Acorah Software Products - Accounts Production 16.3.350 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 04927562 Mr S T Hignett Mr N A Latter Mr J R Stack Mr S T Hignett true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04927562 2023-10-31 04927562 2024-10-31 04927562 2023-11-01 2024-10-31 04927562 frs-core:CurrentFinancialInstruments 2024-10-31 04927562 frs-core:ShareCapital 2024-10-31 04927562 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 04927562 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04927562 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 04927562 frs-bus:SmallEntities 2023-11-01 2024-10-31 04927562 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 04927562 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 04927562 1 2023-11-01 2024-10-31 04927562 frs-bus:Director1 2023-11-01 2024-10-31 04927562 frs-bus:Director2 2023-11-01 2024-10-31 04927562 frs-bus:Director3 2023-11-01 2024-10-31 04927562 frs-bus:CompanySecretary1 2023-11-01 2024-10-31 04927562 frs-countries:EnglandWales 2023-11-01 2024-10-31 04927562 2022-10-31 04927562 2023-10-31 04927562 2022-11-01 2023-10-31 04927562 frs-core:CurrentFinancialInstruments 2023-10-31 04927562 frs-core:ShareCapital 2023-10-31 04927562 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 04927562
Weald Homes Ltd
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04927562
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 119,395 119,395
Cash at bank and in hand 2,460 2,162
121,855 121,557
Creditors: Amounts Falling Due Within One Year 5 (60,120 ) (58,221 )
NET CURRENT ASSETS (LIABILITIES) 61,735 63,336
TOTAL ASSETS LESS CURRENT LIABILITIES 61,735 63,336
NET ASSETS 61,735 63,336
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 61,734 63,335
SHAREHOLDERS' FUNDS 61,735 63,336
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S T Hignett
Director
12 May 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Weald Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04927562 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
The Company's principal activity continues to be that of the development of new residential property.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
  • the Company has transferred the significant risks and rewards of ownership to the buyer;
  • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of revenue can be measured reliably;
  • it is probable that the Company will receive the consideration due under the transaction; and
  • the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. 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.
2.4. Financial Instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
...CONTINUED
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2.4. Financial Instruments - continued
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 
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.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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.
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2.5. Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
2.6. Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 118,505 118,505
Other debtors 890 890
119,395 119,395
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,813 -
Other creditors 58,307 58,221
60,120 58,221
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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7. Financial Instruments
The company has the following financial instruments:
2024 2023
£ £
Financial assets
Financial assets measured at fair value through profit and loss - 2,162
Financial liabilities
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
8. Directors Advances, Credits and Guarantees
Included in other creditors due within one year are loans from the directors, Mr S T Hignett amounting to £(57,088) (2023 - (£56,868)) and Mr N A Latter amounting to £(40) (2023 - (£40)).
9. Related Party Disclosures
The directors, Mr N A Latter and Mr J R Stack are also directors and shareholders in Bower Lane Limited, a UK registered company. During the year £NIL loans (2023 - £10,000) were made to Bower Lane Limited. At the year end a balance of £118,505 (2023 - £118,505) included in other debtors was due from Bower Lane Limited.
10. Controlling Parties
The Company was controlled throughout the current and previous period by its director, Mr S T Hignett, by virtue of the fact that he owns all of the Company's ordinary issued share capital.
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