REGISTERED NUMBER: |
MANOR CREST HOMES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 OCTOBER 2022 TO 31 OCTOBER 2023 |
REGISTERED NUMBER: |
MANOR CREST HOMES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
31 OCTOBER 2022 TO 31 OCTOBER 2023 |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
MANOR CREST HOMES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
27-29 Lumley Avenue |
Skegness |
Lincolnshire |
PE25 2AT |
BANKERS: |
Leicester |
Leicestershire |
LE87 2BB |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Manor Crest Homes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Manor Crest Homes Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales of properties are recognised at the time of legal completion of the relevant sales contract, not the time of exchange. |
Work in progress relating to pre sold properties is accounted for under FRS 102 as an amount recoverable on contracts. Advance payments / deposits are accounted for as required under FRS 102 as payments on account deducted from work in progress or included in creditors. |
Rental income is recognised in the period to which it relates. Rent paid in advance is thus deferred over the relevant period. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are held at cost less depreciation. |
Land and work in progress |
Land and work in progress are valued at the lower of cost and estimated selling price less cost to sell. Land includes undeveloped land and land under development. Work in progress comprises direct materials, labour costs, site overheads, associated professional charges and other attributable overheads. |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt the FRS102 1A in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
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. Accounts 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. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
Investments |
Investments in subsidiary undertakings are recognised at value and not at cost. |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 31 October 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 31 October 2022 |
Charge for period |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 30 October 2022 |
The net book value of tangible fixed assets includes £ 75,799 (2022 - £ 113,089 ) in respect of assets held under hire purchase contracts. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST OR VALUATION |
At 31 October 2022 |
and 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 30 October 2022 |
Cost or valuation at 31 October 2023 is represented by: |
Shares in |
group |
undertakings |
£ |
Valuation in 2012 | (138,000 | ) |
Valuation in 2017 | (425,000 | ) |
Cost | 1,063,003 |
500,003 |
MANOR CREST HOMES LIMITED (REGISTERED NUMBER: 05720915) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 OCTOBER 2022 TO 31 OCTOBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 81,062 | 109,732 |
The bank loan is secured against land owed by the company. |
Hire purchase contracts are secured against the assets to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The directors have provided the company with an interest free loan totalling £238,842 (2022: £231,035) |
12. | RELATED PARTY DISCLOSURES |
Included in other debtors is £6,371,151 (30 October 2022 - £5,681,339) owed by other businesses under common control of the directors. |
Included in other creditors is £984,894 (30 October 2022 - £781,028) owed to other businesses under common control of the directors. |