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Registration number: 13932282

Pure Eco Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Pure Eco Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Pure Eco Homes Ltd

Company Information

Directors

Mr J Gillies

Mr A Martin

Registered office

21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Pure Eco Homes Ltd

(Registration number: 13932282)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Current assets

 

Stocks

4

3,612,668

998,426

Debtors

5

23,925

23,454

Cash at bank and in hand

 

15,824

79

 

3,652,417

1,021,959

Creditors: Amounts falling due within one year

6

(439,486)

(439,535)

Total assets less current liabilities

 

3,212,931

582,424

Creditors: Amounts falling due after more than one year

6

(3,222,295)

(583,841)

Net liabilities

 

(9,364)

(1,417)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(9,365)

(1,418)

Shareholders' deficit

 

(9,364)

(1,417)

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Mr A Martin
Director

   
     
 

Pure Eco Homes Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis as the directors have confirmed that they will continue to support the company to enable it to meet its obligations as they fall due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pure Eco Homes Ltd

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

Stocks

Stocks represent properties in the course of construction and are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs comprise all costs of purchase, development and other costs incurred in bringing the assets to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 

Pure Eco Homes Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Stocks

2024
£

(As restated)

2023
£

Properties in the course of construction

3,612,668

998,426

5

Debtors

2024
£

2023
£

Amounts owed by related parties

20,273

-

Other debtors

3,652

23,454

 

23,925

23,454

At the year end, the company had tax losses of £9,365 (2023: £1,418) available to be carried forward and utilised against future taxable profits. A deferred tax asset of £1,779 (2023: £269) has not been recognised due to uncertainties over the timing of when taxable profits will arise.

 

Pure Eco Homes Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

7

290,935

292,177

Trade creditors

 

147,011

146,183

Accruals and deferred income

 

1,540

1,175

 

439,486

439,535

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

7

3,222,295

583,841

7

Loans and borrowings

2024
£

(As restated)

2023
£

Non-current loans and borrowings

Other borrowings

3,222,295

583,841

2024
£

(As restated)

2023
£

Current loans and borrowings

Director's loan account

290,935

292,177

The director's loan account is non-interest bearing and repayable on demand.

Other borrowings are secured by fixed and floating charges over the company's assets.

 

Pure Eco Homes Ltd

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

8

Prior Period Adjustments

The comparative figures have been restated to incorporate the value of properties in the course of construction as at 28 February 2023 and the related finacing thereof. There is no impact on the loss or net liabilities as previously reported as at that date.