THIRTEEN HOMES LIMITED

Company Registration Number:
03379796 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 1 April 2023

End date: 31 March 2024

THIRTEEN HOMES LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

THIRTEEN HOMES LIMITED

Directors' report period ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal activities of the company

The principal activity of Thirteen Homes Limited (the “Company”) is to carry on business as a housing development company. For the year ended 31 March 2024, the Company delivered an operating profit of £1.8m (2023: operating loss of £4.6m) and a profit before tax of £1.4m (2023: loss before tax £4.9m). During 2023/24 a revised strategy was implemented for our West Park site and land was sold which was previously earmarked for delivery of phases 3 and 4 of this development. The land sold in September 2023 at a higher value than expected resulting in both the reversal of impairment costs which were recognised in 2022/23 together with a profit on disposal in the current year. 1 property was sold in the year delivering turnover of £0.4m. The Company will now focus on delivery of the final 9 properties on phases 1 and 2 of the site. The Company has a subsidiary, Gus Robinson Developments (“GRD”) which is not actively trading. GRD financial results are consolidated to the highest level in the group structure, Thirteen Housing Group and are therefore not included in the results reported here. Going forward, the primary objective of the Company will be to act as the ‘Joint Venture hub’ for the Group, which is designed to allow the Group to easily undertake joint ventures for the primary purpose of achieving the Group’s development objectives.

Political and charitable donations

No charitable donations were made during the financial year (2023: none).

Additional information

Going concern The principal activity of the company is to develop housing to support the operating activities of the parent, Thirteen Housing Group Limited. The company will continue to trade during 2024/25 to deliver the remainder of the West Park site, in line with the financial plan approved by the parent company’s Board in June 2024. A letter of support has been received from the Group to ensure that the Company is able to meet its liabilities as they fall due for a period of at least 12 months following approval of these financial statements. On this basis, the director has a reasonable expectation that there are sufficient resources to continue in operational existence for the foreseeable future; this being twelve months after the date this document is signed. For this reason, the Company continues to adopt the going concern basis in the financial statements. Directors’ indemnities As permitted by the Articles of Association, the director has the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year directors’ and officers’ liability insurance in respect of itself and its directors.



Directors

The directors shown below have held office during the period of
1 April 2023 to 28 March 2024

Chris Smith
Vishnu Reddy
Anthony Riley
Laura Mack


The director shown below has held office during the period of
28 March 2024 to 31 March 2024

Matthew Forrest


Secretary Jane Castor

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 September 2024

And signed on behalf of the board by:
Name: Matthew Forrest
Status: Director

THIRTEEN HOMES LIMITED

Profit And Loss Account

for the Period Ended 31 March 2024

2024 2023


£

£
Turnover: 3,637,227 6,430,213
Cost of sales: ( 2,788,851 ) ( 6,454,458 )
Gross profit(or loss): 848,376 (24,245)
Distribution costs: 0 0
Administrative expenses: ( 327,340 ) ( 4,541,208 )
Other operating income: 1,295,723
Operating profit(or loss): 1,816,759 (4,565,453)
Interest receivable and similar income: 27 0
Interest payable and similar charges: ( 367,447 ) ( 350,499 )
Profit(or loss) before tax: 1,449,339 (4,915,952)
Tax: 0 0
Profit(or loss) for the financial year: 1,449,339 (4,915,952)

THIRTEEN HOMES LIMITED

Balance sheet

As at 31 March 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 0 44,905
Tangible assets: 4 0 46,925
Investments:   0 0
Total fixed assets: 0 91,830
Current assets
Stocks: 5 1,427,141 1,183,274
Debtors: 6 83,410 314,379
Cash at bank and in hand: 20,083 439,124
Investments:   0 0
Total current assets: 1,530,634 1,936,777
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 7 ( 484,044 ) ( 489,993 )
Net current assets (liabilities): 1,046,590 1,446,784
Total assets less current liabilities: 1,046,590 1,538,614
Creditors: amounts falling due after more than one year: 8 ( 10,634,731 ) ( 12,576,094 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (9,588,141) (11,037,480)
Capital and reserves
Called up share capital: 2 2
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (9,588,143 ) (11,037,482 )
Total Shareholders' funds: ( 9,588,141 ) (11,037,480)

The notes form part of these financial statements

THIRTEEN HOMES LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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.

This report was approved by the board of directors on 18 September 2024
and signed on behalf of the board by:

Name: Matthew Forrest
Status: Director

The notes form part of these financial statements

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover Turnover comprises income from land and property sales. Income is recognised at the point of legal completion of the sale, which is when the ownership transfers to the buyer and the income is received by the company.

    Tangible fixed assets depreciation policy

    Other fixed assets are measured at cost. Only costs that can be directly attributed to acquiring the asset and bringing it into use are capitalised. Other fixed assets are depreciated over their useful economic lives on a straight-line basis to their residual value. The principal useful economic lives used for the depreciation of other fixed assets are: Years Site equipment 3-7

    Intangible fixed assets amortisation policy

    Intangible assets are house type copyrights, initially recognised at cost. After recognition, intangible assets are measure at cost less any accumulated amortisation and any accumulated impairment losses. Useful life of house type copyrights is estimated at 5 years to align with changing house type designs. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years on a straight-line basis.

