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REGISTERED NUMBER: 10984389 (England and Wales)








SIGMA HOMES (HORSHAM) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SIGMA HOMES (HORSHAM) LIMITED (REGISTERED NUMBER: 10984389)

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 (HORSHAM) LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: O M H Bonavero
G F Potton





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





REGISTERED NUMBER: 10984389 (England and Wales)





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

SIGMA HOMES (HORSHAM) LIMITED (REGISTERED NUMBER: 10984389)

BALANCE SHEET
31 March 2024

2024 2023
Notes £ £
CURRENT ASSETS
Stocks 4 5,301,382 58,360
Debtors 5 14,931 401,145
5,316,313 459,505
CREDITORS
Amounts falling due within one year 6 (5,702,402 ) (850,119 )
NET CURRENT LIABILITIES (386,089 ) (390,614 )
TOTAL ASSETS LESS CURRENT LIABILITIES (386,089 ) (390,614 )

CREDITORS
Amounts falling due after more than one year 7 (10,747 ) -
NET LIABILITIES (396,836 ) (390,614 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (396,936 ) (390,714 )
SHAREHOLDERS' FUNDS (396,836 ) (390,614 )

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 (HORSHAM) LIMITED (REGISTERED NUMBER: 10984389)

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


1. STATUTORY INFORMATION

Sigma Homes (Horsham) 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.

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 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.

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
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.

SIGMA HOMES (HORSHAM) LIMITED (REGISTERED NUMBER: 10984389)

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


3. EMPLOYEES AND DIRECTORS

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

4. STOCKS
2024 2023
£ £
Work-in-progress 5,301,382 58,360

Finance costs of £193,198 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 £5,301,382 (2023: £58,360) as security for group bank loans.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other debtors 14,931 401,145

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 2,445,420 -
Trade creditors 41,578 77
Amounts owed to group undertakings 3,045,336 848,964
Other creditors 170,068 1,078
5,702,402 850,119

Included in bank loans is an amount of £2,445,420 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 10,747 -

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

SIGMA HOMES (HORSHAM) LIMITED (REGISTERED NUMBER: 10984389)

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


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.

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.