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Registration number: 06444180

Blue Cedar Homes Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Blue Cedar Homes Limited
(Registration number: 06444180)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Blue Cedar Homes Limited
(Registration number: 06444180)

Company Information

Directors

C D Fayers

P J Goodes

N I Hole

J M Symons

S Tofts

Registered office

Eagle House
1 Babbage Way
Exeter Science Park
Exeter
Devon
EX5 2FN

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Blue Cedar Homes Limited
(Registration number: 06444180)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

41

Current assets

 

Stocks

5

11,361,314

9,305,271

Debtors

6

313,480

297,688

Cash at bank and in hand

 

423,577

1,191,082

 

12,098,371

10,794,041

Creditors: Amounts falling due within one year

7

(6,810,003)

(6,602,339)

Net current assets

 

5,288,368

4,191,702

Net assets

 

5,288,368

4,191,743

Capital and reserves

 

Called up share capital

2,500,000

2,500,000

Profit and loss account

2,788,368

1,691,743

Total equity

 

5,288,368

4,191,743

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.

Directors' 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 directors acknowledge their 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 Board on 6 September 2024 and signed on its behalf by:
 

.........................................
P J Goodes
Director

 

Blue Cedar Homes Limited
(Registration number: 06444180)

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 United Kingdom.

The address of its registered office is:
Eagle House
1 Babbage Way
Exeter Science Park
Exeter
Devon
EX5 2FN

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.

The financial statements are prepared in sterling, which is the functional currency of the company.

Changes in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 January 2023 and have had an effect on the financial statements:

Preparation of FRS 102A Financial Statements

In the current financial year the company has transitioned from preparing financial statements under FRS 102 to preparing financial statements under FRS 102 Section 1A. This change is as a result of the company no longer breaching the medium company thresholds, therefore the company has taken advantage of the reduced disclosure requirements of FRS 102 Section 1A. There is no change to the reported results or the measurement of the balances included within the accounts previously reported.

 

Blue Cedar Homes Limited
(Registration number: 06444180)

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and legal completion has taken place.

Tax

The tax expense for the period comprises current and deferred tax.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 and equipment

10-33% straight line basis

Improvements to leasehold property

10% straight line basis

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 goods 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.

 

Blue Cedar Homes Limited
(Registration number: 06444180)

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

Stocks

Work in progress is measured at the lower of cost and net realisable value.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 13).

 

Blue Cedar Homes Limited
(Registration number: 06444180)

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Improvements to leasehold property
 £

Total
£

Cost or valuation

At 1 January 2023

57,635

11,360

6,825

75,820

Disposals

-

(11,360)

-

(11,360)

At 31 December 2023

57,635

-

6,825

64,460

Depreciation

At 1 January 2023

57,594

11,360

6,825

75,779

Charge for the year

41

-

-

41

Eliminated on disposal

-

(11,360)

-

(11,360)

At 31 December 2023

57,635

-

6,825

64,460

Carrying amount

At 31 December 2023

-

-

-

-

At 31 December 2022

41

-

-

41

5

Stocks

2023
£

2022
£

Work in progress

11,361,314

9,305,271

6

Debtors

2023
£

2022
£

Trade debtors

121,724

18,163

Other debtors

154,398

218,429

Prepayments and accrued income

37,358

61,096

 

313,480

297,688

Less non-current portion

(74,000)

(74,000)

Total current trade and other debtors

239,480

223,688

Details of non-current trade and other debtors

£74,000 (2022 - £74,000) of other debtors is classified as non current.

 

Blue Cedar Homes Limited
(Registration number: 06444180)

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

7

Creditors

2023
£

2022
£

Due within one year

 

Loans and borrowings

5,164,694

5,190,844

Trade creditors

 

34,902

378,909

Taxation and social security

 

293,513

-

Other creditors

 

374,950

26,000

Accrued expenses

 

941,944

1,006,586

 

6,810,003

6,602,339