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REGISTERED NUMBER: 11692095 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Gould Homes (South West) Ltd

Gould Homes (South West) Ltd (Registered number: 11692095)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

Gould Homes (South West) Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: M P Gould
M Linney





REGISTERED OFFICE: 5 Barnfield Crescent
Exeter
Devon
EX1 1QT





REGISTERED NUMBER: 11692095 (England and Wales)





ACCOUNTANTS: Kirk Hills Business Advisors
a trading name of RT Marke &
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT

Gould Homes (South West) Ltd (Registered number: 11692095)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,746 -

CURRENT ASSETS
Stocks 3,000,640 3,406,232
Debtors 5 42,819 57,601
Cash at bank 282,278 229,969
3,325,737 3,693,802
CREDITORS
Amounts falling due within one year 6 2,416,257 1,681,490
NET CURRENT ASSETS 909,480 2,012,312
TOTAL ASSETS LESS CURRENT
LIABILITIES

919,226

2,012,312

CREDITORS
Amounts falling due after more than one
year

7

784,909

1,944,405
NET ASSETS 134,317 67,907

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 134,217 67,807
134,317 67,907

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:





M Linney - Director


Gould Homes (South West) Ltd (Registered number: 11692095)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Gould Homes (South West) Ltd 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 (£).


The principal place of business is 13 Lower North Street, Exeter, Devon, EX4 3ET.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks and work in progress
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 is valued on the basis of direct costs plus attributable overheads based on normal level of activity. An element of profit is included in the valuation of work in progress.

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Gould Homes (South West) Ltd (Registered number: 11692095)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 12,995
At 30 November 2023 12,995
DEPRECIATION
Charge for year 3,249
At 30 November 2023 3,249
NET BOOK VALUE
At 30 November 2023 9,746

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 42,819 57,601

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 224,876 361,064
Taxation and social security 5,519 22,194
Other creditors 2,185,862 1,298,232
2,416,257 1,681,490

Gould Homes (South West) Ltd (Registered number: 11692095)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 784,909 1,944,405

The bank loan is secured against the following:

1.First legal mortgage over the Property from the Borrower.

2.Limited joint and several guarantee from Matthew Gould and Mark Linney for the principal sum of
£713,121 plus interest and expenses.

3.A first ranking debenture containing fixed and floating charges over the undertaking and assets of Gould
Homes (South West) Ltd.

4.Deed of subordination between the Borrower, the directors, shareholders, any inter-company creditors,
and the bank.

5.Collateral warranties from any Development Party with a design responsibility supported by suitable
Professional Indemnity Insurance as advised by the Bank's Project Monitor.

8. RELATED PARTY DISCLOSURES

Transactions with the entity's directors

2023 2022
Loan to M.Gould (Maximum balance) 14,355 14,073

Interest charged at 2%. Repayable on demand

Other related party transactions

2023 2022
Monies owed to Gould Homes Limited, a connected company 1,234,980 1,192,918
Interest charged at 10%. Repayable on demand

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Gould Homes (South West) Ltd


The following reproduces the text of the report prepared for the directors 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 Directors 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 Gould Homes (South West) Ltd for the year ended 30 November 2023 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 Board of Directors of Gould Homes (South West) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gould Homes (South West) Ltd and state those matters that we have agreed to state to the Board of Directors of Gould Homes (South West) Ltd, as a body, 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 Gould Homes (South West) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gould Homes (South West) Ltd 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 profit of Gould Homes (South West) Ltd. You consider that Gould Homes (South West) Ltd 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 Gould Homes (South West) Ltd. 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.






Kirk Hills Business Advisors
a trading name of RT Marke &
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT


Date: .............................................