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Company No: 10886947 (England and Wales)

TALBOT HOMES (PRIORS MARSTON) LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

TALBOT HOMES (PRIORS MARSTON) LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

TALBOT HOMES (PRIORS MARSTON) LIMITED

COMPANY INFORMATION

For the financial year ended 29 February 2024
TALBOT HOMES (PRIORS MARSTON) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 29 February 2024
DIRECTOR D E Vercoe
REGISTERED OFFICE Unit 3A Manor Business Park
Grants Hill Way
Woodford Halse
Daventry
Northamptonshire
NN11 3UB
Daventry
United Kingdom
COMPANY NUMBER 10886947 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
TALBOT HOMES (PRIORS MARSTON) LIMITED

BALANCE SHEET

As at 29 February 2024
TALBOT HOMES (PRIORS MARSTON) LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Current assets
Stocks 3 815,530 815,530
Debtors 4 270,526 312,033
Cash at bank and in hand 500 0
1,086,556 1,127,563
Creditors: amounts falling due within one year 5 ( 1,192,160) ( 1,193,384)
Net current liabilities (105,604) (65,821)
Total assets less current liabilities (105,604) (65,821)
Creditors: amounts falling due after more than one year 6 ( 37,290) ( 27,290)
Net liabilities ( 142,894) ( 93,111)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 142,895 ) ( 93,112 )
Total shareholder's deficit ( 142,894) ( 93,111)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Talbot Homes (Priors Marston) Limited (registered number: 10886947) were approved and authorised for issue by the Director on 21 November 2024. They were signed on its behalf by:

D E Vercoe
Director
TALBOT HOMES (PRIORS MARSTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
TALBOT HOMES (PRIORS MARSTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Talbot Homes (Priors Marston) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3A Manor Business Park, Grants Hill Way, Woodford Halse, Daventry, Northamptonshire, NN11 3UB, Daventry, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Stocks

2024 2023
£ £
Stocks 815,530 815,530

4. Debtors

2024 2023
£ £
Deferred tax asset 45,934 29,340
VAT recoverable 12,592 12,556
Other debtors 212,000 270,137
270,526 312,033

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 584,680 553,174
Trade creditors 106,490 111,266
Amounts owed to Group undertakings 495,279 463,002
Accruals 3,500 3,500
Other taxation and social security 455 455
Other creditors 1,756 61,987
1,192,160 1,193,384

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 37,290 27,290

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 29,340 27,743
Credited to the Statement of Income and Retained Earnings 16,594 1,597
At the end of financial year 45,934 29,340

The deferred taxation balance is made up as follows:

2024 2023
£ £
Tax losses carry forward 45,934 29,340