Company registration number 13443292 (England and Wales)
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3
3,863,351
3,414,245
Debtors
4
160,392
455,666
Cash at bank and in hand
89
1,151
4,023,832
3,871,062
Creditors: amounts falling due within one year
5
(3,288,827)
(64,741)
Net current assets
735,005
3,806,321
Creditors: amounts falling due after more than one year
6
(801,638)
(3,837,818)
Net liabilities
(66,633)
(31,497)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(66,733)
(31,597)
Total equity
(66,633)
(31,497)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
B Pal
Director
Company registration number 13443292 (England and Wales)
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
CAASA Guildford Limited (Previously Stonegate Homes (Guildford) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coldbath Square, London, EC1R 5HL. The prior accounting period ran for a period of less than one year from the date of incorporation to 30 June 2022. Therefore, the prior period figures are not entirely comparable.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the director acknowledges the company's net current liabilities position and notes that at the date of approving these financial statements a refinancing is required for the existing bank loans. The director is confident that the refinancing will be concluded in the near future, allowing the company to progress the planned redevelopment of the property to completion. Consequently, the director continues to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Other operating income
Other operating income comprises rental income from tenants of the property held as part of the company's development stock. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
1.4
Borrowing costs
Borrowing costs are capitalised against the development stock or written off to profit or loss in proportion to the level of activity of both the development property trade and the rental property trade.
1.5
Stocks
Stocks represent development property stocks which is held at the lower of cost and net realisable value, being estimated selling price less costs to complete and sell. Costs comprise development expenditure directly attributable to the project.
Stocks represent development property stocks which is held at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Costs comprise development expenditure and financing costs directly attributable to the project.
1.6
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.
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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 and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
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 shareholder loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Stocks
2023
2022
£
£
Development stock
3,863,351
3,414,245
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Stocks
(Continued)
- 4 -
Included within the development stock are capitalised borrowing costs of £387,212 (2022: £149,851).
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,000
42,508
Other debtors
81,370
Prepayments and accrued income
43,022
413,158
160,392
455,666
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,103,483
Trade creditors
47,059
34,298
Corporation tax
100
Other taxation and social security
14,613
4,062
Other creditors
66,476
64
Accruals and deferred income
57,096
26,317
3,288,827
64,741
Bank loans are secured against the development property asset shown within stock.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
3,075,000
Other creditors
801,638
762,818
801,638
3,837,818
CAASA GUILDFORD LIMITED (PREVIOUSLY STONEGATE HOMES (GUILDFORD) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Events after the reporting date
At the date of approving these financial statements a refinancing is required of the existing bank loans. The director is confident that the refinancing will be concluded in the near future.