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Registration number: 06678461

Nene Valley Homes Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

image-name
 

Nene Valley Homes Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Nene Valley Homes Ltd

Company Information

Directors

S J Alexander

E S Alexander

Registered office

Cracknell Hill House
Lavendon Road
Harrold
Bedford
Bedfordshire
MK43 7EE

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nene Valley Homes Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nene Valley Homes Ltd for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Nene Valley Homes Ltd, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Nene Valley Homes Ltd and state those matters that we have agreed to state to the Board of Directors of Nene Valley Homes Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nene Valley Homes Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Nene Valley Homes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nene Valley Homes Ltd. You consider that Nene Valley Homes Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Nene Valley Homes Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

25 November 2024

 

Nene Valley Homes Ltd

(Registration number: 06678461)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

103,945

87,997

Current assets

 

Stocks

5

1,200

104,139

Debtors

6

68,562

49,229

Cash at bank and in hand

 

324,800

45

 

394,562

153,413

Creditors: Amounts falling due within one year

7

(440,247)

(253,557)

Net current liabilities

 

(45,685)

(100,144)

Total assets less current liabilities

 

58,260

(12,147)

Creditors: Amounts falling due after more than one year

7

(58,584)

(58,534)

Provisions for liabilities

(18,721)

(11,138)

Net liabilities

 

(19,045)

(81,819)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(19,145)

(81,919)

Shareholders' deficit

 

(19,045)

(81,819)

For the financial year ending 31 March 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 25 November 2024 and signed on its behalf by:
 

 

Nene Valley Homes Ltd

(Registration number: 06678461)
Balance Sheet as at 31 March 2024

.........................................
S J Alexander
Director

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. Registration number 06678461.

The address of its registered office is:
Cracknell Hill House
Lavendon Road
Harrold
Bedford
Bedfordshire
MK43 7EE

These financial statements were authorised for issue by the Board on 25 November 2024.

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Buildings and property

10% on cost

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.

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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.

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

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

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

1,650

5,834

89,166

52,836

Additions

-

268

10,421

75,003

Disposals

-

(1,652)

(22,715)

(50,383)

At 31 March 2024

1,650

4,450

76,872

77,456

Depreciation

At 1 April 2023

28

2,625

46,733

12,102

Charge for the year

165

721

7,811

15,250

Eliminated on disposal

-

(1,259)

(15,923)

(11,770)

At 31 March 2024

193

2,087

38,621

15,582

Carrying amount

At 31 March 2024

1,457

2,363

38,251

61,874

At 31 March 2023

1,622

3,209

42,432

40,734

Total
£

Cost or valuation

At 1 April 2023

149,486

Additions

85,692

Disposals

(74,750)

At 31 March 2024

160,428

Depreciation

At 1 April 2023

61,488

Charge for the year

23,947

Eliminated on disposal

(28,952)

At 31 March 2024

56,483

Carrying amount

At 31 March 2024

103,945

At 31 March 2023

87,997

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Inventory

1,200

104,139

6

Debtors

Current

2024
£

2023
£

Trade debtors

67,423

37,916

Prepayments

559

601

Other debtors

580

-

Corporation tax control

-

5,090

VAT Control account

-

5,614

PAYE/NIC/CIS debtor

-

8

 

68,562

49,229

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

30,135

133,391

Trade creditors

 

16,972

34,402

Corporation tax control

 

659

-

PAYE and NIC creditor

 

1,347

-

VAT Control account

 

20,663

-

Directors loan account

 

366,245

77,504

Other creditors

 

3,206

1,952

Accruals

 

1,020

6,308

 

440,247

253,557

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

58,584

58,534

 

Nene Valley Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liability 1 (2-5 yrs)

15,297

16,826

HP and finance lease liability 2 (2-5 yrs)

26,405

-

Bank borrowings (2-5 yrs)

16,882

41,708

58,584

58,534

Current loans and borrowings

2024
£

2023
£

Bank borrowings

26,984

26,853

Bank overdrafts

-

5,081

Other borrowings

-

100,000

HP and finance lease liability 1 (under 1yr)

1,530

1,457

HP and finance lease liability 2 (under 1yr)

1,621

-

30,135

133,391