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REGISTERED NUMBER: 10826935 (England and Wales)








SIGMA HOMES (CUCKFIELD) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

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 (CUCKFIELD) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: G F Potton
O M H Bonavero





REGISTERED OFFICE: Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR





REGISTERED NUMBER: 10826935 (England and Wales)





AUDITORS: Bessler Hendrie LLP
Chartered Accountants
Statutory Auditor
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
CURRENT ASSETS
Stocks 4 5,287,126 3,182,826
Debtors 5 29,436 207,267
5,316,562 3,390,093
CREDITORS
Amounts falling due within one year 6 (5,753,797 ) (3,937,924 )
NET CURRENT LIABILITIES (437,235 ) (547,831 )
TOTAL ASSETS LESS CURRENT LIABILITIES (437,235 ) (547,831 )

CREDITORS
Amounts falling due after more than one year 7 (84,695 ) (16,286 )
NET LIABILITIES (521,930 ) (564,117 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (522,030 ) (564,217 )
SHAREHOLDERS' FUNDS (521,930 ) (564,117 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 August 2024 and were signed on its behalf by:





G F Potton - Director


SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024


1. STATUTORY INFORMATION

Sigma Homes (Cuckfield) 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 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.

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 progress, net realisable value is assessed by considering the expected future revenues and the total costs to complete the development.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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 transaction price (including transaction cost). The company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement 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
The company 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. STOCKS
2024 2023
£ £
Work-in-progress 5,287,126 3,182,826

Finance costs of £199,378 were included in work-in-progress (WIP) during the year. For properties that have been sold the relevant proportion of these costs has been recognised in cost of sales, calculated by reference to sales proceeds realised.

There are fixed and floating charges over stocks with a carrying amount of £5,287,126 (2023: £3,182,826) as security for group bank loans.

5. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors - 175,417
Other debtors 14,190 31,850
14,190 207,267

Amounts falling due after more than one year:
Trade debtors 15,246 -

Aggregate amounts 29,436 207,267

SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loan 2,441,145 -
Trade creditors 23,124 313,474
Amounts owed to group undertakings 3,171,009 3,611,642
Taxation and social security 14,062 12,808
Other creditors 104,457 -
5,753,797 3,937,924

Included in bank loans is an amount of £2,441,145 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.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other creditors 84,695 16,286

Included in other creditors are subcontractor retentions that are payable in 1 - 2 years. No interest is charged on this amount.

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary 'A' 1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Nicholls (Senior Statutory Auditor)
for and on behalf of Bessler Hendrie LLP

10. RELATED PARTY DISCLOSURES

The company has taken advantage 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.

11. ULTIMATE CONTROLLING PARTY

The SCOP 2003 Trust, registered in Switzerland, has been the ultimate controlling party for the duration of the accounting period.

SIGMA HOMES (CUCKFIELD) LIMITED (REGISTERED NUMBER: 10826935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024


12. 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.