    Other accounting policies

    Exemptions for qualifying entities under FRS102 The company has taken advantage of the following exemptions in its individual financial statements: Cash flow statement As a small entity, the company has taken advantage of the exemption available to it under FRS 102 Section 1A – Small Entities whereby it is not required to publish its own statement of cash flows. Financial instruments disclosure This information is provided in the consolidated financial statement disclosures. Related parties As all related parties that the Company has transacted with are wholly owned subsidiaries of the Group, there are no transactions to disclose in accordance with FRS 102 33.1A. Turnover Turnover comprises income from land and property sales. Income is recognised at the point of legal completion of the sale, which is when the ownership transfers to the buyer and the income is received by the company. Interest receivable and payable Interest payable and interest receivable is charged or credited to the statement of comprehensive income in the financial year in which it accrues. Borrowing costs capitalised Interest is capitalised on borrowings to finance developments to the extent that it accrues in the financial year of development if it represents either: a) interest on borrowings financing specific property development, or b) interest on the borrowings of the Company as a whole, to the extent that they can be deemed to be financing property development. In the latter case a weighted average cost of borrowing is used. Properties for sale Completed properties for outright sale and property under construction are valued at the lower of cost and net realisable value. Cost comprises materials, direct labour and direct development overheads, which include finance costs. Net realisable value is based on estimated sales price allowing for all further costs of completion and disposal. 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. Investment in Subsidiaries The Company has 100% shareholding investment in Gus Robinson Developments Limited. The investment is held at cost less accumulated impairment losses. Investment in Joint arrangements Investment in joint arrangements is held at cost less accumulated impairment losses. Financial instruments The Company has chosen to apply the recognition and measurement provisions of IAS 39 Financial Instruments and to follow the disclosure requirements of FRS 102 Section 11 and 12. The Company has not elected to hold any financial instruments at fair value through profit or loss. All financial assets and liabilities are held at amortised cost. 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 profit or loss. Impairment provisions for bad and doubtful debts are calculated based on customer payment history with 100% of former tenant arrears being provided for. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Cash and cash equivalents Cash and cash equivalents comprise cash at banks, in hand and short-term deposits with an original maturity date of three months or less. Debtors and other receivables Short term debtors are measured at transaction price, less any impairment. Loans receivable are initially measured at transaction price (including transaction costs) and subsequently measured at amortised costs using the effective interest rate method. Current carrying value is considered to equate to the amortised cost. Creditors and loans payable Short term creditors are measured at transaction price, less any impairment. Loans payable are initially measured at transaction price (including transaction costs) and subsequently measured at amortised costs using the effective interest rate method. Current carrying value is considered to equate to the amortised cost. Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Intangible Assets Intangible assets are house type copyrights, initially recognised at cost. After recognition, intangible assets are measure at cost less any accumulated amortisation and any accumulated impairment losses. Useful life of house type copyrights is estimated at 5 years to align with changing house type designs. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years on a straight-line basis. Other tangible fixed assets Other fixed assets are measured at cost. Only costs that can be directly attributed to acquiring the asset and bringing it into use are capitalised. Other fixed assets are depreciated over their useful economic lives on a straight-line basis to their residual value. The principal useful economic lives used for the depreciation of other fixed assets are: Years Site equipment 3-7 Critical accounting judgements and estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: Net realisable value of properties for sale Properties for sale are stated at the lower of cost and estimated selling price less costs to sell, this estimate being based on current market values. Impairment assessment Assets are reviewed for impairment if there is an indication that impairment may have taken place.

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 April 2023 0 104,996 104,996
Additions 0 0 0
Disposals 0 ( 106,171 ) ( 106,171 )
Revaluations 0 0 0
Transfers 0 1,175 1,175
At 31 March 2024 0 0 0
Amortisation
At 1 April 2023 0 60,091 60,091
Charge for year 0 20,999 20,999
On disposals 0 ( 106,171 ) ( 106,171 )
Other adjustments 0 25,081 25,081
At 31 March 2024 0 0 0
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 0 44,905 44,905

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2023 0 75,685 0 0 0 75,685
Additions 0 0 0 0 0 0
Disposals 0 ( 75,685 ) 0 0 0 ( 75,685 )
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 March 2024 0 0 0 0 0 0
Depreciation
At 1 April 2023 0 28,760 0 0 0 28,760
Charge for year 0 19,770 0 0 0 19,770
On disposals 0 ( 48,530 ) 0 0 0 ( 48,530 )
Other adjustments 0 0 0 0 0 0
At 31 March 2024 0 0 0 0 0 0
Net book value
At 31 March 2024 0 0 0 0 0 0
At 31 March 2023 0 46,925 0 0 0 46,925

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Stocks

2024 2023
£ £
Stocks 1,427,141 1,183,274
Payments on account 0 0
Total 1,427,141 1,183,274

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 0 0
Other debtors 83,410 314,379
Total 83,410 314,379
Debtors due after more than one year: 0 0

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

7. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 425,614 442,335
Other creditors 58,430 47,658
Total 484,044 489,993

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

8. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 10,634,731 12,576,094
Total 10,634,731 12,576,094

THIRTEEN HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

9. Financial Commitments

16. Capital Commitments 2024 2023 £ £ Capital expenditure contracted for, but not provided for 1,707,859 1,730,000 1,707,859 1,730,000