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Registration number: 11126380

Cassidy Homes (Earlsdon) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Cassidy Homes (Earlsdon) Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 8

 

Cassidy Homes (Earlsdon) Limited

Company Information

Director

Mr James Patrick Francis Slattery Cassidy

Registered office

5 Russell Street
Leamington Spa
Warwickshire
CV32 5QA

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

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:

Mr James Patrick Francis Slattery Cassidy

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 director on 24 March 2025 and signed on its behalf by:

.........................................
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.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

24 March 2025

 

Cassidy Homes (Earlsdon) Limited

(Registration number: 11126380)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

36,000,000

37,306,014

Debtors

5

58,112

20,969

Cash at bank and in hand

 

155,139

549,124

 

36,213,251

37,876,107

Creditors: Amounts falling due within one year

6

(1,337,053)

(1,202,447)

Total assets less current liabilities

 

34,876,198

36,673,660

Creditors: Amounts falling due after more than one year

6

(37,729,031)

(36,758,423)

Net liabilities

 

(2,852,833)

(84,763)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(2,852,933)

(84,863)

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:

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 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 director on 24 March 2025
 

.........................................
Mr James Patrick Francis Slattery Cassidy
Director

 

Cassidy Homes (Earlsdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
5 Russell Street
Leamington Spa
Warwickshire
CV32 5QA

These financial statements were authorised for issue by the director on 24 March 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 - '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

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

36,000,000

37,306,014

5

Debtors

2024
£

2023
£

Prepayments

13,992

-

Other debtors

44,120

20,969

58,112

20,969

 

Cassidy Homes (Earlsdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

191,100

93,351

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

225,288

555,224

Taxation and social security

 

767

-

Other creditors

 

919,898

553,872

 

1,337,053

1,202,447

Due after one year

 

Other non-current financial liabilities

 

37,729,031

36,758,423

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

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Cassidy Homes (Earlsdon) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

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.