North Essex Homes Limited 14380633 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true false false true 14380633 2023-04-01 2024-03-31 14380633 2024-03-31 14380633 core:RetainedEarningsAccumulatedLosses 2024-03-31 14380633 core:ShareCapital 2024-03-31 14380633 core:CurrentFinancialInstruments 2024-03-31 14380633 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 14380633 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 14380633 core:CostValuation 2024-03-31 14380633 bus:SmallEntities 2023-04-01 2024-03-31 14380633 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 14380633 bus:FullAccounts 2023-04-01 2024-03-31 14380633 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14380633 bus:RegisteredOffice 2023-04-01 2024-03-31 14380633 bus:Director4 2023-04-01 2024-03-31 14380633 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14380633 1 2023-04-01 2024-03-31 14380633 countries:EnglandWales 2023-04-01 2024-03-31 14380633 core:CostValuation 2023-03-31 14380633 2022-09-27 2023-03-31 14380633 2023-03-31 14380633 core:RetainedEarningsAccumulatedLosses 2023-03-31 14380633 core:ShareCapital 2023-03-31 14380633 core:CurrentFinancialInstruments 2023-03-31 14380633 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 14380633 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 14380633

North Essex Homes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

North Essex Homes Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

North Essex Homes Limited

(Registration number: 14380633)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

5

5

Current assets

 

Debtors (including £11,199,864 (2023: £2,995,898) due after one year)

5

14,592,051

4,331,057

Cash at bank and in hand

 

389

-

 

14,592,440

4,331,057

Creditors: Amounts falling due within one year

6

(14,590,472)

(4,346,745)

Net current assets/(liabilities)

 

1,968

(15,688)

Total assets less current liabilities

 

1,973

(15,683)

Creditors: Amounts falling due after more than one year

6

-

(1)

Net assets/(liabilities)

 

1,973

(15,684)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,873

(15,784)

Shareholders' funds/(deficit)

 

1,973

(15,684)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Ms JE Ismail
Director

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent, qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by its parent companies. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Investments

2024
£

2023
£

Investments in subsidiaries

5

5

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

5

At 31 March 2024

5

Carrying amount

At 31 March 2024

5

At 31 March 2023

5

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights

Undertaking

Holding

and shares held

Subsidiary Undertaking

2024

2023

Principal Activity

North Essex Homes Construction Limited

Ordinary

100%

100%

Development of building projects

North Essex Homes SPV 3 Limited

Ordinary

100%

100%

Development of building projects

North Essex Homes SPV 4 Limited

Ordinary

100%

100%

Development of building projects

North Essex Homes SPV 5 Limited

Ordinary

100%

100%

Development of building projects

North Essex Homes SPV 6 Limited

Ordinary

100%

100%

Development of building projects

All companies listed above hold the registered office of:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
England
M5 4ZG

5

Debtors

2024
£

2023
£

Owed by group undertakings

13,334,409

4,213,777

Other debtors

 

1,257,642

117,280

   

14,592,051

4,331,057

Details of non-current trade and other debtors

£11,199,864 (2023 -£2,995,898) of 'Owed by group undertakings' is classified as non current.

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,438

-

Accruals and deferred income

1,249,738

132,872

Owed to related parties

13,338,296

4,213,873

14,590,472

4,346,745

Included within Owed to related parties £13,338,296 (2023: £4,213,873) is in relation to a loan which is secured by a first legal mortgage dated 5 December 2022, 31 March 2022, 31 May 2023 and 6 October 2023 by Salboy Partnerships Limited, securing any monies due to them.

The legal mortgages created a fixed and floating charge over the company’s freehold or leasehold property as well as the properties known as ‘the property at 39a Alexandra Road, SS3 0HN’ owned by North Essex Homes SPV 3 Limited, ‘Heath Lodge, Clacton Road, CO16 9EF’ which is owned by North Essex Homes SPV 4 Limited, ‘land on the west side of Edward Street, Harwich, CO12 4PS’ which is owned by North Essex Homes SPV 5 Limited and 'land on Valley Road, Harwich, CO12 4RR' which is owned by North Essex Homes SPV 6 Limited. As well as the above, a floating charge over all the property or undertakings of the company.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Owed to group undertakings

-

1

 

North Essex Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Parent and ultimate parent undertaking

The immediate parent companies are Salboy Partnerships Limited and G&S Properties Limited who both own 50% of the shareholding in North Essex Homes Limited. There is no ultimate parent company of North Essex Homes Limited.

Salboy Partnerships Limited is a company incorporated in England and Wales, company number 13626842, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

The ultimate parent company of Salboy Partnerships Limited is Salboy Limited, incorporated in England and Wales, company number 09123542, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, England, M5 4ZG.

G&S Properties Limited is a company incorporated in England and Wales, company number 11480956, registered office Tower Offices Main Road, Dovercourt, Harwich, England, CO12 3PJ.