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Company registration number: 02771252
Provincial Homes Limited
Unaudited filleted financial statements
31 March 2024
Provincial Homes Limited
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Provincial Homes Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Provincial Homes Limited
Year ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Road
Burnage
Manchester
M19 1AJ
11 October 2024
Provincial Homes Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 5,468 5,322
_______ _______
5,468 5,322
Current assets
Debtors 7 84,000 74,998
Cash at bank and in hand 1,034 13,790
_______ _______
85,034 88,788
Creditors: amounts falling due
within one year 8 ( 5,697) ( 2,000)
_______ _______
Net current assets 79,337 86,788
_______ _______
Total assets less current liabilities 84,805 92,110
_______ _______
Net assets 84,805 92,110
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 84,705 92,010
_______ _______
Shareholders funds 84,805 92,110
_______ _______
For the 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.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
Mr Brian Thomson
Director
Company registration number: 02771252
Provincial Homes Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 101,252 101,352
Loss for the year ( 9,242) ( 9,242)
_______ _______ _______
Total comprehensive income for the year - ( 9,242) ( 9,242)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 92,010 92,110
Loss for the year ( 5,447) ( 5,447)
_______ _______ _______
Total comprehensive income for the year - ( 5,447) ( 5,447)
Dividends paid and payable ( 1,858) ( 1,858)
_______ _______ _______
Total investments by and distributions to owners - ( 1,858) ( 1,858)
_______ _______ _______
At 31 March 2024 100 84,705 84,805
_______ _______ _______
Provincial Homes Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Rex Buildings, Alderley Road, Wilmslow, Cheshire, SK9 1HY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries - 1,800
_______ _______
5. Tax on loss
Major components of tax expense/income
2024 2023
£ £
Deferred tax:
Origination and reversal of timing differences - ( 912)
_______ _______
Tax on loss - ( 912)
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2023 25,549 4,490 30,039
Additions 1,967 - 1,967
_______ _______ _______
At 31 March 2024 27,516 4,490 32,006
_______ _______ _______
Depreciation
At 1 April 2023 20,518 4,198 24,716
Charge for the year 1,749 73 1,822
_______ _______ _______
At 31 March 2024 22,267 4,271 26,538
_______ _______ _______
Carrying amount
At 31 March 2024 5,249 219 5,468
_______ _______ _______
At 31 March 2023 5,031 292 5,323
_______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 84,000 74,998
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Social security and other taxes - 336
Other creditors 5,697 1,664
_______ _______
5,697 2,000
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Brian Thomson 1,998 ( 5,186) - ( 3,188)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Brian Thomson ( 2,020) - 4,018 1,998
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
SK-9 Spa Ltd 1,000 25,000 26,000 25,000
Ardent Homes Ltd 10,000 48,000 58,000 48,000
_______ _______ _______ _______
Both SK-9 Spa Ltd and Ardent Homes Ltd are controlled by the director Mr Brian Thomson .
11. Controlling party
The company is controlled by the director Mr Brian Thomson as he is the majority shareholder