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Company No: 14402781 (England and Wales)

TENEMENT FARM FRASER HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

TENEMENT FARM FRASER HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024

Contents

TENEMENT FARM FRASER HOMES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
TENEMENT FARM FRASER HOMES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
DIRECTORS Mrs G Fraser (Appointed 14 November 2022)
Mr S Fraser (Appointed 06 October 2022)
REGISTERED OFFICE 2 Post Office Street
Altrincham
WA14 1QA
England
United Kingdom
COMPANY NUMBER 14402781 (England and Wales)
ACCOUNTANT Shepherd Private Clients
Suite 101 Highfield House
Cheadle Royal Business Park
Cheadle
SK8 3GY
TENEMENT FARM FRASER HOMES LIMITED

CHARTERED TAX ADVISERS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TENEMENT FARM FRASER HOMES LIMITED

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
TENEMENT FARM FRASER HOMES LIMITED

CHARTERED TAX ADVISERS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF TENEMENT FARM FRASER HOMES LIMITED (continued)

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statement of Tenement Farm 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 requirements 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:

TENEMENT FARM FRASER HOMES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
TENEMENT FARM FRASER HOMES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024
£
Current assets
Stocks 4 1,201,643
Debtors 5 2,050,131
Cash at bank and in hand 6 265
3,252,039
Creditors: amounts falling due within one year 7 ( 2,927,191)
Net current assets 324,848
Total assets less current liabilities 324,848
Net assets 324,848
Capital and reserves
Called-up share capital 100
Profit and loss account 324,748
Total shareholder's funds 324,848

For the financial period 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:

The financial statements of Tenement Farm Fraser Homes Limited (registered number: 14402781) were approved and authorised for issue by the Board of Directors on 04 October 2024. They were signed on its behalf by:

Mr S Fraser
Director
TENEMENT FARM FRASER HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
TENEMENT FARM FRASER HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 06 OCTOBER 2022 TO 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Tenement Farm 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 £.

Reporting period length

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) will not entirely comparable.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

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.

Taxation

Current tax
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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present condition.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Period from
06.10.2022 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

4. Stocks

31.03.2024
£
Stocks 413,363
Work in progress 788,280
1,201,643

5. Debtors

31.03.2024
£
Amounts owed by Parent undertakings 100
Amounts owed by related parties 131,000
Amounts recoverable on contracts 1,501,500
Accrued income 1,000
VAT recoverable 433
Other debtors 416,098
2,050,131

6. Cash and cash equivalents

31.03.2024
£
Cash at bank and in hand 265

7. Creditors: amounts falling due within one year

31.03.2024
£
Amounts owed to Group undertakings 2,782,722
Amounts owed to related parties 13
Accruals 45,515
Taxation and social security 98,941
2,927,191

8. Related Party Transactions

Fraser Family Invesco Limited

The parent undertaking of the entity has a balance within creditors at 31 March 2024 of £2,782,722. The loan is interest free and repayable on demand.

Sutcliffe Road Fraser Homes Limited

A fellow subsidiary within the group has a balance at 31 March 2024 of £131,000. The loan is interest free and repayable on demand.

15 Murieston Road Limited

A fellow subsidiary. Included within creditors is an amount due to the related party at 31 March 2024 of £13. The loan is interest free and repayable on demand.

Fraser Land Holdco Limited

The direct parent company of the entity. Included within debtors is an amount due from the related party at 31 March 2024 of £100. The loan is interest free and repayable on demand.