Company registration number 04760977 (England and Wales)
NEW HOMES CUSTOMER CARE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEW HOMES CUSTOMER CARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NEW HOMES CUSTOMER CARE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
2,428
3,880
Current assets
Debtors
7
965,472
871,128
Cash at bank and in hand
129,138
115,889
1,094,610
987,017
Creditors: amounts falling due within one year
8
(855,224)
(866,246)
Net current assets
239,386
120,771
Net assets
241,814
124,651
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
240,814
123,651
Total equity
241,814
124,651
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
P Hayman
Director
Company registration number 04760977 (England and Wales)
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
New Homes Customer Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
New Homes Customer Care Limited is eighty percent owned subsidiary of MAAssist Limited and the results of New Homes Customer Care Limited are included in the consolidated financial statements of MAGroup Limited which are available from 66 High Street, Aylesbury, HP20 1SE.
1.2
Turnover
Turnover represents fees receivable for customer care services, recognised over the life of the relevant warranty period, and amounts receivable for the provision of defects and repairs services. Income from repairs services is recognised in accordance with the level of completion of works. Turnover is exclusive of Value Added Tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
33.33% straight line
Fixtures, fittings & equipment
20% or 25% straight line
Computer equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Accrued income
Accrued income is recognised as a percentage of the total contracted amount receivable for contracted work completed prior to the year end but not invoiced.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the company's auditors for the audit of the company's financial statements
10,900
10,000
Depreciation of tangible fixed assets
3,325
3,510
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,900
10,000
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
6
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
5,454
300
13,734
19,488
Additions
1,873
1,873
At 31 December 2023
5,454
300
15,607
21,361
Depreciation and impairment
At 1 January 2023
5,454
105
10,049
15,608
Depreciation charged in the year
60
3,265
3,325
At 31 December 2023
5,454
165
13,314
18,933
Carrying amount
At 31 December 2023
135
2,293
2,428
At 31 December 2022
195
3,685
3,880
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
496,674
394,036
Amounts owed by group undertakings
9,810
12,379
Other debtors
112,236
109,020
618,720
515,435
Deferred tax asset
34,675
70,833
653,395
586,268
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
312,077
284,860
Total debtors
965,472
871,128
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
73,003
83,010
Amounts owed to group undertakings
325,387
467,878
Taxation and social security
93,817
87,674
Other creditors
363,017
227,684
855,224
866,246
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
NEW HOMES CUSTOMER CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Simmonds
Statutory Auditor:
UHY Hacker Young
Date of audit report:
2 September 2024
11
Operating lease commitments
Non-cancellable operating leases relate to the rental of motor vehicles.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
13,675
12
Related party transactions
The company is a subsidiary of MAAssist Limited.
During the year the company made sales including recharges of £Nil (2022: £115,825) to group companies and made purchases (including recharges) of £311,705 (2022: £286,814) from group companies.
As at the year end £325,387 (2022: £467,878) was owed to group companies.
13
Parent company
The immediate parent company is MAAssist Limited, a company incorporated in England and Wales.
The ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.
The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.
The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.