Registration number:
North Essex Homes Limited
for the Year Ended 31 March 2024
North Essex Homes Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
North Essex Homes Limited
(Registration number: 14380633)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors (including £11,199,864 (2023: £2,995,898) due after one year) |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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( |
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Shareholders' funds/(deficit) |
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( |
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:
• |
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• |
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
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North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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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 |
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Undertaking |
Holding |
and shares held |
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Subsidiary Undertaking |
2024 |
2023 |
Principal Activity |
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North Essex Homes Construction Limited |
Ordinary |
100% |
100% |
Development of building projects |
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North Essex Homes SPV 3 Limited |
Ordinary |
100% |
100% |
Development of building projects |
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North Essex Homes SPV 4 Limited |
Ordinary |
100% |
100% |
Development of building projects |
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North Essex Homes SPV 5 Limited |
Ordinary |
100% |
100% |
Development of building projects |
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North Essex Homes SPV 6 Limited |
Ordinary |
100% |
100% |
Development of building projects |
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All companies listed above hold the registered office of:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
England
M5 4ZG
Debtors |
2024 |
2023 |
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Owed by group undertakings |
13,334,409 |
4,213,777 |
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Other debtors |
1,257,642 |
117,280 |
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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
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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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 |
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Due after one year |
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Owed to group undertakings |
- |
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North Essex Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.