REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
for |
ADVANCED PROPERTY CONSTRUCTION LIMITED |
PREVIOUSLY KNOWN AS |
SCANDIA HUS MANUFACTURING LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 July 2023 to 31 March 2024 |
for |
ADVANCED PROPERTY CONSTRUCTION LIMITED |
PREVIOUSLY KNOWN AS |
SCANDIA HUS MANUFACTURING LIMITED |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Contents of the Financial Statements |
for the period 1 July 2023 to 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ADVANCED PROPERTY CONSTRUCTION LIMITED |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Company Information |
for the period 1 July 2023 to 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Revaluation reserve | 14 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements |
for the period 1 July 2023 to 31 March 2024 |
1. | STATUTORY INFORMATION |
Scandia Hus Manufacturing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentational currency of the financial statements is the Pound Sterling (£). |
Monetary amounts in these financial statements are rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
In respect of sales of house kits, turnover is recognised at the point of delivery to the customer, or on completion of manufacture where the building is being held on behalf of the customer, whichever is the earlier. In respect of sundry sales and trade counter sales, turnover is recognised when goods and services are provided. |
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract. |
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. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its useful life or, if held under a finance lease, over the lease term, whichever is the shorter. The effect of not providing for depreciation on short leasehold and improvements to property is not material to the financial statements. |
Improvements to property | - | 10% on cost |
Fixtures and fittings | - | 20% straight line |
Motor vehicles | - | 20% straight line |
Plant and machinery | - | 20% straight line |
Impairment policy |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stock comprises of timber, steel and other items used in the construction of timber framed houses. |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original |
effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any |
impairment loss is the current effective interest rate determined under the contract. If evidence of impairment is |
found, an impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. If evidence of impairment is found, an |
impairment loss is recognised in the profit and loss account. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis as to realise |
the asset and settle the liability simultaneously. |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the company pays contributions into a separate entity. Once the contributions have been paid, the company has no further obligations. |
The contributions are recognised as an expense in the income statement when they fall due. Amounts owed but not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 30 June 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | 300,000 |
Cost | 700,000 |
1,000,000 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | - | 21,132 |
Tax |
VAT |
Prepayments & accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 31,754 |
The company's bank, National Westminster Bank plc, holds a fixed and floating charge over all property |
owned by the entity. |
The hire purchases are secured against the assets for which the payments are made. |
12. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | - | 75,000 |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Accelerated capital allowances |
Provision movement | (75,000 | ) |
Balance at 31 March 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Ordinary A | £1 | 10 | 10 |
Ordinary B | £1 | 10 | 10 |
120 | 120 |
14. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2023 |
and 31 March 2024 |
15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 31 March 2024 and the year ended 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
During the year interest of £62 (2022: £396) was charged on the loan. |
Interest is charged at the official rate of interest and the loan is repayable on demand. |
ADVANCED PROPERTY CONSTRUCTION LIMITED (REGISTERED NUMBER: 04558349) |
PREVIOUSLY KNOWN AS SCANDIA HUS MANUFACTURING LIMITED |
Notes to the Financial Statements - continued |
for the period 1 July 2023 to 31 March 2024 |
16. | RELATED PARTY DISCLOSURES |
P Dawson controls/jointly controls Advanced Property Construction Limited and Holmleigh Developments Limited. |
During the year, Advanced Property Construction Limited was advanced £165,138 by Holmleigh Developments Limited. The amount oustanding at 31 March 2024 was £165,138 (30 June 2023: Nil). |