REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2022 to 29 November 2023 |
for |
Southcott Homes (Fareham) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2022 to 29 November 2023 |
for |
Southcott Homes (Fareham) Ltd |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Contents of the Financial Statements |
for the Period 1 December 2022 to 29 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Southcott Homes (Fareham) Ltd |
Company Information |
for the Period 1 December 2022 to 29 November 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bartley Cottage |
Ringwood Road |
Bartley |
Southampton |
Hampshire |
SO40 7LD |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Balance Sheet |
29 November 2023 |
29.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Balance Sheet - continued |
29 November 2023 |
The financial statements were approved by the director and authorised for issue on |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Notes to the Financial Statements |
for the Period 1 December 2022 to 29 November 2023 |
1. | STATUTORY INFORMATION |
Southcott Homes (Fareham) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover relates to the sale of houses (recognised on exchange of contracts) and of land (recognised on exchange of contracts). The recognition of Housing Association turnover is dependent on the stage of completion agreed between Southcott Homes (Fareham) Limited and the Housing Association. |
Tangible fixed assets |
Stocks |
Stocks of land and work in progress are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 29 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 December 2022 |
Additions |
At 29 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for period |
At 29 November 2023 |
NET BOOK VALUE |
At 29 November 2023 |
At 30 November 2022 |
Southcott Homes (Fareham) Ltd (Registered number: 08993556) |
Notes to the Financial Statements - continued |
for the Period 1 December 2022 to 29 November 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.11.23 | 30.11.22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.11.23 | 30.11.22 |
£ | £ |
Hire purchase contracts |