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Registration number: 03303793

Orchard Homes & Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Orchard Homes & Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Orchard Homes & Developments Limited

Company Information

Director

Mr K T Lake

Registered office

8a Carlton Crescent
Southampton
Hampshire
SO15 2EZ

Accountants

Lines & Company Ltd
8 Highfield Road
West Moors
Ferndown
Dorset
BH22 0NA

 

Orchard Homes & Developments Limited

(Registration number: 03303793)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,784

6,071

Current assets

 

Stocks

5

373,492

243,417

Debtors

6

169,865

838,093

Cash at bank and in hand

 

17,891

92,186

 

561,248

1,173,696

Creditors: Amounts falling due within one year

7

(398,996)

(182,035)

Net current assets

 

162,252

991,661

Total assets less current liabilities

 

168,036

997,732

Provisions for liabilities

(9,000)

(9,000)

Net assets

 

159,036

988,732

Capital and reserves

 

Called up share capital

8

52,760

52,760

Share premium reserve

104,103

104,103

Capital redemption reserve

1,625

1,625

Retained earnings

548

830,244

Shareholders' funds

 

159,036

988,732

 

Orchard Homes & Developments Limited

(Registration number: 03303793)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 January 2025
 

Mr K T Lake
Director

   
     
 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
8a Carlton Crescent
Southampton
Hampshire
SO15 2EZ
England

These financial statements were authorised for issue by the director on 28 January 2025.

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.

Summary of disclosure exemptions

The company has taken advantage of the exemption to not disclose transactions with wholly owned group members (FRS102 1AC.35).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of land and property in the ordinary course of the company’s activities. Turnover is recognised on exchange of contracts.

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other

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% straight line basis

Office equipment

20% straight line basis

Motor vehicles

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and deposit accounts.

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the work in progress to its present condition. At each reporting date, work in progress is assessed for impairment. If work in progress 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 Recognition and measurement
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 debtors and cash and bank balances, are initially measured at the 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and related parties that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit and loss immediately, together with any changes in the fair value of the hedge asset or liability that are attributable to the hedged risk.

 

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

4,909

9,500

1,860

16,269

Additions

1,123

-

-

1,123

At 30 April 2024

6,032

9,500

1,860

17,392

Depreciation

At 1 May 2023

512

9,500

186

10,198

Charge for the year

1,038

-

372

1,410

At 30 April 2024

1,550

9,500

558

11,608

Carrying amount

At 30 April 2024

4,482

-

1,302

5,784

At 30 April 2023

4,397

-

1,674

6,071

5

Stocks

2024
£

2023
£

Work in progress

373,492

243,417

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,084

9,668

Amounts owed by related parties

9

167,688

827,971

Other debtors

 

1,093

454

   

169,865

838,093

 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

84,718

10,887

Taxation and social security

80,264

129,744

Accruals and deferred income

3,000

25,198

Other creditors

231,014

16,206

398,996

182,035

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

52,760

52,760

52,760

52,760

       
 

Orchard Homes & Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Related party transactions

Summary of transactions with associates

At the balance sheet date loans amounting to £335,378 (2023: £328,796) were owed to the company. A general provision of £167,690 has been made against the loans as it is unlikely that the debts will be repaid in full.
 
No interest was paid on these loans during the year and there are no fixed terms for repayment. These amounts are included within debtors falling due within one year.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Herons (Investments) Ltd, incorporated in England and Wales.

 The ultimate controlling party is Mr K Lake.