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Registered number: 13157970
Cavello Homes Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Merranti Accounting Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13157970
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,185 13,560
Investment Properties 5 723,532 723,532
734,717 737,092
CURRENT ASSETS
Stocks 6 1,878,775 1,724,332
Debtors 7 42,973 6,422
Cash at bank and in hand 101,439 188,684
2,023,187 1,919,438
Creditors: Amounts Falling Due Within One Year 8 (2,801,190 ) (2,748,216 )
NET CURRENT ASSETS (LIABILITIES) (778,003 ) (828,778 )
TOTAL ASSETS LESS CURRENT LIABILITIES (43,286 ) (91,686 )
NET LIABILITIES (43,286 ) (91,686 )
CAPITAL AND RESERVES
Called up share capital 100 20
Profit and Loss Account (43,386 ) (91,706 )
SHAREHOLDERS' FUNDS (43,286) (91,686)
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stewart Caddick
Director
6 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cavello Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13157970 . The registered office is 10 Scandia-Hus Business Park Felcourt Road, Felcourt, East Grinstead, West Sussex, RH19 2LP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing balance method
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2023 16,950
Additions 1,269
As at 31 January 2024 18,219
Depreciation
As at 1 February 2023 3,390
Provided during the period 3,644
As at 31 January 2024 7,034
Net Book Value
As at 31 January 2024 11,185
As at 1 February 2023 13,560
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 and 31 January 2024 723,532
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 723,532 723,532
The fair value of the investment land and properties has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar land and properties.
6. Stocks
2024 2023
£ £
Work in progress 1,878,775 1,724,332
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 42,359 3,600
Other debtors 614 2,822
42,973 6,422
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 2,800
Other loans 2,723,435 -
Other creditors 76,835 2,745,416
Taxation and social security 920 -
2,801,190 2,748,216
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