Company registration number 13782613 (England and Wales)
STONEGATE HOMES (PIXHAM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STONEGATE HOMES (PIXHAM) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STONEGATE HOMES (PIXHAM) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Current assets
Debtors
3
4,039,050
Cash at bank and in hand
37,338
4,076,388
Creditors: amounts falling due within one year
4
(4,166,690)
Net current liabilities
(90,302)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(90,402)
Total equity
(90,302)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 16 April 2024
J N P Hinds
Director
Company registration number 13782613 (England and Wales)
STONEGATE HOMES (PIXHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Stonegate Homes (Pixham) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2000 Cathedral Square, Cathedral Hill, Guildford, England, GU2 7YL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors acknowledges the company's net liabilities position but notes that it retains the support of its shareholders to complete the planned redevelopment of the property. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Other operating income

Other operating income comprises rental income from tenants of the property held as part of the company's development stock. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

STONEGATE HOMES (PIXHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
1
3
Debtors
2022
Amounts falling due within one year:
£
Other debtors
4,039,050
4
Creditors: amounts falling due within one year
2022
£
Trade creditors
92,792
Amounts owed to group undertakings
34,970
Other creditors
4,038,928
4,166,690
STONEGATE HOMES (PIXHAM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
5
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
6
Events after the reporting date

In December 2021, the company entered an agreement to complete on a purchase of a development property in January 2023 for total consideration of £35,000,000. A deposit of £3,500,000 in respect of this was paid in December 2021 and is included in other debtors at the balance sheet date.

 

In January 2023, the company agreed a variation to this contract, which provided for a new completion date in March 2023.

 

In March 2023, the company completed its purchase of a development property. The completion payment was funded by the draw down of a £34,450,000 loan facility, due for repayment within 12 months of the drawdown date.

 

The company subsequently agreed a 3 month extension to the term of the facility to the end of June 2024.

7
Parent company

The parent company of Stonegate Homes (Pixham) Limited is Stonegate Homes Limited, a company registered in England and Wales, whose registered office is 2000 Cathedral Square, Cathedral Hill, Guildford, GU2 7YL.

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