Company registration number 00570822 (England and Wales)
Invincible Homes (Chester) Ltd
Unaudited financial statements
For the year ended 29 March 2024
Invincible Homes (Chester) Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Invincible Homes (Chester) Ltd
Balance sheet
As at 29 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
302
Investment property
4
1,800,000
842,000
1,800,000
842,302
Current assets
Stocks
4,000
-
Debtors
5
42,459
48,862
Cash at bank and in hand
3,734
6,722
50,193
55,584
Creditors: amounts falling due within one year
6
(35,495)
(29,109)
Net current assets
14,698
26,475
Total assets less current liabilities
1,814,698
868,777
Provisions for liabilities
(379,061)
(139,618)
Net assets
1,435,637
729,159
Capital and reserves
Called up share capital
500
500
Fair value reserve
7
1,315,911
597,411
Distributable profit and loss reserves
119,226
131,248
Total equity
1,435,637
729,159
Invincible Homes (Chester) Ltd
Balance sheet (continued)
As at 29 March 2024
- 2 -
For the financial year ended 29 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
Anthony Victor Wilding
Director
Company registration number 00570822 (England and Wales)
Invincible Homes (Chester) Ltd
Notes to the financial statements
For the year ended 29 March 2024
- 3 -
1
Accounting policies
Company information
Invincible Homes (Chester) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hooton House, Benty Heath Lane, Hooton, Wirral, Cheshire, England, CH66 6AG.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received in relation to rental receipts due in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
Computer equipment
15% straight line
Motor vehicles
25% reducing balance
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
To enable the clarification of company distributable reserves, any overall fair value gains net of deferred taxation provisions are then transferred from the profit and loss account reserve and held within a fair value reserve.
Invincible Homes (Chester) Ltd
Notes to the financial statements (continued)
For the year ended 29 March 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks relates to horse breeding brood mares and breeding progeny and is stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over the estimated selling price less disposal costs is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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 current liabilities.
1.8
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. As all financial assets are classified as receivable within one year, they are not amortised but carried forward at face value.
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 and loans from fellow group companies are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
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 continue to be measured at face value.
Invincible Homes (Chester) Ltd
Notes to the financial statements (continued)
For the year ended 29 March 2024
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors without service contracts) employed by the company during the year was 2 (2023 - 3).
2024
2023
Number
Number
Total
2
3
Invincible Homes (Chester) Ltd
Notes to the financial statements (continued)
For the year ended 29 March 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 March 2023
24,151
Disposals
(23,081)
At 29 March 2024
1,070
Depreciation and impairment
At 30 March 2023
23,849
Eliminated in respect of disposals
(22,779)
At 29 March 2024
1,070
Carrying amount
At 29 March 2024
At 29 March 2023
302
4
Investment property
2024
£
Fair value
At 30 March 2023
842,000
Revaluations
958,000
At 29 March 2024
1,800,000
Investment property comprises freehold properties let by the company in its normal course of business.
During the current and previous years the company has instigated a program of repair works in order to bring the investment properties up to modern day standards and to meet landlord letting requirements. The costs incurred were repair and replacement works in nature and have been expensed through the profit and loss account.
Gardner & Co surveyors inspected the company's investment properties on the 1st August 2022 and produced a formal valuation report valuing the properties at £842,000. The basis of valuation was the market value defined in the RICS Red Book 2022, where market value for the purposes of the report was equivalent to fair value.
Subsequent to this valuation the company has had various approaches for the potential sale of the investment property and based upon those approaches the director believes that the fair value of the investment property should be uplifted to £1.8m
The historic cost of the investment properties was £105,027.
Invincible Homes (Chester) Ltd
Notes to the financial statements (continued)
For the year ended 29 March 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
42,459
48,862
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,204
16,858
Corporation tax
7,567
7,000
Other creditors
10,724
5,251
35,495
29,109
7
Fair value reserve
2024
2023
£
£
At the beginning of the year
597,411
597,411
Fair value non distributable profits in the period
718,500
-
At the end of the year
1,315,911
597,411
8
Related party transactions
As at the 29th March 2024 Invincible Homes (Chester) Limited was owed £31,723 (2023: £31,484) from a company owned by close family members of the director on an interest free repayable upon demand terms.
9
Directors' transactions
An interest free repayable upon demand loan has been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
9,000
22,984
(31,984)
-
9,000
22,984
(31,984)
-
Invincible Homes (Chester) Ltd
Notes to the financial statements (continued)
For the year ended 29 March 2024
- 8 -
10
Parent company
The company is controlled by its holding company A. V. Wilding (Hooton) Limited which operates from the same business and registered office address as Invincible Homes (Chester) Limited.