Pot Hill Homes Ltd NI628615 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true true NI628615 2023-02-01 2024-01-31 NI628615 2024-01-31 NI628615 bus:OrdinaryShareClass1 2024-01-31 NI628615 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI628615 core:ShareCapital 2024-01-31 NI628615 core:CurrentFinancialInstruments 2024-01-31 NI628615 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 NI628615 core:Non-currentFinancialInstruments 2024-01-31 NI628615 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 NI628615 core:FurnitureFittingsToolsEquipment 2024-01-31 NI628615 bus:SmallEntities 2023-02-01 2024-01-31 NI628615 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI628615 bus:FullAccounts 2023-02-01 2024-01-31 NI628615 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI628615 bus:RegisteredOffice 2023-02-01 2024-01-31 NI628615 bus:Director1 2023-02-01 2024-01-31 NI628615 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI628615 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI628615 bus:Agent1 2023-02-01 2024-01-31 NI628615 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI628615 countries:AllCountries 2023-02-01 2024-01-31 NI628615 2023-01-31 NI628615 core:FurnitureFittingsToolsEquipment 2023-01-31 NI628615 2022-02-01 2023-01-31 NI628615 2023-01-31 NI628615 bus:OrdinaryShareClass1 2023-01-31 NI628615 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI628615 core:ShareCapital 2023-01-31 NI628615 core:CurrentFinancialInstruments 2023-01-31 NI628615 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 NI628615 core:Non-currentFinancialInstruments 2023-01-31 NI628615 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 NI628615 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI628615

Pot Hill Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Pot Hill Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Pot Hill Homes Ltd

Company Information

Director

Mr Kieran Morgan

Registered office

10 Lower Knockbarragh Road
Rostrevor
Co Down
BT34 3DP

Bankers

Ulster Bank Limited
Donegall Square Branch
11-16 Donegall Square East
Belfast
BT1 5UB

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Pot Hill Homes Ltd

(Registration number: NI628615)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,975

3,144

Current assets

 

Stocks

5

703,007

703,007

Debtors

6

3,325

203

Cash at bank and in hand

 

2,025

3,709

 

708,357

706,919

Creditors: Amounts falling due within one year

7

(691,669)

(662,639)

Net current assets

 

16,688

44,280

Total assets less current liabilities

 

18,663

47,424

Creditors: Amounts falling due after more than one year

7

(29,499)

(34,643)

Net (liabilities)/assets

 

(10,836)

12,781

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(10,837)

12,780

Total equity

 

(10,836)

12,781

For the financial year ending 31 January 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 January 2025
 

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

Mr Kieran Morgan
Director

 

Pot Hill Homes Ltd

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

1

General information

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

The address of its registered office is:
10 Lower Knockbarragh Road
Rostrevor
Co Down
BT34 3DP

These financial statements were authorised for issue by the director on 29 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.

Going concern

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

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

Fixtures and fittings

20% straight line

 

Pot Hill Homes Ltd

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

2

Accounting policies (continued)

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.

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.

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.

 

Pot Hill Homes Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

5,852

5,852

At 31 January 2024

5,852

5,852

Depreciation

At 1 February 2023

2,708

2,708

Charge for the year

1,169

1,169

At 31 January 2024

3,877

3,877

Carrying amount

At 31 January 2024

1,975

1,975

At 31 January 2023

3,144

3,144

5

Stocks

2024
£

2023
£

Work in progress

703,007

703,007

6

Debtors

2024
£

2023
£

Other debtors

3,325

203

3,325

203

 

Pot Hill Homes Ltd

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

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

6,123

6,124

Trade creditors

 

1,850

2,533

Other creditors

 

101,210

71,210

Loans from directors

 

579,460

580,746

Accruals and deferred income

 

3,026

2,026

 

691,669

662,639

Due after one year

 

Loans and borrowings

9

29,499

34,643

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,123

6,124

Other borrowings

80,000

50,000

86,123

56,124

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,499

34,643