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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Cherry Tree Homes (UK) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 02909770
CHERRY TREE HOMES (UK) LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
CHERRY TREE HOMES (UK) LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF CHERRY TREE HOMES (UK) LIMITED
YEAR ENDED 31 OCTOBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Cherry Tree Homes (UK) Limited for the year ended 31 October 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
29 July 2024
CHERRY TREE HOMES (UK) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
130,172
132,600
Current assets
Stocks
683,661
501,389
Debtors
380,130
447,673
Cash at bank and in hand
58,115
13,136
--------------
------------
1,121,906
962,198
Creditors: amounts falling due within one year
639,566
359,389
--------------
------------
Net current assets
482,340
602,809
------------
------------
Total assets less current liabilities
612,512
735,409
Creditors: amounts falling due after more than one year
42,503
52,800
Provisions
24,736
24,736
------------
------------
Net assets
545,273
657,873
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
545,173
657,773
------------
------------
Shareholders funds
545,273
657,873
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
CHERRY TREE HOMES (UK) LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
For the year ending 31 October 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
These abridged financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
J E Collins
Director
Company registration number: 02909770
CHERRY TREE HOMES (UK) LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Badger Hills, Main Road, Beelsby, Lincolnshire, DN37 0TN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents sales of residential housing developments where unconditional contracts for completion have been entered into on individual units. In addition, turnover also includes ad-hoc sales of building work contracted with revenues included on recognised stages of completion, net of value added tax.
Income tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Property improvements
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks and property developments
Stocks are stated at the lower of cost and net realisable value. Property developments are assessed on a site by site basis and reflected in the profit and loss account where it is considered that the outcome can be assessed with reasonable certainty before its completion and after unconditional contracts for sale have been entered into. This valuation takes into account the costs expended to date, with an appropriate proportion of the anticipated profit on sites where contracts for sale have been entered into, determined by reference to the costs borne at the date of valuation compared to the total anticipated costs. However, where it is considered that the outcome of a property development cannot be assessed with reasonable certainty and contracts for sale have not been entered into, no provision for anticipated profit is made in the financial statements. Where, at the balance sheet date a development has anticipated losses, full provision is made for the same.
Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible Assets
£
Cost
At 1 November 2022
311,930
Additions
26,598
------------
At 31 October 2023
338,528
------------
Depreciation
At 1 November 2022
179,330
Charge for the year
29,026
------------
At 31 October 2023
208,356
------------
Carrying amount
At 31 October 2023
130,172
------------
At 31 October 2022
132,600
------------
6. Controlling Party
The company is under the control of Mrs Diane Collins, Mr Geoffrey Collins, and the directors Mr James Collins and Mr Gerard Collins.