Company Registration No. 08867803 (England and Wales)
Shenton Homes Limited
Unaudited financial statements
for the year ended 28 March 2023
Pages for filing with the registrar
Shenton Homes Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Shenton Homes Limited
Statement of financial position
As at 28 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,440
1,440
Current assets
Debtors
4
235,747
238,140
Cash at bank and in hand
549
98
236,296
238,238
Creditors: amounts falling due within one year
5
(204,761)
(198,605)
Net current assets
31,535
39,633
Total assets less current liabilities
32,975
41,073
Creditors: amounts falling due after more than one year
6
(46,234)
(50,409)
Net liabilities
(13,259)
(9,336)
Capital and reserves
Called up share capital
360
360
Profit and loss reserves
(13,619)
(9,696)
Total equity
(13,259)
(9,336)
Shenton Homes Limited
Statement of financial position (continued)
As at 28 March 2023
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
C J Shenton
Director
Company Registration No. 08867803 (England and Wales)
Shenton Homes Limited
Notes to the financial statements
For the year ended 28 March 2023
3
1
Accounting policies
Company information
Shenton Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shenton House, 3 Oxford Court, Manchester, M2 3WQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Shenton Homes Limited
Notes to the financial statements (continued)
For the year ended 28 March 2023
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (excluding non-remunerated directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1,440
1,440
Shenton Homes Limited
Notes to the financial statements (continued)
For the year ended 28 March 2023
5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
235,350
238,140
Other debtors
397
235,747
238,140
Included within other debtors is £397 (2022: £Nil) due from other related parties, as detailed in note 7.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,601
Amounts owed to group undertakings
191,320
192,720
Taxation and social security
200
Other creditors
8,640
5,885
204,761
198,605
Included within other creditors is £6,590 (2022: £5,035) due from other related parties, as detailed in note 7.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
46,234
50,409
7
Related party transactions
The below figures represent outstanding amounts owed to companies with the same management. The amounts have been included in debtors / creditors as appropriate.
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
191,320
192,720
Other related parties
6,590
5,035
Shenton Homes Limited
Notes to the financial statements (continued)
For the year ended 28 March 2023
7
Related party transactions (continued)
6
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
235,350
238,140
Other related parties
397
-
8
Parent company
Shenton Homes Limited is wholly owned subsidiary of Shenton Property Limited.