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REGISTERED NUMBER: 12631385 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Avocet Homes (Norfolk) Limited

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £ £
Fixed assets
Tangible assets 5 36,747 41,380

Current assets
Stocks 5,857,724 7,093,742
Debtors 6 256,347 127,263
Cash at bank 25,433 47,551
6,139,504 7,268,556
Creditors
Amounts falling due within one year 7 (6,762,847 ) (7,447,585 )
Net current liabilities (623,343 ) (179,029 )
Total assets less current liabilities (586,596 ) (137,649 )

Capital and reserves
Called up share capital 120 120
Retained earnings (586,716 ) (137,769 )
(586,596 ) (137,649 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





Mr T J King - Director


Avocet Homes (Norfolk) Limited (Registered number: 12631385)

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


1. Statutory information

Avocet Homes (Norfolk) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12631385

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at 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 stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised:

Turnover from the provision of construction related services is recognised when the service has been completed according to the job requirement, whereby at this point, the turnover can be measured reliably, it is probable that economic benefits will flow to the entity and the costs in respect of the transaction can be measured reliably.

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% p.a. reducing balance
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 15% p.a. reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

Work in progress is valued on the basis of directly attributable costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£ £ £ £ £
Cost
At 1 June 2023 - 538 45,000 4,223 49,761
Additions 1,635 2,364 - 1,713 5,712
At 31 May 2024 1,635 2,902 45,000 5,936 55,473
Depreciation
At 1 June 2023 - 1 7,120 1,260 8,381
Charge for year 102 140 9,470 633 10,345
At 31 May 2024 102 141 16,590 1,893 18,726
Net book value
At 31 May 2024 1,533 2,761 28,410 4,043 36,747
At 31 May 2023 - 537 37,880 2,963 41,380

6. Debtors: amounts falling due within one year
31.5.24 31.5.23
£ £
Trade debtors 26,541 -
Other debtors 229,806 127,263
256,347 127,263

7. Creditors: amounts falling due within one year
31.5.24 31.5.23
£ £
Trade creditors 84,016 255,478
Other creditors 6,678,831 7,192,107
6,762,847 7,447,585

8. Secured debts

Included in other creditors are loan balances of £5,019,556 (2023 - £5,933,286), which are secured over the properties to which they relate.

Avocet Homes (Norfolk) Limited (Registered number: 12631385)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


9. Related party disclosures

During the year there was net transactions with the directors of £NIL (2023 - £100,200). As at the balance sheet date the company owed the directors £100,200 (2023 - £100,200).


No further transactions with related parties were undertaken that require to be disclosed under FRS 102 Section 1A.