REGISTERED NUMBER: |
SIGMA HOMES (THAMES DITTON) LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
SIGMA HOMES (THAMES DITTON) LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SIGMA HOMES (THAMES DITTON) LTD |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Sigma Homes (Thames Ditton) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have reviewed the immediate parent entity's strategic plans and are satisfied that sufficient funds are available to the company to meet liabilities as they fall due. On this basis they continue to adopt the going concern basis in the preparation of 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. |
Revenue from residential property sales is recognised at the completion date. |
Revenue in respect of ground rent represents net ground rent received, excluding value added tax. |
Revenue from long term contracts is recognised by reference to the stage of completion of the development determined by the value of the services provided at the balance sheet date as a proportion of the total value of the development. |
Tangible fixed assets |
The Ground leases have been granted for a period of 150 years. The value has been calculated using a discounted cash flow of the annual rent expected over the period of the lease. |
Depreciation is provided over the period of the lease. |
Stocks |
Stock and work-in-progress is valued at the lower of cost (including direct costs, directly attributable overheads and finance costs) and net realisable value. Where a development is in process, net realisable value is assessed by considering the expected future revenues and the total costs to complete the development. |
Taxation |
Taxation for the year 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. |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
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 year 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. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. All financial assets and liabilities are initially measured at the transaction price (including transaction cost). The company has no financial assets measured at fair value through profit or loss. All subsequent re-measurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method. |
The company has no non-basic financial instruments. |
Customer care |
Sigma Homes Limited Group undertakes to make good, by repair or replacement, manufacturing defects that become apparent within two years from the date of sale. These costs are recognised in the period in which they arise. |
Provisions for liabilities |
Provisions are charged as an expense to administrative expenses within the income statement. Upon settlement, the provision is utilised against the expense and released to the income statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Ground |
leases |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Work-in-progress |
Finance costs of £501,673 (2023: £284,684) were included in work-in-progress (WIP) during the year. As at 31 March 2024, total finance costs included in WIP amounted to £786,357 (2023: £284,684). For properties that have been sold the relevant portion of these costs has been recognised in costs of sales, calculated by reference to sales proceeds realised. |
There are fixed and floating charges over stocks with a carrying amount of £10,275,015 (2023: £7,741,675) as security for group bank loans. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included in bank loans is an amount of £6,727,612 (2023: £4,067,290) due to Close Brothers Limited. This loan is secured by way of a fixed and floating charge over any properties and undertaking of the company. This bank loan is subject to interest at 4.75% over the official bank rate of interest which was 5.25% as at 31 March 2024. The amount borrowed is repayable in full on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
Included in other creditors are subcontractor retentions that are payable in 1 - 2 years. No interest is charged on this amount. |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions | 219,948 | 13,900 |
SIGMA HOMES (THAMES DITTON) LTD (REGISTERED NUMBER: 11097128) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
9. | PROVISIONS FOR LIABILITIES - continued |
Included in provisions against liabilities is an amount of £219,948 relating to potential legal and professional fees for unpaid costs arising from the acquisition of land. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | 1 | 100 | 100 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantages of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, where permissible. |
13. | ULTIMATE CONTROLLING PARTY |
The SCOP 2003 Trust, registered in Switzerland, has been the ultimate controlling party for the duration of the accounting period. |
14. | IMMEDIATE PARENT COMPANY |
The immediate parent company is Sigma Homes Limited, a company registered in England and Wales. The consolidated financial statements for Sigma Homes Limited can be obtained from the immediate parent's registered office: Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR. |