Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29false2023-03-01falseproperty rental33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11803099 2023-03-01 2024-02-29 11803099 2022-03-01 2023-02-28 11803099 2024-02-29 11803099 2023-02-28 11803099 c:Director1 2023-03-01 2024-02-29 11803099 d:Buildings 2023-03-01 2024-02-29 11803099 d:Buildings 2024-02-29 11803099 d:Buildings 2023-02-28 11803099 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11803099 d:PlantMachinery 2023-03-01 2024-02-29 11803099 d:PlantMachinery 2024-02-29 11803099 d:PlantMachinery 2023-02-28 11803099 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11803099 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 11803099 d:CurrentFinancialInstruments 2024-02-29 11803099 d:CurrentFinancialInstruments 2023-02-28 11803099 d:Non-currentFinancialInstruments 2024-02-29 11803099 d:Non-currentFinancialInstruments 2023-02-28 11803099 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11803099 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11803099 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 11803099 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 11803099 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 11803099 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 11803099 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 11803099 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 11803099 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 11803099 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 11803099 d:ShareCapital 2024-02-29 11803099 d:ShareCapital 2023-02-28 11803099 d:RetainedEarningsAccumulatedLosses 2024-02-29 11803099 d:RetainedEarningsAccumulatedLosses 2023-02-28 11803099 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 11803099 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 11803099 d:TaxLossesCarry-forwardsDeferredTax 2024-02-29 11803099 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 11803099 d:OtherDeferredTax 2024-02-29 11803099 d:OtherDeferredTax 2023-02-28 11803099 c:FRS102 2023-03-01 2024-02-29 11803099 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11803099 c:FullAccounts 2023-03-01 2024-02-29 11803099 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11803099 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11803099









NEPTUNE HOMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NEPTUNE HOMES LIMITED
REGISTERED NUMBER: 11803099

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,101,628
1,102,170

  
1,101,628
1,102,170

Current assets
  

Debtors: amounts falling due within one year
 5 
1,398
238

Cash at bank and in hand
 6 
16
2,262

  
1,414
2,500

Creditors: amounts falling due within one year
 7 
(332,173)
(329,912)

Net current liabilities
  
 
 
(330,759)
 
 
(327,412)

Total assets less current liabilities
  
770,869
774,758

Creditors: amounts falling due after more than one year
 8 
(718,966)
(723,485)

Provisions for liabilities
  

Deferred tax
 11 
(8,562)
(8,339)

  
 
 
(8,562)
 
 
(8,339)

Net assets
  
43,341
42,934


Capital and reserves
  

Called up share capital 
  
3
3

Profit and loss account
  
43,338
42,931

  
43,341
42,934


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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to
Page 1

 
NEPTUNE HOMES LIMITED
REGISTERED NUMBER: 11803099
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 29 November 2024.




S A Brown
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Neptune Homes Limited is a private company, limited by shares. The company is registered in England and Wales and it's Registered Office address is Old Oaks, Eastworth Road, Verwood, Dorset, BH31 7PU. The principal activity in the year was property rental. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
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:

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

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a variety of bases.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line basis
Plant and machinery
-
25%
reducing balance basis

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.

Page 4

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
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.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

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.

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.

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
Page 5

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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 receipts 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets







Freehold land and property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 March 2023
1,100,000
6,488
1,106,488



At 29 February 2024

1,100,000
6,488
1,106,488



Depreciation


At 1 March 2023
-
4,318
4,318


Charge for the year on owned assets
-
542
542



At 29 February 2024

-
4,860
4,860



Net book value



At 29 February 2024
1,100,000
1,628
1,101,628



At 28 February 2023
1,100,000
2,170
1,102,170

Page 6

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
1,245
-

Prepayments and accrued income
153
238

1,398
238



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
16
2,262

16
2,262



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
12,050
12,050

Other creditors
317,484
315,255

Accruals and deferred income
2,639
2,607

332,173
329,912


Page 7

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
718,966
723,485

718,966
723,485


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Mortgage
689,443
689,443

689,443
689,443

Details of security provided:

The interest-only mortgage is secured against the properties owned by the company.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

29 February
28 February
2024
2023
£
£


Repayable other than by instalments
689,443
689,443

689,443
689,443

The mortgage will be repaid out of the future sale proceeds of the properties.

Page 8

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
12,050
12,050


12,050
12,050

Amounts falling due 1-2 years

Bank loans
12,050
12,050


12,050
12,050

Amounts falling due 2-5 years

Bank loans
17,473
21,992


17,473
21,992

Amounts falling due after more than 5 years

Bank loans
689,443
689,443

689,443
689,443

731,016
735,535



10.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
16
2,262




Financial assets measured at fair value through profit or loss comprise cash at bank.


11.


Deferred taxation

Page 9

 
NEPTUNE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
11.Deferred taxation (continued)






2024


£






At beginning of year
(8,339)


Charged to profit or loss
(223)



At end of year
(8,562)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Tax losses carried forward
22,614
22,837

Revaluation of property
(31,176)
(31,176)

(8,562)
(8,339)

 
Page 10