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31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
09182235
2023-04-01
2024-03-31
09182235
2024-03-31
09182235
2023-03-31
09182235
2022-04-01
2023-03-31
09182235
2023-03-31
09182235
2022-03-31
09182235
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
09182235
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
09182235
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
09182235
bus:Director1
2023-04-01
2024-03-31
09182235
core:FurnitureFittingsToolsEquipment
2024-03-31
09182235
core:WithinOneYear
2024-03-31
09182235
core:WithinOneYear
2023-03-31
09182235
core:ShareCapital
2024-03-31
09182235
core:ShareCapital
2023-03-31
09182235
core:RetainedEarningsAccumulatedLosses
2024-03-31
09182235
core:RetainedEarningsAccumulatedLosses
2023-03-31
09182235
bus:OrdinaryShareClass1
core:ShareCapital
2024-03-31
09182235
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core:ShareCapital
2023-03-31
09182235
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2023-04-01
2024-03-31
09182235
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2023-04-01
2024-03-31
09182235
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2023-04-01
2024-03-31
09182235
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2023-04-01
2024-03-31
09182235
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
09182235
1
2023-04-01
2024-03-31
Company registration number:
09182235
Mansfield Homes Limited
Filleted financial statements
31 March 2024
Mansfield Homes Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Mansfield Homes Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mansfield Homes Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
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|
2023 |
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|
Note |
£ |
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£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
7 |
1,464,680 |
|
|
|
1,470,060 |
|
|
Debtors |
|
8 |
16,521 |
|
|
|
3,386 |
|
|
Cash at bank and in hand |
|
|
100,646 |
|
|
|
70,341 |
|
|
|
|
|
_________ |
|
|
|
_________ |
|
|
|
|
|
1,581,847 |
|
|
|
1,543,787 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
1,367,695) |
|
|
|
(
1,272,829) |
|
|
|
|
|
_________ |
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|
|
_________ |
|
|
Net current assets |
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|
|
|
214,152 |
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|
|
270,958 |
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|
|
|
|
_________ |
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|
|
_________ |
Total assets less current liabilities |
|
|
|
|
214,152 |
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|
|
270,958 |
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|
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|
|
|
|
|
|
|
|
|
_________ |
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|
|
_________ |
Net assets |
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|
214,152 |
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|
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270,958 |
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|
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_________ |
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_________ |
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Capital and reserves |
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|
|
Called up share capital |
|
10 |
|
|
1 |
|
|
|
1 |
Profit and loss account |
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|
|
|
214,151 |
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|
270,957 |
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_________ |
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_________ |
Shareholders funds |
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|
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214,152 |
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270,958 |
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_________ |
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_________ |
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|
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 income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 July 2024
, and are signed on behalf of the board by:
and are signed on behalf of the board by
Mrs Sarah Troman
Director
Company registration number:
09182235
Mansfield 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 Mansfield Homes Limited, Civic Centre, Chesterfield Road South, Mansfield, Nottinghamshire, NG19 7BH.
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 under the historical cost convention.
Going concern
The company is supported financially by a loan facility from the parent organisation, Mansfield District Council. This facility is due for repayment in full by 31 July 2025. The directors are confident that the repayment period will be extended until such time as the properties are sold.Given ongoing financial support by Mansfield District Council, the directors, at the time of approving the financial statements, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover and profit from the sale of new homes is recognised when contracts are exchanged and the building work is physically complete.Turnover from services is measured at the fair value of the consideration receivable for goods and services provided during the year.All turnover is stated net of VAT.
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:
|
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Fittings fixtures and equipment |
- |
33.33 % |
straight line |
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|
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.
Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and costs to sell. In respect of land and developments in progress, cost includes costs of acquiring the land, development costs, direct interest and an appropriate proportion of overheads.
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.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
2
).
5.
Directors remuneration
During the year two directors of the company also held director or other senior positions within Mansfield District Council, which is the parent of the company. Services to the company do not occupy a significant amount of their time and are considered incidental and therefore no recharge will be made. They did not receive any remuneration from the company during the current or the preceding year.
6.
Tangible assets
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|
Fixtures, fittings and equipment |
Total |
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|
|
£ |
£ |
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|
|
|
|
|
Cost |
|
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|
|
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|
|
|
At 1 April 2023 and 31 March 2024 |
1,336 |
1,336 |
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|
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|
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_________ |
_________ |
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|
|
|
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Depreciation |
|
|
|
|
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|
|
|
At 1 April 2023 and 31 March 2024 |
1,336 |
1,336 |
|
|
|
|
|
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_________ |
_________ |
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|
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Carrying amount |
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At 31 March 2024 |
- |
- |
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_________ |
_________ |
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At 31 March 2023 |
- |
- |
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_________ |
_________ |
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7.
Stocks
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Development properties |
|
1,464,680 |
1,470,060 |
|
|
|
_________ |
_________ |
|
|
|
|
|
8.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
16,521 |
3,386 |
|
|
|
_________ |
_________ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,107 |
62 |
|
Amounts owed to group undertakings and undertakings |
|
1,356,808 |
1,241,386 |
|
Taxation and social security |
|
- |
20,498 |
|
Other creditors |
|
9,780 |
10,883 |
|
|
|
_________ |
_________ |
|
|
|
1,367,695 |
1,272,829 |
|
|
|
_________ |
_________ |
|
|
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|
|
Amounts owed to group undertakings includes an amount of £627,999 in respect of the balance of payment for the land at Windmill Lane, The Park, Mansfield. There is a legal charge securing this liability.
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
1 |
|
1 |
|
1 |
|
1 |
|
|
|
_________ |
|
_________ |
|
_________ |
|
_________ |
|
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|
11.
Summary audit opinion
The auditor's report for the year dated
22 July 2024
was unqualified.
The senior statutory auditor was
Phillip Nicholson
for and on behalf of
Stopfords (Mansfield) Ltd
12.
Controlling party
The company is controlled by
Mansfield District Council
by virtue of its 100% shareholding. The principal place of business for Mansfield District Council is Civic Centre, Chesterfield Road South, Mansfield, Nottinghamshire NG19 7BH.