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Company No: 11437959 (England and Wales)

DAVID COLE HOMES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

DAVID COLE HOMES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

DAVID COLE HOMES LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
DAVID COLE HOMES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTORS Mr D A Cole
Mr P M Keep
Mr A Seager
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
United Kingdom
COMPANY NUMBER 11437959 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
BANKERS Barlcays Bank plc
Leicester
Leicestershire
LE87 2BB
SOLICITORS Murrell Associates
14 High Cross
Truro
Cornwall
TR1 2AJ
DAVID COLE HOMES LIMITED

BALANCE SHEET

As at 30 June 2023
DAVID COLE HOMES LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 154 885
Investments 4 120 120
274 1,005
Current assets
Debtors 5 128,946 243,200
Cash at bank and in hand 9,145 18,519
138,091 261,719
Creditors: amounts falling due within one year 6 ( 124,210) ( 250,334)
Net current assets 13,881 11,385
Total assets less current liabilities 14,155 12,390
Net assets 14,155 12,390
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 14,055 12,290
Total shareholders' funds 14,155 12,390

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of David Cole Homes Limited (registered number: 11437959) were approved and authorised for issue by the Board of Directors on 25 July 2024. They were signed on its behalf by:

Mr D A Cole
Director
DAVID COLE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
DAVID COLE HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Cole Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road,, Truro, Cornwall, TR1 2NA, United Kingdom. The principal place of business is Trethellan Barn, Trevean Way, Newquay, Cornwall, TR7 1TW.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover comprises management charges made to group companies. Turnover is shown net of value added tax.

The company recognises revenue on an annual basis in recognition of services provided during the year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 July 2022 2,678 2,678
At 30 June 2023 2,678 2,678
Accumulated depreciation
At 01 July 2022 1,793 1,793
Charge for the financial year 731 731
At 30 June 2023 2,524 2,524
Net book value
At 30 June 2023 154 154
At 30 June 2022 885 885

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 July 2022 120
At 30 June 2023 120
Carrying value at 30 June 2023 120
Carrying value at 30 June 2022 120

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.06.2023
Ownership
30.06.2022
DCH (Cornwall 1) Limited Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA Property Development Ordinary 100.00% 100.00%
DCH (Cornwall 2) Limited Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA Property Development Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 107,455 79,699
Corporation tax 8,211 0
Other debtors 13,280 163,501
128,946 243,200

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 99,551 218,931
Taxation and social security 0 9,151
Other creditors 24,659 22,252
124,210 250,334

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Mr D A Cole 910 910
Mr P M Keep 0 (50,000)
Mr A Seager 0 (100,000)

At the balance sheet date the company owed David Cole Property Limited (Mr D A Cole) £910 (2022 - £910), was owed £nil by 5minutesaway Limited (Mr P M Keep) (2022 - £50,000) and was owed £nil by Project Trading & Management Limited (Mr A Seager) (2022 - £100,000).

Other related party transactions

2023 2022
£ £
DCD (St Marina) Limited 17,248 17,248
DCH (Cornwall 1) Limited 99,551 218,931
DCH (Cornwall 2) Limited (107,455) (79,699)

DCD (St Marina) Limited
A company under the control of the director Mr D A Cole
Interest free loan
At the balance sheet date the company owed DCD (St Marina) Limited £17,428 on an intercompany loan account (2022 - £17,248).

DCH (Cornwall 1) Limited
Parent company
Interest free loan
At the balance sheet date the company owed DCH (Cornwall 1) Limited £99,551 on an intercompany loan account (2022 - £218,931).

DCH (Cornwall 2) Limited
A fellow group company
Interest free loan
At the balance sheet date DCH (Cornwall 2) Limited owed the company £107,455 on an intercompany loan account (2022 - £79,699).