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Registered number: 01835665










CHARACTER HOMES (WELLINGBOROUGH) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
REGISTERED NUMBER: 01835665

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,543,038
3,194,697

Investment property
 5 
944,957
688,499

  
5,487,995
3,883,196

Current assets
  

Debtors: amounts falling due within one year
 6 
6,885
2,625

Cash at bank and in hand
 7 
30,841
41,974

  
37,726
44,599

Creditors: amounts falling due within one year
 8 
(917,673)
(664,056)

Net current liabilities
  
 
 
(879,947)
 
 
(619,457)

Total assets less current liabilities
  
4,608,048
3,263,739

Creditors: amounts falling due after more than one year
 9 
(901,763)
(1,116,002)

Provisions for liabilities
  

Deferred tax
 11 
(122,437)
(122,169)

  
 
 
(122,437)
 
 
(122,169)

Net assets
  
3,583,848
2,025,568


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
3,583,748
2,025,468

  
3,583,848
2,025,568


Page 1

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
REGISTERED NUMBER: 01835665
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of comprehensive income in accordance with provisions applicable to 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 by: 




R Johnson
Director

Date: 27 January 2025

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
100
1,823,087
1,823,187


Comprehensive income for the year

Profit for the year
-
202,381
202,381
Total comprehensive income for the year
-
202,381
202,381



At 1 May 2023
100
2,025,468
2,025,568


Comprehensive income for the year

Profit for the year
-
173,180
173,180

Gain on revaluation of freehold property
-
1,385,100
1,385,100
Total comprehensive income for the year
-
1,558,280
1,558,280


At 30 April 2024
100
3,583,748
3,583,848


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Character Homes (Wellingborough) Limited is a private company limited by shares, registered in England and Wales, registered number 01835665. Its registered office and principal place of business is Huxley Close, Park Farm South, Wellingborough, Northamptonshire, NN8 6AB.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Revenue

The revenue shown in the accounts represents rent receivable in the year.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget and the impact of subsequent events in making their assessment.
 
Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

 
2.4

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.

Page 4

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
4% straight line

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.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 5

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.



3.


Employees




The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4

Page 6

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 May 2023
4,138,799
85,503
4,224,302


Revaluations
361,201
-
361,201



At 30 April 2024

4,500,000
85,503
4,585,503



Depreciation


At 1 May 2023
990,560
39,045
1,029,605


Charge for the year on owned assets
38,340
3,420
41,760


On revalued assets
(1,028,900)
-
(1,028,900)



At 30 April 2024

-
42,465
42,465



Net book value



At 30 April 2024
4,500,000
43,038
4,543,038



At 30 April 2023
3,148,239
46,458
3,194,697

Land of £2,580,000 (2023 - £1,500,000) included in freehold property is not depreciated.
The 2024 valuations were made by FHP Property Consultants on 25th October 2023.





If the land and building had not been included at valuation they would have been included under historical cost convention as follows:


2024
2023
£
£



Cost
4,138,799
4,138,799

Accumulated depreciation
(1,028,960)
(990,560)

Net book value
3,109,839
3,148,239

Page 7

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
688,499


Additions at cost
256,458



At 30 April 2024
944,957

The 2024 valuations were made by the Directors, on an open market value for existing use basis.







6.


Debtors

2024
2023
£
£


Trade debtors
6,815
2,625

Other debtors
70
-

6,885
2,625



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
30,841
41,974


Page 8

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
248,220
248,220

Trade creditors
480
2,091

Amounts owed to group undertakings
592,543
350,911

Corporation tax
71,330
57,984

Accruals and deferred income
5,100
4,850

917,673
664,056


Bank loans are secured by a fixed and floating charge over all of the Company's assets.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
901,763
1,116,002


Bank loans are secured by a fixed and floating charge over all of the Company's assets. 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
248,220
248,220


Amounts falling due 2-5 years

Bank loans
809,368
903,166

Amounts falling due after more than 5 years

Bank loans
92,395
212,836

1,149,983
1,364,222


Page 9

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Deferred taxation




2024
2023


£

£






At beginning of year
122,169
121,753


Charged to profit or loss
268
416



At end of year
122,437
122,169

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
74,960
74,692

Unrealised gains on investment property
47,477
47,477

122,437
122,169


12.


Contingent liabilities

The Company has entered into a composite guarantee in respect of any debt arising in favour of HSBC UK Bank plc by itself, its ultimate parent Lilliput Holdings Limited, and other members of the Group. The maximum potential liability to the Company in respect of amounts due to HSBC UK Bank plc at the year end is £Nil (2023 - £678,105).


13.


Related party transactions

The Company is a wholly owned subsidiary of Lilliput Holdings Limited, a company registered in England and Wales and its results are consolidated in the group accounts. The Company has therefore taken advantage of the exemption available under FRS102 not to disclose transactions with Lilliput Holdings Limited or wholly owned members of the Lilliput Holdings Limited group.


14.


Controlling party

The ultimate parent company is Lilliput Holdings Limited, a company incorporated in England. This is both the smallest and largest group for which consolidated accounts are prepared and copies of these can be obtained from the Registrar of Companies.
The ultimate controlling party is K T Johnson by virtue of his majority shareholding in Lilliput Holdings Limited.

Page 10

 
CHARACTER HOMES (WELLINGBOROUGH) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 29 January 2025 by Adam Young ACA (Senior Statutory Auditor) on behalf of MHA.

 
Page 11