Registration number:
Cassidy Homes (Earlsdon) Limited
for the Year Ended 30 June 2024
Cassidy Homes (Earlsdon) Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Cassidy Homes (Earlsdon) Limited
Company Information
Director |
Mr James Patrick Francis Slattery Cassidy |
Registered office |
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Accountants |
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Cassidy Homes (Earlsdon) Limited
Director's Report for the Year Ended 30 June 2024
The director presents his report and the financial statements for the year ended 30 June 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is that of property development.
Going concern
The accounts have been prepared on a going concern basis. The company meets its day to day working capital requirements through the continued financial support of funders. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result in the withdrawal of financial support by the company's funders.
Small companies provision statement
This report has 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.
Approved by the
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Mr James Patrick Francis Slattery Cassidy
Director
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cassidy Homes (Earlsdon) Limited
for the Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cassidy Homes (Earlsdon) Limited for the year ended 30 June 2024 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Cassidy Homes (Earlsdon) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cassidy Homes (Earlsdon) Limited and state those matters that we have agreed to state to the Board of Directors of Cassidy Homes (Earlsdon) Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cassidy Homes (Earlsdon) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Cassidy Homes (Earlsdon) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cassidy Homes (Earlsdon) Limited. You consider that Cassidy Homes (Earlsdon) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Cassidy Homes (Earlsdon) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ
Cassidy Homes (Earlsdon) Limited
(Registration number: 11126380)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(2,852,933) |
(84,863) |
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Shareholders' deficit |
(2,852,833) |
(84,763) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
Approved and authorised by the
......................................... |
Cassidy Homes (Earlsdon) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cassidy Homes (Earlsdon) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Financial instruments
Staff numbers |
The average number of persons employed by the company during the year, was
Stocks |
2024 |
2023 |
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Work in progress |
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Debtors |
2024 |
2023 |
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Prepayments |
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- |
Other debtors |
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Cassidy Homes (Earlsdon) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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- |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
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Creditors: amounts falling due after more than one year
Monies owed to CBRE Loan Services £37,729,031 (2023 - £36,758,423) are secured by way of a mortgage charge against freehold property within work in progress known as land at the former Spencer Club Sports & Social Club, Albany Road, Coventry; land to the east of Albany Road, Coventry; land and garages at the rear of Winifred Avenue, Earlsdon; and land to the north of Winifred Avenue and registered at HM Land Registry with title numbers WK26962, WM13398, WM587091, MM118877 and WM699392. The charge was created on 23 December 2020. This also contains a floating charge which covers all the property and undertaking of the company.
Monies owed to CBRE Loan Services are secured by wage of fixed charge against freehold property within work in progress known as land lying to the north of Winifred Avenue and registered at HM Land Registry with title number WK128855. The charge was created on 10 May 2023
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Cassidy Homes (Earlsdon) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Stardard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned entities within the group.
Cassidy Homes Ltd
Included within creditors is an amount of £225,288 (2023 - £523,510) due to Cassidy Homes Ltd, a company connected by virute of common directorship. This loan is interest free and has no set repayment terms.
Cassidy Group (UK) Ltd
Included within creditors is an amount of £Nil (2023 - £31,714) due to Cassidy Group (UK) Ltd, a company connected by virute of common directorship. This loan is interest free and has no set repayment terms.