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REGISTERED NUMBER: 05712144 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Worthington Homes Limited

Worthington Homes Limited (Registered number: 05712144)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Worthington Homes Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: R E Worthington





SECRETARY: R E Worthington





REGISTERED OFFICE: Russell Chambers
61A North Street
Keighley
West Yorkshire
BD21 3DS





REGISTERED NUMBER: 05712144 (England and Wales)





ACCOUNTANTS: Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Worthington Homes Limited (Registered number: 05712144)

Statement of Financial Position
29 February 2024

29.2.24 28.2.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 85,506 -
Investment property 6 5,260,000 4,946,632
5,345,506 4,946,632

CURRENT ASSETS
Stocks 7 550,000 550,000
Debtors 8 208 -
Cash at bank 4,749 1,755
554,957 551,755
CREDITORS
Amounts falling due within one year 9 (18,363 ) (18,148 )
NET CURRENT ASSETS 536,594 533,607
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,882,100

5,480,239

CREDITORS
Amounts falling due after more than one
year

10

(5,374,366

)

(5,127,888

)
NET ASSETS 507,734 352,351

CAPITAL AND RESERVES
Called up share capital 13 900 900
Retained earnings 506,834 351,451
SHAREHOLDERS' FUNDS 507,734 352,351

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

Worthington Homes Limited (Registered number: 05712144)

Statement of Financial Position - continued
29 February 2024



The financial statements were approved by the director and authorised for issue on 6 November 2024 and were signed by:





R E Worthington - Director


Worthington Homes Limited (Registered number: 05712144)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Worthington Homes Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis. The director believes that this is valid because the major creditor is the directors himself, and he has expressed his continued support for the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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 year 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.

Worthington Homes Limited (Registered number: 05712144)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 - 730 730
Additions 114,008 - 114,008
At 29 February 2024 114,008 730 114,738
DEPRECIATION
At 1 March 2023 - 730 730
Charge for year 28,502 - 28,502
At 29 February 2024 28,502 730 29,232
NET BOOK VALUE
At 29 February 2024 85,506 - 85,506
At 28 February 2023 - - -

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 4,946,632
Revaluations 313,368
At 29 February 2024 5,260,000
NET BOOK VALUE
At 29 February 2024 5,260,000
At 28 February 2023 4,946,632

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2017 279,305
Valuation in 2018 218,444
Valuation in 2019 36,013
Valuation in 2020 124,624
Valuation in 2021 50,000
Valuation in 2022 387,769
Valuation in 2023 207,500
Valuation in 2024 313,368
Cost 3,642,977
5,260,000

Worthington Homes Limited (Registered number: 05712144)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. STOCKS
29.2.24 28.2.23
£    £   
Work-in-progress 550,000 550,000

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Prepayments 208 -

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 11) 10,148 10,648
Accrued expenses 8,215 7,500
18,363 18,148

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 11) 2,331,615 2,668,852
Directors' loan accounts 3,042,751 2,459,036
5,374,366 5,127,888

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,312,792 2,640,727

11. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,148 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,248 21,297

Amounts falling due between two and five years:
Bank loans - 2-5 years 8,575 6,828

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 2,312,792 2,640,727

Worthington Homes Limited (Registered number: 05712144)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

12. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank loans 2,341,763 2,679,500

The director has guaranteed the bank loan.

13. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
900 Share capital 1 £1 900 900

14. ULTIMATE CONTROLLING PARTY

The director controls the company.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Worthington Homes Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Worthington Homes Limited for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Worthington Homes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Worthington Homes Limited and state those matters that we have agreed to state to the director of Worthington Homes Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worthington Homes Limited and its director for our work or for this report.

It is your duty to ensure that Worthington Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Worthington Homes Limited. You consider that Worthington Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Worthington Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS


6 November 2024