Warwick Homes Limited 08706472 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the development of building projects Digita Accounts Production Advanced 6.30.9574.0 true 08706472 2023-01-01 2023-12-31 08706472 2023-12-31 08706472 core:CurrentFinancialInstruments 2023-12-31 08706472 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08706472 bus:SmallEntities 2023-01-01 2023-12-31 08706472 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08706472 bus:FullAccounts 2023-01-01 2023-12-31 08706472 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08706472 bus:RegisteredOffice 2023-01-01 2023-12-31 08706472 bus:Director1 2023-01-01 2023-12-31 08706472 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08706472 core:OtherRelatedParties 2023-01-01 2023-12-31 08706472 countries:EnglandWales 2023-01-01 2023-12-31 08706472 2022-01-01 2022-12-31 08706472 2022-12-31 08706472 core:CurrentFinancialInstruments 2022-12-31 08706472 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08706472

Prepared for the registrar

Warwick Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Warwick Homes Limited

(Registration number: 08706472)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

90

455

Cash at bank and in hand

 

25,581

1,314,601

 

25,671

1,315,056

Creditors: Amounts falling due within one year

5

(4,200)

(1,292,429)

Net assets

 

21,471

22,627

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

21,470

22,626

Shareholders' funds

 

21,471

22,627

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 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 director on 16 September 2024
 


M Knight-Adams
Director

 

Warwick 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:
The Stables
Ballards Drive
Upper Colwall
Malvern
WR13 6PP

 

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 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 specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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. Bank overdrafts are shown within borrowings in current liabilities.

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.

 

Warwick 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.

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.

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 (2022 - 1).

 

4

Debtors

2023
 £

2022
 £

Other debtors

90

455

 

5

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

6

2,457

2,444

Trade creditors

 

540

-

Other creditors

 

3

1,255,482

Accrued expenses

 

1,200

2,150

Corporation tax liability

-

32,353

 

4,200

1,292,429

 

Warwick Homes Limited

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

 

6

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

7

2,457

2,444

 

7

Related party transactions

Summary of transactions with other related parties

At 31 December 2023 the company owed £3 (2022: £1,255,482) to Alpha Stanway Finance Limited, a company controlled by the director's husband. No interest was charged this year and there are no fixed repayment terms.

At 31 December 2023 the company owed £2,457 (2022: £2,444) to the director's husband. No interest was charged on this balance and there are no fixed repayment terms.