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Registration number: 01074731

Chediston Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Chediston Homes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Chediston Homes Limited

Company Information

Director

Mr Nicholas James Harvey

Company secretary

Mrs Karen Teresa Reeve

Registered office

59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

Accountants

Jacobs Allen Limited
Chartered Accountants & Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Chediston Homes Limited

(Registration number: 01074731)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,407

22,066

Other financial assets

5

20,000

20,000

 

33,407

42,066

Current assets

 

Stocks

306,954

299,454

Debtors

6

1,082,674

1,100,361

Cash at bank and in hand

 

568

2,542

 

1,390,196

1,402,357

Creditors: Amounts falling due within one year

7

(355,516)

(355,689)

Net current assets

 

1,034,680

1,046,668

Total assets less current liabilities

 

1,068,087

1,088,734

Creditors: Amounts falling due after more than one year

7

(14,167)

(26,604)

Provisions for liabilities

(3,352)

(5,517)

Net assets

 

1,050,568

1,056,613

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,050,468

1,056,513

Shareholders' funds

 

1,050,568

1,056,613

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 6 September 2024
 

 

Chediston Homes Limited

(Registration number: 01074731)
Balance Sheet as at 31 December 2023

.........................................
Mr Nicholas James Harvey
Director

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB
England

These financial statements were authorised for issue by the director on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of property sales, sale of building materials and building services.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line basis

Plant and machinery

25% straight line basis

Furniture, fittings and equipment

25% straight line basis

Investments

Investments are measured at cost less accumulated impaired losses. Dividends and other distributions received are recognised as income when received.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

5,795

58,733

42,117

106,645

Disposals

(1,320)

-

-

(1,320)

At 31 December 2023

4,475

58,733

42,117

105,325

Depreciation

At 1 January 2023

5,795

39,424

39,360

84,579

Charge for the year

-

7,336

1,323

8,659

Eliminated on disposal

(1,320)

-

-

(1,320)

At 31 December 2023

4,475

46,760

40,683

91,918

Carrying amount

At 31 December 2023

-

11,973

1,434

13,407

At 31 December 2022

-

19,309

2,757

22,066

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Impairment

Carrying amount

At 31 December 2023

20,000

20,000

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

217,576

217,263

Loan to parent undertaking

643,598

643,598

Other debtors

221,500

239,500

 

1,082,674

1,100,361

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

12,438

13,250

Trade creditors

 

4,851

6,824

Taxation and social security

 

871

2,364

Other creditors

 

337,356

333,251

 

355,516

355,689

Creditors include a net obligation under hire purchase contracts which are secured of £2,438 (2022: £3,250). The hire purchase contracts are secured on certain fixed assets of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,167

26,604

Creditors include a net obligation under hire purchase contracts which are secured of £0 (2022: £2,438). The hire purchase contracts are secured on certain fixed assets of the company.

 

Chediston Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,166

Finance lease liabilities

-

2,438

14,167

26,604

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

2,438

3,250

12,438

13,250

10

Related party transactions

Other transactions with the director

The director has provided an interest free loan to the company in the sum of £28,149 (2022: £24,044). The loan is repayable on demand.