| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024 |
| FOR |
| MENDIP AND SOMERSET HOMES LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024 |
| FOR |
| MENDIP AND SOMERSET HOMES LIMITED |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Period 1 MAY 2023 TO 31 MARCH 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| MENDIP AND SOMERSET HOMES LIMITED |
| COMPANY INFORMATION |
| for the Period 1 MAY 2023 TO 31 MARCH 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 61 Queen Square |
| Bristol |
| BS1 4JZ |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| BALANCE SHEET |
| 31 MARCH 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 4 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| BALANCE SHEET - continued |
| 31 MARCH 2024 |
| The financial statements were approved by the director and authorised for issue on |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Period 1 MAY 2023 TO 31 MARCH 2024 |
| 1. | STATUTORY INFORMATION |
| Mendip And Somerset Homes Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stock includes land purchased for development or resale. |
| Financial instruments |
| Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. |
| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 MARCH 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Going concern |
| The director has considered the company's ability to continue as a going concern for at least 12 months from the date of signing of these financial statements and has concluded that he considers the company to be a going concern. This assessment is based on the director's intention to continue to provide any financial support necessary for the foreseeable future. The director has therefore adopted the going concern basis of accounting in preparing these financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2023 - NIL). |
| 4. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Land for development or |
| resale |
| MENDIP AND SOMERSET HOMES LIMITED (REGISTERED NUMBER: 13369141) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Period 1 MAY 2023 TO 31 MARCH 2024 |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed to related parties |
| Other creditors |
| Accrued expenses |
| Amounts owed to related parties of £65,000 as of 31 March 2024 (£Nil as of 30 April 2023) include a loan payable to a company under common control repayable on demand. The loan is interest free and is secured with a share in future cash flows from development projects. |
| Other creditors of £479,798 as of 31 March 2024 (£Nil as of 30 April 2023) includes a director's loan of £239,899 from M P Matthews. |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Owed to related parties | 65,000 | - |
| Other creditors | 479,798 | - |
| The debts are secured on land included within stock. |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1.00 | 1 | 1 |
| 8. | ULTIMATE CONTROLLING PARTY |
| The company is a wholly owned subsidiary of Frys Well Holdings Limited, a company registered in England & Wales, that acquired the entire issued share capital of the company on 19 February 2024. Prior to that date, the company was controlled by D Obern, a former director of the company. |