Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-03-01falseproperty development and electrical generation11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 3931338 2023-03-01 2024-02-29 3931338 2022-03-01 2023-02-28 3931338 2024-02-29 3931338 2023-02-28 3931338 2022-03-01 3931338 c:Director1 2023-03-01 2024-02-29 3931338 d:PlantMachinery 2023-03-01 2024-02-29 3931338 d:PlantMachinery 2024-02-29 3931338 d:PlantMachinery 2023-02-28 3931338 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 3931338 d:MotorVehicles 2023-03-01 2024-02-29 3931338 d:MotorVehicles 2024-02-29 3931338 d:MotorVehicles 2023-02-28 3931338 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 3931338 d:FurnitureFittings 2023-03-01 2024-02-29 3931338 d:FurnitureFittings 2024-02-29 3931338 d:FurnitureFittings 2023-02-28 3931338 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 3931338 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 3931338 d:CurrentFinancialInstruments 2024-02-29 3931338 d:CurrentFinancialInstruments 2023-02-28 3931338 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 3931338 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 3931338 d:ShareCapital 2024-02-29 3931338 d:ShareCapital 2023-02-28 3931338 d:RetainedEarningsAccumulatedLosses 2024-02-29 3931338 d:RetainedEarningsAccumulatedLosses 2023-02-28 3931338 c:FRS102 2023-03-01 2024-02-29 3931338 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 3931338 c:FullAccounts 2023-03-01 2024-02-29 3931338 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 3931338 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 3931338





 
Gerard Homes Ltd          
 
Financial statements          

For the year ended 29 February 2024          

 
Gerard Homes Ltd
Registered number:3931338

Balance sheet
As at 29 February 2024


2024

2023
                                                                            Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
8,042
31,878

Current assets
  

Stock
 5 
68,472
61,556

Debtors
 6 
10,508
10,000

Cash at bank and in hand
 7 
7,177
4,992

  
86,157
76,548

Creditors: amounts falling due within one year
 8 
(93,862)
(95,315)

Net current liabilities
  
 
 
(7,705)
 
 
(18,767)

Total assets less current liabilities
  
337
13,111

  

Net assets
  
337
13,111


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
237
13,011

  
337
13,111


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 20 November 2024.


Mr G Boyd
Director


The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Gerard Homes Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ.

2.Accounting policies

  
2.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006 (as applicable to companies subject to the small companies’ regime).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both a reducing balance and straight line basis.

Depreciation is provided at the following rates:

Plant and machinery
-
5% straight line
Motor vehicles
-
25% reducing balance
Furniture and equipment
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

  
2.5
Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 

Page 3

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's Balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 

Page 4

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


3.


Employees

2024
2023
£
£

Wages and salaries
1,858
9,096

1,858
9,096


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 6

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Furniture and equipment
Total

£
£
£
£



Cost 


At 1 March 2023
66,581
4,650
8,250
79,481



At 29 February 2024

66,581
4,650
8,250
79,481



Depreciation


At 1 March 2023
36,848
3,101
7,655
47,604


Charge for the year
3,329
388
118
3,835


Impairment charge
20,000
-
-
20,000



At 29 February 2024

60,177
3,489
7,773
71,439



Net book value



At 29 February 2024
6,404
1,161
477
8,042



At 28 February 2023
29,734
1,549
595
31,878

Page 7

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

5.


Stock

2024
2023
£
£

Work in progress
68,472
61,556



6.


Debtors

2024
2023
£
£


Other debtors
34
-

Prepayments and accrued income
10,474
10,000

10,508
10,000



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,177
4,992



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
-
360

Director's current account
92,112
93,205

Accruals and deferred income
1,750
1,750

93,862
95,315


Page 8

 
Gerard Homes Ltd
 
 
Notes to the financial statements
For the year ended 29 February 2024

9.


Deferred taxation






2023


£






At beginning of year
(8,826)


Released during the year
8,826



At end of year
-

 
Page 9