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REGISTERED NUMBER: 01913916 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MID-SUSSEX HOMES LIMITED

MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

MID-SUSSEX HOMES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: K J Tahney





SECRETARY: Mrs C A Tahney





REGISTERED OFFICE: Ashdown House
Library Way
Uckfield
East Sussex
TN22 1AR





REGISTERED NUMBER: 01913916 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 122,513 119,739

CURRENT ASSETS
Stocks 5,212,748 3,294,490
Debtors 5 51,417 43,949
Cash at bank 21,745 11,696
5,285,910 3,350,135
CREDITORS
Amounts falling due within one year 6 (1,565,708 ) (1,287,784 )
NET CURRENT ASSETS 3,720,202 2,062,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,842,715

2,182,090

CREDITORS
Amounts falling due after more than one year 7 (2,675,204 ) (547,310 )
NET ASSETS 1,167,511 1,634,780

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,167,411 1,634,680
SHAREHOLDERS' FUNDS 1,167,511 1,634,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 August 2024 and were signed by:



K J Tahney - Director


MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Mid-Sussex Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.


MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.

Pension costs and other post-retirement benefits
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.

Cash and cash equivalents
Cash is represented by cash in hand and bank current and short term deposit accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 203,642 4,099 156,252 9,699 373,692
Additions - - 32,000 2,274 34,274
Disposals - - (81,136 ) - (81,136 )
At 31 March 2024 203,642 4,099 107,116 11,973 326,830
DEPRECIATION
At 1 April 2023 132,096 385 115,798 5,674 253,953
Charge for year 17,886 928 9,994 1,935 30,743
Eliminated on disposal - - (80,379 ) - (80,379 )
At 31 March 2024 149,982 1,313 45,413 7,609 204,317
NET BOOK VALUE
At 31 March 2024 53,660 2,786 61,703 4,364 122,513
At 31 March 2023 71,546 3,714 40,454 4,025 119,739

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 968 -
VAT 30,273 26,668
Prepayments and accrued income 20,176 17,281
51,417 43,949

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 93,799 155,396
Amounts owed to group undertakings 1,450,000 1,000,000
Tax (50 ) (50 )
Social security and other taxes 7,908 7,463
Other creditors 1,203 112,227
Accruals and deferred income 2,200 2,100
1,565,708 1,287,784

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 2,157,072 28,983
Directors' loan accounts 518,132 518,327
2,675,204 547,310

MID-SUSSEX HOMES LIMITED (REGISTERED NUMBER: 01913916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,167,720 39,631

The bank overdraft is secured upon specific investment and trading properties, together with a general debenture over the assets and undertakings of the company.

A personal guarantee of £50,000 has been provided by K J Tahney a director of the company.

9. RELATED PARTY DISCLOSURES

During the year the company recieved various loans from Mid-Sussex Properties Limited and the balance outstanding at the year end was £1,450,000 (2023:£1,000,000).

10. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr K J Tahney who owns the controlling share of Mid-Sussex Properties Limited, the parent company.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MID-SUSSEX HOMES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mid-Sussex Homes Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Mid-Sussex Homes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mid-Sussex Homes Limited and state those matters that we have agreed to state to the director of Mid-Sussex Homes Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mid-Sussex Homes Limited and its director for our work or for this report.

It is your duty to ensure that Mid-Sussex Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Mid-Sussex Homes Limited. You consider that Mid-Sussex Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mid-Sussex Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ


13 August 2024