Company registration number 12614349 (England and Wales)
ARCHEL HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
ARCHEL HOMES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ARCHEL HOMES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
300
300
Current assets
Stocks
1,262,894
1,262,894
Debtors
4
6,090,380
4,311,288
Cash at bank and in hand
14,923
20,705
7,368,197
5,594,887
Creditors: amounts falling due within one year
5
(3,309,409)
(1,440,579)
Net current assets
4,058,788
4,154,308
Net assets
4,059,088
4,154,608
Capital and reserves
Called up share capital
6
4,021,053
4,021,053
Profit and loss reserves
38,035
133,555
Total equity
4,059,088
4,154,608
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 13 March 2025 and are signed on its behalf by:
Mr A Rae
Director
Company registration number 12614349 (England and Wales)
ARCHEL HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
4,021,053
646,196
4,667,249
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
(147,641)
(147,641)
Dividends
-
(365,000)
(365,000)
Balance at 30 June 2023
4,021,053
133,555
4,154,608
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
344,480
344,480
Dividends
-
(440,000)
(440,000)
Balance at 30 June 2024
4,021,053
38,035
4,059,088
ARCHEL HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Archel Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Catherine Place, London, SW1E 6DX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
Stocks
Stocks consist of land and property which has been purchased for development and re-sale. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises price of the land and buildings purchased and, where applicable, costs that have been incurred in enabling the purchases and future development of buildings to take place.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
ARCHEL HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ARCHEL HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
300
300
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
30,929
Other debtors
6,090,380
4,280,359
6,090,380
4,311,288
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,759
450
Other creditors
3,263,650
1,440,129
3,309,409
1,440,579
Other creditors includes £632,548, which represents dividends accrued on Redeemable Preference Shares to 30 Jun 2024.
ARCHEL HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
10,000
10,000
10,000
10,000
Ordinary B shares of £1 each
10,000
10,000
10,000
10,000
Ordinary C shares of £1 each
1,053
1,053
1,053
1,053
21,053
21,053
21,053
21,053
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares redeemable of £1 each
4,000,000
4,000,000
4,000,000
4,000,000
Preference shares classified as equity
4,000,000
4,000,000
Total equity share capital
4,021,053
4,021,053
The company has three class of ordinary shares which all rank pari passu in all respects. Dividends may be declared on one or several classes of shares.
The company has 4,000,000 redeemable preference shares of £1 each. These shares are entitled to a dividend at 6% payable annually from the first anniversary of the date of issue.
On winding-up or on sale of interest in Equity share capital of the Company, the redeemable preference shares shall be entitled in priority to any payment that is held by Redeemable Preference Shares and the accrued Redeemable preference share Dividends unpaid.
The redeemable preference shares do not carry voting rights unless the business of the meeting includes the consideration of a resolution for the winding-up of the company and if the Redeemable Preference Share Dividends are not paid.
The redeemable preference shares can be redeemed as follows:
The company may at its sole and absolute discretion, by giving ten business days’ notice in writing
The registered holders of a majority of a series of redeemable preference shares may, by giving the applicable period of notice in writing to the company in accordance with the terms stated in the Company’s Articles of Association
ARCHEL HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management charge
2024
2023
£
£
Other related parties
25,000
26,400
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,917,000
534,397
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
6,059,144
4,280,357