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REGISTERED NUMBER: 04184292 (England and Wales)















Independent Homes (North West) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023






Independent Homes (North West) Ltd (Registered number: 04184292)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Independent Homes (North West) Ltd

Company Information
for the year ended 31 December 2023







DIRECTOR: DS Wills





REGISTERED OFFICE: 28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA





REGISTERED NUMBER: 04184292 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

Independent Homes (North West) Ltd (Registered number: 04184292)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 24,511 30,639
Investments 5 1 76
Investment property 6 1,964,697 1,964,697
1,989,209 1,995,412

CURRENT ASSETS
Debtors 7 1,374,942 2,189,553
Cash at bank 138,151 71,908
1,513,093 2,261,461
CREDITORS
Amounts falling due within one year 8 543,973 748,885
NET CURRENT ASSETS 969,120 1,512,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,958,329

3,507,988

CREDITORS
Amounts falling due after more than one
year

9

(1,226,061

)

(1,226,136

)

PROVISIONS FOR LIABILITIES 11 - (4,990 )
NET ASSETS 1,732,268 2,276,862

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings 1,731,268 2,275,862
SHAREHOLDERS' FUNDS 1,732,268 2,276,862

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Independent Homes (North West) Ltd (Registered number: 04184292)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





DS Wills - Director


Independent Homes (North West) Ltd (Registered number: 04184292)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Independent Homes (North West) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The amounts in the financial statements have been rounded to the nearest £1.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Independent Homes (North West) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents rental income which is recognised as the rents fall due under the terms of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 10% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost, as such investments are not held for resale.

Investment property
In accordance with FRS102, certain of the company's properties are held for long-term investment and are included in the Balance Sheet at their open market values. The surplus or deficit on revaluation of such properties are transferred to a fair value reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirements of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.


Independent Homes (North West) Ltd (Registered number: 04184292)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2023
and 31 December 2023 43,773
DEPRECIATION
At 1 January 2023 13,134
Charge for year 6,128
At 31 December 2023 19,262
NET BOOK VALUE
At 31 December 2023 24,511
At 31 December 2022 30,639

Independent Homes (North West) Ltd (Registered number: 04184292)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 January 2023 76
Disposals (75 )
At 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 76

6. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,964,697
NET BOOK VALUE
At 31 December 2023 1,964,697
At 31 December 2022 1,964,697


7. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Other debtors 2,364 350
Other loans 82,388 329,551
84,752 329,901

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,135,190 1,622,264
Other loans due - 82,388
Wills Mining - 155,000
Other debtors 155,000 -
1,290,190 1,859,652

Aggregate amounts 1,374,942 2,189,553

Independent Homes (North West) Ltd (Registered number: 04184292)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Corporation tax 19,414 36,334
Social security and other taxes (618 ) 3,957
Other creditors 200 1,973
Amounts owed to related party 34,413 12,417
Directors' current accounts 463,514 675,038
Accruals and deferred income 27,050 19,166
543,973 748,885

Included in other creditors is the director's loan account totalling £463,514 (2022 £675,038) It is unsecured and interest free.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 1,226,060 1,226,060
Amount due to subsidiary 1 76
1,226,061 1,226,136

The bank loan is secured on certain of the company's assets and interest is payable at normal commercial rates.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 1,226,060 1,226,060

The bank loans are secured on certain assets of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances - 4,990

Deferred tax
£
Balance at 1 January 2023 4,990
Provided during year (4,990 )
Balance at 31 December 2023 -

Independent Homes (North West) Ltd (Registered number: 04184292)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

13. RELATED PARTY DISCLOSURES

The company is controlled by DS Wills.