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Company No: 09165248 (England and Wales)

TALBOT HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

TALBOT HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

TALBOT HOMES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
TALBOT HOMES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
DIRECTOR D Vercoe
REGISTERED OFFICE Unit 3a Manor Business Park Grants Hill Way
Woodford Halse
Daventry
NN11 3UB
United Kingdom
COMPANY NUMBER 09165248 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
TALBOT HOMES LIMITED

BALANCE SHEET

AS AT 29 FEBRUARY 2024
TALBOT HOMES LIMITED

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 111,807 39,938
Investments 4 203 80
112,010 40,018
Current assets
Debtors 5 1,521,282 1,542,993
Cash at bank and in hand 84,904 289,247
1,606,186 1,832,240
Creditors: amounts falling due within one year 6 ( 1,496,902) ( 1,724,905)
Net current assets 109,284 107,335
Total assets less current liabilities 221,294 147,353
Creditors: amounts falling due after more than one year 7 ( 46,128) 0
Provision for liabilities 8 ( 14,777) 0
Net assets 160,389 147,353
Capital and reserves
Called-up share capital 10 10
Profit and loss account 160,379 147,343
Total shareholders' funds 160,389 147,353

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Talbot Homes Limited (registered number: 09165248) were approved and authorised for issue by the Director on 04 February 2025. They were signed on its behalf by:

D Vercoe
Director
TALBOT HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
TALBOT HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Talbot Homes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3a Manor Business Park Grants Hill Way, Woodford Halse, Daventry, NN11 3UB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Office equipment 25 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2023 3,853 52,535 10,087 66,475
Additions 91,433 0 387 91,820
Disposals 0 0 ( 224) ( 224)
At 29 February 2024 95,286 52,535 10,250 158,071
Accumulated depreciation
At 01 March 2023 2,894 18,992 4,651 26,537
Charge for the financial year 10,484 6,753 2,546 19,783
Disposals 0 0 ( 56) ( 56)
At 29 February 2024 13,378 25,745 7,141 46,264
Net book value
At 29 February 2024 81,908 26,790 3,109 111,807
At 28 February 2023 959 33,543 5,436 39,938

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 March 2023 80
Additions 123
At 29 February 2024 203
Carrying value at 29 February 2024 203
Carrying value at 28 February 2023 80

Investments in shares

Name of entity Registered office Class of
shares
Ownership
29.02.2024
Ownership
28.02.2023
Held
TH Spa Farm Limited Unit 3a Grants Hill Way, Woodford Halse, Daventry, NN11 3UB Ordinary 80.00% 80.00% Direct
TH Towcester Grange Limited Unit 3a Grants Hill Way, Woodford Halse, Daventry, NN11 3UB B Ordinary 84.00% 0.00%
BRIP 5 (Wood Burcote) LLP Grafton House, Pury Hill Business Park, Towcester, Northamptonshire, United Kingdom, NN12 7LS 60.00% 0.00% Direct

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 1,447,771 1,465,647
Prepayments 1,334 7,704
Deferred tax asset 0 86
VAT recoverable 9,724 0
Other debtors 62,453 69,556
1,521,282 1,542,993

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 20,717 65,615
Trade creditors 262,216 441,619
Amounts owed to Group undertakings 1,062,116 816,816
Taxation and social security 106,241 253,339
Obligations under finance leases and hire purchase contracts 32,938 0
Other creditors 12,674 147,516
1,496,902 1,724,905

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 46,128 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year 86 86
Charged to the Statement of Income and Retained Earnings ( 14,863) 0
At the end of financial year ( 14,777) 86