Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3132023-04-01falseprovision of social housing for tenants under both rental and shared ownership agreements3truetruefalse 10437004 2023-04-01 2024-03-31 10437004 2022-04-01 2023-03-31 10437004 2024-03-31 10437004 2023-03-31 10437004 c:Director5 2023-04-01 2024-03-31 10437004 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 10437004 d:Buildings d:LongLeaseholdAssets 2024-03-31 10437004 d:Buildings d:LongLeaseholdAssets 2023-03-31 10437004 d:CurrentFinancialInstruments 2024-03-31 10437004 d:CurrentFinancialInstruments 2023-03-31 10437004 d:Non-currentFinancialInstruments 2024-03-31 10437004 d:Non-currentFinancialInstruments 2023-03-31 10437004 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 10437004 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 10437004 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 10437004 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 10437004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 10437004 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 10437004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 10437004 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 10437004 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 10437004 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 10437004 d:ShareCapital 2024-03-31 10437004 d:ShareCapital 2023-03-31 10437004 d:RetainedEarningsAccumulatedLosses 2024-03-31 10437004 d:RetainedEarningsAccumulatedLosses 2023-03-31 10437004 c:OrdinaryShareClass1 2023-04-01 2024-03-31 10437004 c:OrdinaryShareClass1 2024-03-31 10437004 c:OrdinaryShareClass1 2023-03-31 10437004 c:FRS102 2023-04-01 2024-03-31 10437004 c:Audited 2023-04-01 2024-03-31 10437004 c:FullAccounts 2023-04-01 2024-03-31 10437004 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10437004 c:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10437004 2 2023-04-01 2024-03-31 10437004 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10437004









FUTURE NEWHOME LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FUTURE NEWHOME LIMITED
REGISTERED NUMBER: 10437004

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
39,011,613
39,723,686

  
39,011,613
39,723,686

Current assets
  

Debtors: amounts falling due within one year
 9 
800,974
710,281

Cash at bank and in hand
 10 
531,025
847,827

  
1,331,999
1,558,108

Creditors: amounts falling due within one year
 11 
(1,029,410)
(866,868)

Net current assets
  
 
 
302,589
 
 
691,240

Total assets less current liabilities
  
39,314,202
40,414,926

Creditors: amounts falling due after more than one year
 12 
(45,352,615)
(45,702,525)

  

Net liabilities
  
(6,038,413)
(5,287,599)


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
  
(6,038,513)
(5,287,699)

  
(6,038,413)
(5,287,599)


Page 1

 
FUTURE NEWHOME LIMITED
REGISTERED NUMBER: 10437004
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




G A Clarke
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Future Newhome Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10437004. The registered office is Newham Dockside, 1000 Dockside Road, London, United Kingdom, E16 2QU. The principal activity of the company continued to be that of the provision of social housing for tenants under both rental and shared ownership agreements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Having reviewed the company's financial forecast and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 March 2024.
Furthermore, the shareholders of the company have confirmed that loan repayments shall not be called upon by London Brough of Newham if Future Newhome Limited does not otherwise have sufficient available funds to settle its liabilities as and when they fall due. 
In addition to this, the company is satisfied that further to technical breach for which a waiver had been received by the London Borough of Newham before the financial year end, the default scenario as per the loan agreement is not triggered, as confirmed also by the shareholder. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales
taxes.
Revenue comprises rental income and First Tranche sales of shared ownership properties.
Rental income is recognised on a straight-line basis over the term of the underlying lease and is included in the Statement of Comprehensive Income.
Income from property sales is recognised when performance conditions are fulfilled which is usually at the point of legal completion. Property sales consist of one performance obligation – the transfer of the property to the shared owner. The transaction price is fixed and specific in the sales contract. Revenue is recognised at a point in time, when control of the property passes. Control is considered to pass on legal completion of the property sale.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
50 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments
Page 5

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
At each reporting date, the company assesses whether there is any indication of impairment to tangible fixed assets. It is the director’s judgement that there are no indicators of impairment for these assets at the current reporting date. The directors also have made a judgement in regards a 50 year useful economic life for the building and it has also been the basis of the depreciation calculation.
The directors have made a judgment with regards to bad debts provisions based on a general 5% of rental income.

