Company registration number 08998480 (England and Wales)
ALDBURY HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
ALDBURY HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ALDBURY HOMES LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
30 April 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,083
29,220
Investments
4
104
104
24,187
29,324
Current assets
Stocks
-
840,000
Debtors
6
1,375,646
2,247,430
Cash at bank and in hand
485
22,101
1,376,131
3,109,531
Creditors: amounts falling due within one year
7
(584,071)
(906,530)
Net current assets
792,060
2,203,001
Total assets less current liabilities
816,247
2,232,325
Creditors: amounts falling due after more than one year
8
(1,470,498)
(2,271,143)
Provisions for liabilities
(4,576)
(9,693)
Net liabilities
(658,827)
(48,511)
Capital and reserves
Called up share capital
3
4
Profit and loss reserves
(658,830)
(48,515)
Total equity
(658,827)
(48,511)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 13 month period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the 13 month period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALDBURY HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
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:
Mr J C Gotzheim
Director
Company Registration No. 08998480
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Aldbury Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Copperhouse Court, Caldecotte Business Park, Milton Keynes, Buckinghamshire, MK7 8NL.
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.
1.2
Going concern
As at the period ended 30 April 202true3 the company has net liabilities of £658,827.
The directors consider that the going concern basis is still appropriate, as its subsidiaries Aldbury Homes (Lockington) Ltd and Aldbury Homes (Northill) Ltd have Houses to sell and they expect dividends to be received from these investments.
However, there is a material uncertainty related to above events or conditions that may cast significant doubt
on the entity’s ability to continue as a going concern and, therefore, the company might be unable to
realise its assets and discharge its liabilities in the normal course of business and we draw your attention to this fact.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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 equipment
33% on reducing balance
Motor vehicles
25% on reducing balance
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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.
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered
2
Employees
The average monthly number of persons (including directors) employed by the company during the 13 month period was:
2023
2022
Number
Number
Total
4
3
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
- 7 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
8,599
95,300
103,899
Additions
3,280
3,280
At 30 April 2023
11,879
95,300
107,179
Depreciation and impairment
At 1 April 2022
6,954
67,725
74,679
Depreciation charged in the 13 month period
949
7,468
8,417
At 30 April 2023
7,903
75,193
83,096
Carrying amount
At 30 April 2023
3,976
20,107
24,083
At 31 March 2022
1,646
27,574
29,220
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
104
104
5
Subsidiaries
Details of the company's subsidiaries at 30 April 2023 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
Aldbury Homes (Eagle Farm) Ltd
Ordinary
100.00
Aldbury Homes (Simpson) Ltd
Ordinary
100.00
Aldbury Homes (Slapton) Ltd
Ordinary
100.00
Aldbury Homes (Lockington) Ltd
Ordinary
100.00
Aldbury Homes (Northill) Ltd
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
5
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Aldbury Homes (Eagle Farm) Ltd
(332,817)
(31,077)
Aldbury Homes (Simpson) Ltd
(95,701)
(405)
Aldbury Homes (Slapton) Ltd
(73,079)
(755)
Aldbury Homes (Lockington) Ltd
(722,600)
(80,001)
Aldbury Homes (Northill) Ltd
(102,969)
(96,021)
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,495
539,947
Corporation tax recoverable
1,065
16,296
Amounts owed by group undertakings
1,250,646
1,080,168
Other debtors
114,440
611,019
1,375,646
2,247,430
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
8,951
Trade creditors
365,444
433,418
Amounts owed to group undertakings
246,557
Corporation tax
2,553
16,296
Other taxation and social security
73,551
191,861
Other creditors
132,523
9,447
584,071
906,530
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,259
34,223
Other creditors
1,446,239
2,236,920
1,470,498
2,271,143
ALDBURY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 13 MONTH PERIOD ENDED 30 APRIL 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 9 -
The long-term loans are secured as follows:
Bounce Back loan disclosed in both, creditors due in one year £10,000 (note 7) and greater than one year £24,259 (note 8) - Floating charges and negative pledge over the freehold property known as Sycamore House, Daryton Road, Bletchley, MK2 3RR in favour of Metro Bank Plc, created 19 July 2017. This charge was satisfied on the 24 July 2024.
Loan outstanding as at 30 April 2023 included on other creditors (note8) - Fixed charge (contains negative pledge) over the shares owned and all related rights in favour of Paragon Development Finance Ltd, created 19 November 2018. This charge was satisfied on the 24 July 2024.
Fixed charge (contains negative pledge) over the shares owned and all related rights in favour of Zorin Finance Ltd and P2P Global Investments Plc, created 15 February 2019. This charge was satisfied on the 24 July 2024.
Fixed charge over land lying to the south east of 15 Jaques Lane, Clophill, Bedford MK45 4BS and 17 & 21 Jaques Lane, Clophill, Bedford MK45 4BS in favour of MSP Capital Ltd, created 1 March 2019. This charge was satisfied on the 24 July 2024.
Fixed charge (contains negative pledge) over the shares owned and all related rights in favour of Paragon Development Finance Ltd, created 15 March 2019. This charge was satisfied on the 24 July 2024.
Fixed charge over 21 Jacques Lane, Clophill, Bedford, MK45 4BS, in favour of Mehta UK Brothers Ltd, created 9 July 2019. This charge was satisfied on the 24 July 2024.
Fixed and floating charge (contains negative pledge), floating charge covers all the property or undertaking of the company, in favour of MSP Capital Ltd
9
Directors' transactions
The following advances and credits to directors subsisted during the period ended 30 April 2023.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D K Croft -
-
10,935
1,674
-
12,609
Mr J C Gotzheim -
-
63,185
-
(63,185)
-
74,120
1,674
(63,185)
12,609