Cavendish Homes Limited 01611336 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true 01611336 2023-04-01 2024-03-31 01611336 2024-03-31 01611336 core:CurrentFinancialInstruments 2024-03-31 01611336 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01611336 core:FurnitureFittingsToolsEquipment 2024-03-31 01611336 bus:SmallEntities 2023-04-01 2024-03-31 01611336 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01611336 bus:FullAccounts 2023-04-01 2024-03-31 01611336 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01611336 bus:RegisteredOffice 2023-04-01 2024-03-31 01611336 bus:Director1 2023-04-01 2024-03-31 01611336 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01611336 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01611336 countries:EnglandWales 2023-04-01 2024-03-31 01611336 2023-03-31 01611336 core:FurnitureFittingsToolsEquipment 2023-03-31 01611336 2022-04-01 2023-03-31 01611336 2023-03-31 01611336 core:CurrentFinancialInstruments 2023-03-31 01611336 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01611336 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01611336

Prepared for the registrar

Cavendish Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cavendish Homes Limited

(Registration number: 01611336)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

150

Investment property

5

12,083,299

12,083,299

 

12,083,299

12,083,449

Current assets

 

Debtors

6

228,469

188,640

Cash at bank and in hand

 

236,570

587,668

 

465,039

776,308

Creditors: Amounts falling due within one year

7

(2,877,370)

(3,632,427)

Net current liabilities

 

(2,412,331)

(2,856,119)

Total assets less current liabilities

 

9,670,968

9,227,330

Deferred tax liabilities

 

(158,006)

(158,006)

Net assets

 

9,512,962

9,069,324

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

3,857,635

3,857,635

Profit and loss account

5,655,227

5,211,589

Shareholders' funds

 

9,512,962

9,069,324

For the financial year ending 31 March 2024 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 her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 September 2024
 


A Herbert
Director

 

Cavendish Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

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:
Brandon House
62 Painswick Road
Cheltenham
Gloucestershire
GL50 2EU

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises rental income received in respect of the investment property, and trading income from property development, in the ordinary course of the company's activities. Turnover is shown net of value added tax.

Tax

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

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Cavendish Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position 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

Fixtures, fittings & equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

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 tenants for rental income in respect of the investment property.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cavendish Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Cavendish Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 April 2023

1,501

Depreciation

At 1 April 2023

1,351

Charge for the year

150

At 31 March 2024

1,501

Carrying amount

At 31 March 2024

-

At 31 March 2023

150

 

5

Investment properties

2024
£

At 1 April 2023 and as at 31 March 2024

12,083,299

At 31 March 2024, the investment properties were valued, by the director, on an open market basis. The original cost of the investment properties was £8,276,588 (2023: £8,276,588).

There has been no valuation of investment property by an independent valuer.

 

6

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

47,820

48,420

Amounts owed by related parties

9

146,525

133,265

Other debtors

 

5,514

6,955

Prepayments and accrued income

 

28,610

-

 

228,469

188,640

 

Cavendish Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

2,469,123

3,364,361

Trade creditors

 

422

17,109

Amounts due to related parties

9

132,849

35,073

Social security and other taxes

 

48,511

36,891

Outstanding defined contribution pension costs

 

360

-

Accrued expenses and deferred income

 

86,695

80,875

Corporation tax liability

139,410

98,118

 

2,877,370

3,632,427

 

8

Loans and borrowings

Note

2024
£

2023
£

Current loans and borrowings

Other borrowings

9

2,469,123

3,364,361

 

9

Related party transactions

Summary of transactions with other related parties

At 31 March 2024 the company owed £132,849 (2023 - £35,073) to JJH (Building Developments) Limited, a company under common control. No interest was charged on this amount, and there are no fixed repayment terms.

At 31 March 2024 the company was owed £146,525 (2023 - £133,265) by Neptune Apartments Limited, a company under common control. No interest was charged on this amount, and there are no fixed repayment terms.

At 31 March 2024 the company owed £2,469,123 (2023 - £3,364,361) to J Hawtin, a person with significant control over the company. No interest was charged on this amount, and there are no fixed repayment terms.