Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01development of building projects00falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11846754 2023-03-01 2024-02-29 11846754 2022-03-01 2023-02-28 11846754 2024-02-29 11846754 2023-02-28 11846754 c:Director1 2023-03-01 2024-02-29 11846754 d:CurrentFinancialInstruments 2024-02-29 11846754 d:CurrentFinancialInstruments 2023-02-28 11846754 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11846754 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11846754 d:ShareCapital 2024-02-29 11846754 d:ShareCapital 2023-02-28 11846754 d:RetainedEarningsAccumulatedLosses 2024-02-29 11846754 d:RetainedEarningsAccumulatedLosses 2023-02-28 11846754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 11846754 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 11846754 c:FRS102 2023-03-01 2024-02-29 11846754 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11846754 c:FullAccounts 2023-03-01 2024-02-29 11846754 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11846754 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11846754









NEWCOURT HOMES LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NEWCOURT HOMES LTD
REGISTERED NUMBER: 11846754

BALANCE SHEET
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
1,609,918
976,141

Debtors: amounts falling due within one year
 5 
80,808
71,084

Cash at bank and in hand
 6 
2,800
23,990

  
1,693,526
1,071,215

Creditors: amounts falling due within one year
 7 
(1,752,365)
(1,049,207)

Net current (liabilities)/assets
  
 
 
(58,839)
 
 
22,008

Total assets less current liabilities
  
(58,839)
22,008

  

Net (liabilities)/assets
  
(58,839)
22,008


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(58,841)
22,006

  
(58,839)
22,008


Page 1

 
NEWCOURT HOMES LTD
REGISTERED NUMBER: 11846754
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.




................................................
Steven Pidgley
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Newcourt Homes Ltd is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was that of development of building projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The accounts have been prepared on a going concern basis. This assumes the continuing support of its directors, which they have pledged for the foreseeable future

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).




4.


Stocks

2024
2023
£
£

Work in progress
1,609,918
976,141

1,609,918
976,141


Page 6

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

2024
2023
£
£


Amounts owed by joint ventures and associated undertakings
190
-

Other debtors
285
1,082

Prepayments and accrued income
80,333
70,002

80,808
71,084



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,800
23,990

2,800
23,990



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,191,029
-

Other loans
-
478,685

Trade creditors
136,667
250,000

Amounts owed to joint ventures
128,651
71,813

Corporation tax
18,023
47,709

Other creditors
275,990
199,040

Accruals and deferred income
2,005
1,960

1,752,365
1,049,207


Page 7

 
NEWCOURT HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,800
23,990




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Controlling party

The Company is controlled by the directors, Steven and Carol Pidgley, by virtue of their shareholding as described in the directors' report. 

 
Page 8