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Registration number: 11646502

Sandway Homes Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Sandway Homes Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Sandway Homes Limited

Company Information

Directors

G D G Kean

G S Myers

G T Rowson

B Cronin

L F Powell

Company secretary

S P Coventry

Registered office

Sandway Homes Limited
Magdalen House
Trinity Road
Bootle
L20 3NJ

Auditors

Beever and Struthers
Suite 9B, The Beehive
Lions Drive
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QS

 

Sandway Homes Limited

(Registration number: 11646502)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,232,000

2,232,000

Current assets

 

Stocks

5

7,755,093

7,034,291

Debtors

6

263,260

517,941

Cash at bank and in hand

 

1,895,940

214,931

 

9,914,293

7,767,163

Creditors: Amounts falling due within one year

7

(10,355,640)

(10,001,245)

Net current liabilities

 

(441,347)

(2,234,082)

Total assets less current liabilities

 

1,790,653

(2,082)

Creditors: Amounts falling due after more than one year

7

(2,232,000)

(2,232,000)

Net liabilities

 

(441,347)

(2,234,082)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(441,447)

(2,234,182)

Shareholders' deficit

 

(441,347)

(2,234,082)

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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
G D G Kean
Director

 

Sandway Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
Sandway Homes Limited
Magdalen House
Trinity Road
Bootle
L20 3NJ

These financial statements were authorised for issue by the Board on 28 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.

Going concern

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 28 March 2024 was Mark Bradley BA BTP FCA, who signed for and on behalf of Beever and Struthers.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue on completion of the sale of the property.

 

Sandway Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land

Not depreciated

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.

The cost of finished goods comprises direct materials. At each reporting date, stocks are assessesfor 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.

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.

 

Sandway Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 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 income statement 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 directors) during the year, was 5 (2022 - 4).

4

Tangible assets

Land
£

Total
£

Cost or valuation

At 1 April 2022

2,232,000

2,232,000

At 31 March 2023

2,232,000

2,232,000

Depreciation

Carrying amount

At 31 March 2023

2,232,000

2,232,000

At 31 March 2022

2,232,000

2,232,000

5

Stocks

2023
£

2022
£

Work in progress

7,755,093

7,034,291

 

Sandway Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

202,102

-

Other debtors

61,158

517,941

263,260

517,941

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6,743,000

6,743,000

Trade creditors

 

439,179

1,592,018

Taxation and social security

 

-

11,639

Accruals and deferred income

 

2,900,244

1,547,420

Other creditors

 

273,217

107,168

 

10,355,640

10,001,245

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

2,232,000

2,232,000

Creditors include an amount due to Sefton MBC and becomes repayable when the company becomes profitable. Interest accrues on the loan at the rate of 2.2% above the National Loans Fund interest rate as published by the Public Works Loan Board.

8

Related party transactions

Included in creditors falling due within one year is an amount of £6,743,000 (2022: £6,743,000) owed to Sefton MBC, who is the ultimate shareholder. Interest accrues on the loan at the rate of 2.2% above the National Loans Fund interest rate as published by the Public Works Loan Board. The loan is repaid via the proceeds arising on the sale of the open market properties.

Included in creditors falling due after one year is an amount owed to Sefton MBC is £2,232,000 (2022: £2,232,000), see note 6 for further details.

 

Sandway Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is Sefton (ACS) Holding Company Limited, incorporated in England and Wales.

 The ultimate parent is Sefton Metropolitan Borough Council, incorporated in .