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Registration number: 12820769

Hawthorne Meadows Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hawthorne Meadows Homes Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Hawthorne Meadows Homes Limited

(Registration number: 12820769)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

224,373

225,675

Debtors

5

1,459,157

1,528,829

Cash at bank and in hand

 

153

-

 

1,683,683

1,754,504

Creditors: Amounts falling due within one year

6

(1,480,743)

(1,554,223)

Net assets

 

202,940

200,281

Capital and reserves

 

Called up share capital

1

1

Retained earnings

202,939

200,280

Shareholders' funds

 

202,940

200,281

For the financial year ending 31 December 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 his 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 29 July 2024
 

.........................................
Mr N S Griffiths
Director

 

Hawthorne Meadows Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit D Xenon Park
Worcester Avenue
Wheatley
Doncaster
DN2 4NB

These financial statements were authorised for issue by the director on 29 July 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hawthorne Meadows Homes Limited

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

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.

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.

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.

 

Hawthorne Meadows Homes Limited

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

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 1 (2022 - 1).

4

Stocks

2023
£

2022
£

Work in progress

224,373

225,675

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

8

1,457,645

1,519,773

Other debtors

 

65

8,474

Prepayments

 

1,447

582

 

1,459,157

1,528,829

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

65,314

607,397

Trade creditors

 

82,760

9,875

Amounts owed to related parties

8

1,315,795

558,286

Corporation tax

 

14,549

42,354

Other creditors

 

-

500

Accrued expenses

 

2,325

335,811

 

1,480,743

1,554,223

Creditors include loans which are secured of £65,314 (2022 £601,597).

 

Hawthorne Meadows Homes Limited

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

7

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

65,314

601,597

Bank overdrafts

-

5,800

65,314

607,397

 

Hawthorne Meadows Homes Limited

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

8

Related party transactions

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

1,519,773

1,519,773

Repaid

(62,128)

(62,128)

At end of period

1,457,645

1,457,645

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

392,706

407,208

799,914

Advanced

1,127,067

-

1,127,067

Repaid

-

(407,208)

(407,208)

At end of period

1,519,773

-

1,519,773

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

558,286

558,286

Advanced

757,509

757,509

At end of period

1,315,795

1,315,795

2022

Entities with joint control or significant influence
£

Total
£

At start of period

852,871

852,871

Repaid

(294,585)

(294,585)

At end of period

558,286

558,286

 

Hawthorne Meadows Homes Limited

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

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balances, except where the loan is to key management. Key management includes the company director.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Hawthorn Group Holdings Limited, incorporated in England.

 The ultimate parent is Hawthorn Group Holdings Limited, incorporated in England.