Company registration number 11712019 (England and Wales)
BURFOOT HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
BURFOOT HOMES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
BURFOOT HOMES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A R Burfoot
Mr O T Burfoot
Company number
11712019
Registered office
Unit 7
Brunel Road
Gorse Lane Industrial Estate
Clacton on Sea
Essex
CO15 4LU
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
BURFOOT HOMES LIMITED
BALANCE SHEET
AS AT
29 JANUARY 2024
29 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
394,663
447,022
Current assets
Stocks and work in progress
9,965,352
10,052,389
Debtors
5
216,472
211,246
Cash at bank and in hand
43,780
185,145
10,225,604
10,448,780
Creditors: amounts falling due within one year
6
(6,886,096)
(4,267,381)
Net current assets
3,339,508
6,181,399
Total assets less current liabilities
3,734,171
6,628,421
Creditors: amounts falling due after more than one year
7
(43,750)
(2,772,363)
Provisions for liabilities
(37,908)
(34,925)
Net assets
3,652,513
3,821,133
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,652,413
3,821,033
Total equity
3,652,513
3,821,133
BURFOOT HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 JANUARY 2024
29 January 2024
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Mr A R Burfoot
Mr O T Burfoot
Director
Director
Company Registration No. 11712019
The notes on pages 4 to 8 form part of these financial statements
BURFOOT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2024
- 4 -
1
Accounting policies
Company information

Burfoot Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Brunel Road, Gorse Lane Industrial Estate, Clacton on Sea, Essex, CO15 4LU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Plant and equipment
25% reducing balance
Computers
50% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BURFOOT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BURFOOT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

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 the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

BURFOOT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
5
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 30 January 2023 and 29 January 2024
268,575
75,025
8,464
171,101
523,165
Depreciation and impairment
At 30 January 2023
5,371
9,378
4,315
57,079
76,143
Depreciation charged in the year
5,371
16,412
2,073
28,503
52,359
At 29 January 2024
10,742
25,790
6,388
85,582
128,502
Carrying amount
At 29 January 2024
257,833
49,235
2,076
85,519
394,663
At 29 January 2023
263,204
65,647
4,149
114,022
447,022
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,447
-
0
Other debtors
199,025
211,246
216,472
211,246
BURFOOT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,639,734
-
0
Trade creditors
634,993
391,395
Taxation and social security
562,258
425,759
Other creditors
4,049,111
3,450,227
6,886,096
4,267,381
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
2,772,363
Other creditors
43,750
-
0
43,750
2,772,363

The bank loan is secured by a first legal charge over the development land held by the company.

8
Related party transactions

Other creditors includes a balance of £3,310,192 (2023 £3,300,192) from R Burfoot Construction Ltd, a company of which A R Burfoot is a director, and O T Burfoot an ex employee. The loan was made to acquire building land and plant on an interest free basis, and will be repaid when surplus funds allow.

 

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