Registered number
05363213
Shire Homes (South West) Limited
Filleted Accounts
28 February 2024
Shire Homes (South West) Limited
Registered number: 05363213
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 450,000 450,000
Current assets
Stocks 1,683,622 2,677,213
Debtors 5 106,000 6,000
Cash at bank and in hand 47,852 160,619
1,837,474 2,843,832
Creditors: amounts falling due within one year 6 (2,140,484) (3,635,383)
Net current liabilities (303,010) (791,551)
Total assets less current liabilities 146,990 (341,551)
Creditors: amounts falling due after more than one year 7 - (33,333)
Provisions for liabilities (3,319) (3,319)
Net assets/(liabilities) 143,671 (378,203)
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 (12,782) (12,782)
Profit and loss account 156,451 (365,423)
Shareholders' funds 143,671 (378,203)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Flynn
Director
Approved by the board on 15 October 2024
Shire Homes (South West) Limited
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Investment properties
Investment property is shown at market value as at the year end. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. As the change in valuation is an unrealised gain it is not recognised as a distributable profit. Therefore an equivalent amount is transferred to the fair value reserve from retained profits to aid clarity in the understanding of the company reserves.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 6,655
At 28 February 2024 6,655
Depreciation
At 1 March 2023 6,655
At 28 February 2024 6,655
Net book value
At 28 February 2024 -
4 Investments
Other
investments
£
Cost
At 1 March 2023 450,000
At 28 February 2024 450,000
Historical cost
At 1 March 2023 459,463
At 28 February 2024 459,463
Investment properties were not subject to an Independent professional valuation in the year ended 28 February 2024.
5 Debtors 2024 2023
£ £
Trade debtors 106,000 6,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 1,871,525
Trade creditors 182,181 1,000
Taxation and social security costs 21,692 40,531
Other creditors 1,936,611 1,722,327
2,140,484 3,635,383
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 33,333
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,871,525 1,871,525
Fixed and floating charge over company land and buildings and other tangible assets.
9 Revaluation reserve 2024 2023
£ £
At 1 March 2023 (12,782) (12,782)
At 28 February 2024 (12,782) (12,782)
10 Other information
Shire Homes (South West) Limited is a private company limited by shares and incorporated in England. Its registered office is:
185 Hanham Road
Hanham
Bristol
BS15 8PB
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