Company registration number 10511150 (England and Wales)
ENDEAVOUR HOMES (GATWICK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ENDEAVOUR HOMES (GATWICK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ENDEAVOUR HOMES (GATWICK) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ENDEAVOUR HOMES (GATWICK) LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Endeavour Homes (Gatwick) Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Endeavour Homes (Gatwick) Limited, as a body, in accordance with the terms of our engagement letter dated 8 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Endeavour Homes (Gatwick) Limited and state those matters that we have agreed to state to the board of directors of Endeavour Homes (Gatwick) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Endeavour Homes (Gatwick) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Endeavour Homes (Gatwick) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Endeavour Homes (Gatwick) Limited. You consider that Endeavour Homes (Gatwick) 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 financial statements of Endeavour Homes (Gatwick) 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 financial statements.

Carpenter Box
8 May 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ENDEAVOUR HOMES (GATWICK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,834
13,034
Investment property
4
4,100,000
4,100,000
4,146,834
4,113,034
Current assets
Debtors
5
29,445
15,550
Cash at bank and in hand
11,436
22,981
40,881
38,531
Creditors: amounts falling due within one year
6
(92,204)
(99,277)
Net current liabilities
(51,323)
(60,746)
Total assets less current liabilities
4,095,511
4,052,288
Creditors: amounts falling due after more than one year
7
(3,296,497)
(3,198,267)
Provisions for liabilities
(36,640)
(36,640)
Net assets
762,374
817,381
Capital and reserves
Called up share capital
8
1,274
1,274
Share premium account
815,094
815,094
Non-distributable profits reserve
110,712
110,712
Distributable profit and loss reserves
(164,706)
(109,699)
Total equity
762,374
817,381

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

ENDEAVOUR HOMES (GATWICK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 May 2025
Mr P Walker
Director
Company registration number 10511150 (England and Wales)
ENDEAVOUR HOMES (GATWICK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Endeavour Homes (Gatwick) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Moat House, Balcombe Road, Crawley, West Sussex, RH10 7SY.

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, modified to include the revaluation of investment properties at fair value. 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. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.true

 

At the balance sheet date the company is in a net current liabilities position. The company is reliant on the ongoing support of its shareholders and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

 

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the rent receivable for the period on an accruals basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% per annum on a straight line basis
Motor vehicles
25% per annum on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

ENDEAVOUR HOMES (GATWICK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

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

ENDEAVOUR HOMES (GATWICK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
29,279
8,250
37,529
Additions
-
0
42,012
42,012
Disposals
-
0
(8,250)
(8,250)
At 31 December 2024
29,279
42,012
71,291
Depreciation and impairment
At 1 January 2024
20,370
4,125
24,495
Depreciation charged in the year
3,212
875
4,087
Eliminated in respect of disposals
-
0
(4,125)
(4,125)
At 31 December 2024
23,582
875
24,457
Carrying amount
At 31 December 2024
5,697
41,137
46,834
At 31 December 2023
8,909
4,125
13,034
4
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
4,100,000

Investment property comprises rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2024 by the company director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
29,445
15,550
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank and other loans
62,147
73,562
Other creditors
30,057
25,715
92,204
99,277
ENDEAVOUR HOMES (GATWICK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

The bank and other loans are secured by fixed charges over the associated investment property.

 

Included within 'other creditors' are hire purchase liabilities of £4,800 (2023: £nil) secured over a related fixed asset.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,933,899
1,938,436
Other creditors
1,362,598
1,259,831
3,296,497
3,198,267

The bank and other loans are secured by fixed charges over the associated investment property.

 

Included within 'other creditors' are hire purchase liabilities of £28,923 (2023: £nil) secured over a related fixed asset.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,291,927
1,281,853
Payable other than by instalments
362,545
362,545
1,654,472
1,644,398
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,000
1,000
1,000
1,000
Ordinary B of £1 each
225
225
225
225
Ordinary C of £1 each
25
25
25
25
Ordinary D of £1 each
24
24
24
24
1,274
1,274
1,274
1,274
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