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Registration number: 09587830

Camfero Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

image-name
 

Camfero Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Camfero Homes Ltd

Company Information

Directors

A Burnett

R Buckley

Registered office

Unit 1 Kingsway House Kingsway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0HW

Accountants

TyneRede Accountancy Ltd
Chartered Certified Accountant
Lloyds Bank House
Bellingham
Hexham
Northumberland
NE48 2AZ

 

Camfero Homes Ltd

(Registration number: 09587830)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

24,375

-

Current assets

 

Stocks

6

1,308,029

700,000

Debtors

7

498,218

424,150

Cash at bank and in hand

 

24,786

74,934

 

1,831,033

1,199,084

Creditors: Amounts falling due within one year

8

(29,349)

4,543

Net current assets

 

1,801,684

1,203,627

Total assets less current liabilities

 

1,826,059

1,203,627

Creditors: Amounts falling due after more than one year

8

(1,825,213)

(1,081,809)

Net assets

 

846

121,818

Capital and reserves

 

Called up share capital

9

200

100

Retained earnings

646

121,718

Shareholders' funds

 

846

121,818

For the financial year ending 31 May 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 27 February 2025 and signed on its behalf by:
 

.........................................
A Burnett
Director

 

Camfero Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Unit 1 Kingsway House Kingsway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0HW
England

These financial statements were authorised for issue by the Board on 27 February 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.

Revenue recognition

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 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.

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.

 

Camfero Homes Ltd

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

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

Tools and equipment

25% straight line basis

Motor Vehicles

25% reducing balance basis

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.

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 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.

 

Camfero Homes Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,125

168

 

Camfero Homes Ltd

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

5

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

675

-

675

Additions

-

32,500

32,500

At 31 May 2024

675

32,500

33,175

Depreciation

At 1 June 2023

675

-

675

Charge for the year

-

8,125

8,125

At 31 May 2024

675

8,125

8,800

Carrying amount

At 31 May 2024

-

24,375

24,375

6

Stocks

2024
£

2023
£

Work in progress

1,308,029

700,000

7

debtors

Current

2024
£

2023
£

Prepayments

8,839

838

Other debtors

489,379

423,312

 

498,218

424,150

 

Camfero Homes Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

12,372

10,266

Trade creditors

 

2,910

-

Taxation and social security

 

15,454

2,380

Accruals and deferred income

 

-

1,300

Other creditors

 

(1,387)

(18,489)

 

29,349

(4,543)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,825,213

1,081,809

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

190

190

100

100

£1 A Ordinary shares of £1 (2023 - £0) each

10

10

-

-

200

200

100

100

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,817

1,081,809

Hire purchase contracts

22,991

-

Other borrowings

1,791,405

-

1,825,213

1,081,809

 

Camfero Homes Ltd

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,020

10,266

Hire purchase contracts

2,352

-

12,372

10,266

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £173 (2023 - £Nil).

12

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

82,788

133,541

(82,788)

133,541

 

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

(69,199)

151,987

82,788

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

50,162

-

Contributions paid to money purchase schemes

838

-

51,000

-