Page 6

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Operating profit

The operating profit is stated after charging:

As restated
2024
2023
£
£

Depreciation on owned assets
569,705
577,857

Profit on disposal of subsequent tranches
157,131
301,370


5.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,000
25,000

6.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


7.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
1,835,949
1,849,070

1,835,949
1,849,070

Page 7

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Tangible fixed assets





Long-term leasehold property
 As Restated

£



Cost or valuation


At 1 April 2023
42,182,974


Disposals
(142,369)



At 31 March 2024

42,040,605



Depreciation


At 1 April 2023
2,459,288


Charge for the year on owned assets
569,704



At 31 March 2024

3,028,992



Net book value



At 31 March 2024
39,011,613



At 31 March 2023
39,723,686

Long-term leasehold property consists of land and buildings. At 31 March 2024 completed properties
totalled £39,011,613 (2023 - £39,723,685) and those under construction totalled £NIL (2023 - £NIL).
The value of the land totalled £13,602,896 (2023 - £13,602,896).
Land is not depreciated. Buildings are depreciated over their useful economic life of 50 years. A prior period adjustment has been made in respect of this. 
During the year, subsequent tranche sales from shared ownership properties completed for proceeds of
£299,500 (2023 - £503,125) realising a profit on disposal of £157,131 (2023 - £301,370).

Page 8

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Debtors

2024
2023
£
£


Trade debtors
602,716
628,158

Other debtors
100
100

Prepayments and accrued income
198,158
82,023

800,974
710,281



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
531,025
847,827

531,025
847,827



11.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Other loans
349,909
336,256

Trade creditors
13,130
377,875

Accruals and deferred income
666,371
152,737

1,029,410
866,868



12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
45,337,615
45,687,525

Other creditors
15,000
15,000

45,352,615
45,702,525


Page 9

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Other loans
349,909
336,256


349,909
336,256

Amounts falling due 1-2 years

Other loans
364,117
349,909


364,117
349,909

Amounts falling due 2-5 years

Other loans
773,188
1,137,306


773,188
1,137,306

Amounts falling due after more than 5 years

Other loans
44,200,310
44,200,310

44,200,310
44,200,310

45,687,524
46,023,781


The company has borrowed funds from London Borough of Newham under their development loan facility and of the £45,448,506 facility that was available £45,448,506 has been drawn down. This is repayable over 48 years.
The development loan facility accrues interest at a fixed rate of 4.0% per annum (in 2023 - 4.0% per
annum).
The loan is secured by fixed charges over the company's various properties.
Interest totalling £1,835,949 for the year has been charged (2023 - £1,849,070).

Page 10

 
FUTURE NEWHOME LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100



15.


Prior year adjustment

For the current year, the company has updated the useful economic life of the building which was previously assessed as 999 years, now corrected to 50 years.
Service charges which were previously understated have now been adjusted via the profit and loss account due to late receipt of invoices from the service charge provider.
All disclosures affected by this adjustment have been shown as “as restated”.


16.


Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 'Related Party Disclosures' paragraph 33.1A not to dislose transactions with certain group companies on the grounds that 100% of the voting rights in the company are controlled by the group.
During the year, key management personnel invoiced Future Newhome Limited £2,884 (2023: £10,732) for management services rendered. 


17.


Controlling party

The ultimate controlling party of the company is the London Borough of Newham by virtue of it's 100% shareholding in the company.
All transactions between the company and London Borough of Newham have been conducted under normal market conditions.


18.


Auditors' information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor’s report was unqualified.

The audit report was signed on 28 March 2025 by Talha Farrukh FCCA,ACA (Senior Statutory Auditor) on behalf of Gerald Edelman LLP.

 
Page 11