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Registered number: 12283466










GROESFFORDD HOMES LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
GROESFFORDD HOMES LTD
REGISTERED NUMBER: 12283466

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,674
9,697

  
6,674
9,697

Current assets
  

Stocks
  
765,624
644,128

Debtors: amounts falling due within one year
 5 
76,602
-

Cash at bank and in hand
 6 
4,869
4,073

  
847,095
648,201

Creditors: amounts falling due within one year
 7 
(869,009)
(650,336)

Net current liabilities
  
 
 
(21,914)
 
 
(2,135)

Total assets less current liabilities
  
(15,240)
7,562

Creditors: amounts falling due after more than one year
 8 
(15,844)
(25,844)

  

Net liabilities
  
(31,084)
(18,282)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(31,086)
(18,284)

  
(31,084)
(18,282)


Page 1

 
GROESFFORDD HOMES LTD
REGISTERED NUMBER: 12283466
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2024.




Robert Anthony Davies
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
GROESFFORDD HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Groesffordd Homes Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number and office address are below: 
Registered number: 12283466 
Registered office: MHA House, Chartered Court, Phoenix Way, Swansea Enterprise Park, Swansea, SA7 9FS. 
The presentation currency of the financial statements is the pound sterling (£). Monetary amounts in these financial statements are rounded to the nearest (£). 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to make a loss, which is in line with the directors' expectations at the commencement of development activities. 
The directors consider that the company will be able to meet its day to day working capital requirements and to continue trading for the foreseeable future with their continued support. Accordingly, the directors consider it appropiate to adopt the going concern basis in preparing the financial statements. 

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GROESFFORDD HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 4

 
GROESFFORDD HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 November 2022
15,114



At 31 October 2023

15,114



Depreciation


At 1 November 2022
5,417


Charge for the year on owned assets
3,023



At 31 October 2023

8,440



Net book value



At 31 October 2023
6,674



At 31 October 2022
9,697


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
998
-

Tax recoverable
75,604
-

76,602
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,869
4,073

4,869
4,073


Page 5

 
GROESFFORDD HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
1,363
1,894

Other creditors
855,906
637,002

Accruals and deferred income
1,740
1,440

869,009
650,336



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,844
25,844

15,844
25,844



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000


Amounts falling due 2-5 years

Bank loans
15,844
25,844


15,844
25,844


25,844
35,844


Page 6

 
GROESFFORDD HOMES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Directors' advances, credits and guarantees

During the period, the directors made unsecured, interest-free, repayable on demand loans to the company. At the balance sheet date, the amount owed to the directors was £830,906 (2022 - £612,002). 

 
Page 7