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COMPANY REGISTRATION NUMBER: 10502175
Flaunden Construction Limited
Filleted Unaudited Financial Statements
30 November 2023
Flaunden Construction Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Flaunden Construction Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
8,111
11,330
Current assets
Stocks
4,376,326
4,124,523
Debtors
5
5,075
1,388
Cash at bank and in hand
6,503
1,894
-----------
-----------
4,387,904
4,127,805
Creditors: amounts falling due within one year
6
3,567,003
3,276,620
-----------
-----------
Net current assets
820,901
851,185
--------
--------
Total assets less current liabilities
829,012
862,515
Creditors: amounts falling due after more than one year
7
1,244,271
1,254,120
Provisions
Taxation including deferred tax
( 98,968)
( 94,527)
-----------
-----------
Net liabilities
( 316,291)
( 297,078)
-----------
-----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 316,391)
( 297,178)
--------
--------
Shareholders deficit
( 316,291)
( 297,078)
--------
--------
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 .
Flaunden Construction Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mrs C Jackson
Director
Company registration number: 10502175
Flaunden Construction 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 112-114 High Street, Rickmansworth, Herts, WD3 1AQ.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The company is currently developing properties for resale and is dependent on resolving planning issues on the properties. The directors are confident of resolving these issues which will enable the sale of the first phase of properties and generate sufficient revenues to fund future developments. As a result the directors consider the company to be a going concern for the foreseeable future.
(c) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered 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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) 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 equipment
-
20% straight line
Office equipment
-
33 % straight line
(f) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the property developments to their present location and condition. Interest on amounts advanced to the company to develop the properties is included in stock and amounted to £306,780 for the year (2021: £195,804).
(g) 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial liabilities are recognised at the obligation outstanding at the balance sheet date.
4. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 December 2022
16,370
1,011
17,381
Additions
109
109
-------
------
-------
At 30 November 2023
16,479
1,011
17,490
-------
------
-------
Depreciation
At 1 December 2022
5,129
922
6,051
Charge for the year
3,271
57
3,328
-------
------
-------
At 30 November 2023
8,400
979
9,379
-------
------
-------
Carrying amount
At 30 November 2023
8,079
32
8,111
-------
------
-------
At 30 November 2022
11,241
89
11,330
-------
------
-------
5. Debtors
2023
2022
£
£
Other debtors
5,075
1,388
------
------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
39,096
12,584
Trade creditors
25,127
11,936
Social security and other taxes
97,335
96,446
Other creditors
3,405,445
3,155,654
-----------
-----------
3,567,003
3,276,620
-----------
-----------
Included in other creditors falling due within one year is £3,012,787 (2022:£2,783,550) which relate to advances made to the company to finance property developments. These advances are secured by charges on the company's properties included in stock and have also been personally guaranteed by the directors.
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
744,271
754,120
Other creditors
500,000
500,000
-----------
-----------
1,244,271
1,254,120
-----------
-----------
Bank loans and overdrafts falling due after more than one year includes a bank loan of £728,000 (2022:£728,000) which is secured on one of the company's properties and has been personally guaranteed by the directors. Other creditors falling due after more than one year represent advances made to the company to finance property developments. The advances are repayable on the sale or rental of the developed properties and are regarded as falling due after more than one year at the balance sheet date. These creditors are secured by charges on the company's properties included in stock and have also been personally guaranteed by the directors.