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COMPANY REGISTRATION NUMBER: 08312616
BONINGALE HOMES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
BONINGALE HOMES LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
360,627
378,282
Investments
6
11
1
---------
---------
360,638
378,283
CURRENT ASSETS
Stocks
7
3,112,816
5,794,411
Debtors
8
3,219,983
894,342
Cash at bank and in hand
343,668
1,133,061
------------
------------
6,676,467
7,821,814
CREDITORS: amounts falling due within one year
9
2,394,144
4,712,049
------------
------------
NET CURRENT ASSETS
4,282,323
3,109,765
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,642,961
3,488,048
PROVISIONS
Taxation including deferred tax
90,157
94,571
------------
------------
NET ASSETS
4,552,804
3,393,477
------------
------------
CAPITAL AND RESERVES
Called up share capital
10
10,000
10,000
Profit and loss account
4,542,804
3,383,477
------------
------------
SHAREHOLDERS FUNDS
4,552,804
3,393,477
------------
------------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
BONINGALE HOMES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mr G A Thompson
Director
Company registration number: 08312616
BONINGALE HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 November 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 3rd Floor, Regent House, Bath Avenue. WV1 4EG. The principal place of business is 56 High Street, Albrighton, Wolverhampton. WV7 3JQ.
2. STATEMENT OF COMPLIANCE
These 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 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 financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents consideration received or receivable at legal completion of a property sale.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
5 -10 years
Fixtures and fittings
-
1-5 years
Biomass boiler
-
20 years
Investments
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less impairment.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress Housing work in progress is stated at the lower of direct cost and net realisable value. Direct costs include direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. Net realisable value is assessed by estimating selling prices and costs, including sales and marketing expenses, taking into account current market conditions.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contractual arrangement that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 10 (2022: 8 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Biomass boiler
Total
£
£
£
£
Cost
At 1 December 2022
15,578
4,002
389,831
409,411
Additions
1,730
802
2,053
4,585
--------
-------
---------
---------
At 30 November 2023
17,308
4,804
391,884
413,996
--------
-------
---------
---------
Depreciation
At 1 December 2022
5,742
4,002
21,385
31,129
Charge for the year
2,453
47
19,740
22,240
--------
-------
---------
---------
At 30 November 2023
8,195
4,049
41,125
53,369
--------
-------
---------
---------
Carrying amount
At 30 November 2023
9,113
755
350,759
360,627
--------
-------
---------
---------
At 30 November 2022
9,836
368,446
378,282
--------
-------
---------
---------
6. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 December 2022
1
Additions
10
----
At 30 November 2023
11
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 30 November 2023
11
----
At 30 November 2022
1
----
7. STOCKS
2023
2022
£
£
Housing work in progress
3,112,816
5,794,411
------------
------------
8. DEBTORS
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,520,375
775,116
Other debtors
699,608
119,226
------------
---------
3,219,983
894,342
------------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
240,266
544,098
Accruals and deferred income
280,050
180,927
Corporation tax
95,798
438,611
Social security and other taxes
26,832
35,160
Other creditors
1,751,198
3,513,253
------------
------------
2,394,144
4,712,049
------------
------------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares shares of £ 1 each
2,000
2,000
2,000
2,000
Ordinary B shares shares of £ 1 each
6,000
6,000
6,000
6,000
Ordinary C shares shares of £ 1 each
2,000
2,000
2,000
2,000
--------
--------
--------
--------
10,000
10,000
10,000
10,000
--------
--------
--------
--------
11. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,774
9,033
Later than 1 year and not later than 5 years
6,774
-------
--------
6,774
15,807
-------
--------
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs M A M Thompson
552,084
552,084
Mr G A Thompson
18
18
----
---------
---------
552,102
552,102
----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs M A M Thompson
Mr G A Thompson
----
----
----
----
----
----
Interest was charged on the above advances at HMRC's official rate .
13. RELATED PARTY TRANSACTIONS
The company trades out of premises owned by the directors for which no rent is charged.