851

Depreciation

At 1 August 2022

21,019

229

73,496

94,744

Charge for the year

2,946

400

8,682

12,028

At 31 July 2023

23,965

629

82,178

106,772

Carrying amount

At 31 July 2023

8,835

1,199

26,045

36,079

At 31 July 2022

11,781

1,599

34,727

48,107

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Investment properties

2023
£

At 1 August

457,567

At 31 July

457,567

There has been no valuation of investment property by an independent valuer.

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Stocks

2023
£

2022
£

Work in progress

395,000

370,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

86,069

46,572

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,049

-

Trade creditors

 

58,019

5,627

Taxation and social security

 

-

13

Accruals and deferred income

 

3,000

3,000

Other creditors

 

1,037,238

950,459

 

1,103,306

959,099

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

33,608

172,037

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,608

44,037

Other borrowings

-

128,000

33,608

172,037

 

Martin Howard Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

-

Bank overdrafts

49

-

5,049

-