Company No:
Contents
DIRECTORS | Mr S Fraser (Appointed 06 October 2022) |
Mrs G Fraser (Appointed 14 November 2022) |
REGISTERED OFFICE | 2 Post Office Street |
Altrincham | |
WA14 1QA | |
England | |
United Kingdom |
COMPANY NUMBER | 14402816 (England and Wales) |
ACCOUNTANT | Shepherd Private Clients |
Suite 101 Highfield House | |
Cheadle Royal Business Park | |
Cheadle | |
SK8 3GY |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statement of Avenham Road Fraser Homes Limited for the year ended 31 March 2024 which comprises the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Institute of Taxations (CIOT), we are subject to its ethical and other professional requirements which are detailed at www.tax.org.uk/professional-standards.
Our work has been undertaken in accordance with the requirments of Chartered Institute of Taxations (CIOT) as detailed at www.tax.org.uk.
CHARTERED TAX ADVISERS
Shepherd Private Clients
Suite 101 Highfield House
Cheadle Royal Business Park
Cheadle
SK8 3GY
Date:
Note | 31.03.2024 | |
£ | ||
Current assets | ||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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3,411,158 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 126,396 | |
Total assets less current liabilities | 126,396 | |
Net assets |
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Capital and reserves | ||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Sutcliffe Road Fraser Homes Limited (registered number:
Mr S Fraser
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Sutcliffe Road Fraser Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Post Office Street, Altrincham, WA14 1QA, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statements are presented for a period longer than one year due to being the company's first reporting period, the company was incorporated on 6 October 2022. As such, comparative amounts presented in the future financial statements (including the related notes) are not entirely comparable.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 06.10.2022 to 31.03.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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31.03.2024 | |
£ | |
Work in progress |
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31.03.2024 | |
£ | |
Other debtors |
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31.03.2024 | |
£ | |
Cash at bank and in hand |
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31.03.2024 | |
£ | |
Amounts owed to Parent undertakings |
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Amounts owed to Ultimate Parent undertakings |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Fraser Land Hold Co
The parent undertaking of the entity has a balance included within creditors at 31 March 2024 of £1900. The loan is interest free and repayable on demand.
Fraser Family Invesco Limited
The ultimate parent undertaking of the entity has a balance within creditors at 31 March 2024 of £2,431,450. The loan is interest free and repayable on demand.
Tenemant Farm Fraser Homes Limited
A fellow subsidiary within the group has a balance included within creditors at 31 March 2024 of £131,000. The loan is interest free and repayable on demand.
15 Murieston Road Limited
A fellow subsidiary within the group has a balance included within creditors at 31 March 2024 of £13. The loan is interest free and repayable on demand.