Registration number:
Cassidy Homes Limited
for the Year Ended 30 June 2024
Cassidy Homes 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 Limited
Company Information
Director |
Mr James Patrick Francis Slattery Cassidy |
Registered office |
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Accountants |
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Cassidy Homes 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.
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
.........................................
Mr James Patrick Francis Slattery Cassidy
Director
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Cassidy Homes 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 Limited for the year ended 30 June 2024 as set out on pages 4 to 10 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 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 Limited and state those matters that we have agreed to state to the Board of Directors of Cassidy Homes Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cassidy Homes 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 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 Limited. You consider that Cassidy Homes 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 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 Limited
(Registration number: 08081599)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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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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Net current assets |
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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 assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
215,743 |
1,345,741 |
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Shareholders' funds |
215,843 |
1,345,841 |
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 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.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Cassidy Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
25% reducing balance |
Motor Vehicles |
25% reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Cassidy Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
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Depreciation expense |
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Cassidy Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Investments |
Associates |
£ |
Cost |
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At 1 July 2023 |
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Disposals |
( |
At 30 June 2024 |
- |
Provision |
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Carrying amount |
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At 30 June 2024 |
- |
At 30 June 2023 |
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Stocks |
2024 |
2023 |
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Work in progress |
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Cassidy Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Prepayments |
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- |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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The monies owed to James Arthur Sephton, Mrs Alison Sephton and Richard John Parker of £2,997,760 (2023 - £3,182,969) are secured by way of a mortgage charge against the freehold property included within work in progress known as Whitehouse, Back Lane, Meriden, CV7 7LD, the charges were registered on 11 December 2017 and 8 September 2021.
The monies owed to James Arthur Sephton, Mrs Alison Sephton and Richard John Parker of £914,000 (2023 - £828,543) are secured by way of a mortgage charge against the freehold property included within work in progress known as Ashleigh, Coventry Road, Fillongley, CV7 8BZ, the charge was registered on 12 February 2021.
James Arthur Sephton, Alison Parker and Richard John Parker reigistered a fixed and floating charge over the companies assets on 15 June 2020.
James Arthur Sephton, Alison Parker and Richard John Parker reigistered a fixed charge over HMLR title WK369740 on 11 August 2023.
James Arthur Sephton, Alison Parker and Richard John Parker reigistered a fixed charge over HMLR title WM285104 on 11 August 2023.
Cassidy Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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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 |
Related party transactions |
Loans to related parties
Cassidy Homes (Earlsdon) Limited
Included within other debtors is an amount of £225,288 (2023: £523,510) due from Cassidy Homes (Earlsdon) Ltd, a company connected by virtue of common directorship. This loan is interest free and has no set repayment terms.
Cassidy Group (UK) Limited
Included within other debtors is an amount of £148,345 (2023: -£212,087) due from Cassidy Group (UK) Ltd, a company connected by virtue of common directorship. This loan is interest free and has no set repayment terms.
Loans from related parties
Cassidy Rural Homes Limited
Included within other creditors is an amount of £286,924 (2023: £286,924) due to Cassidy Rural Homes Limited, a company connected by virtue of common directorship. This loan is interest fee and has no set repayment terms.