| REGISTERED NUMBER: |
| Financial Statements for the Period 1 April 2024 to 30 September 2024 |
| for |
| Dagenham New Homes Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Period 1 April 2024 to 30 September 2024 |
| for |
| Dagenham New Homes Limited |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Contents of the Financial Statements |
| for the Period 1 April 2024 to 30 September 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Dagenham New Homes Limited |
| Company Information |
| for the Period 1 April 2024 to 30 September 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Foresters Hall |
| 25/27 Westow Street |
| Upper Norwood |
| London |
| SE19 3RY |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Abridged Balance Sheet |
| 30 September 2024 |
| 30/9/24 | 31/3/24 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 4 | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Retained earnings | 6 | ( |
) | ( |
) |
| 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. |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Abridged Balance Sheet - continued |
| 30 September 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Notes to the Financial Statements |
| for the Period 1 April 2024 to 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Dagenham New Homes Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has fulfilled the purpose for which it was incorporated, that is to redevelop the property at Transport House, 56-58 New Road, Dagenham Essex RM0 6YS into residential units as main contractor for London Borough of Barking and Dagenham. |
| The company has reported a net loss of £748,258 for the period. This is attributable to higher than anticipated costs. At the Balance Sheet date the sum of the company's liabilities exceeded the sum of its assets by £1.52m. |
| As at the date of approval of these financial statements the company owed £3.1m to its main contractor in relation to the project. The director is hopeful that agreement can be reached, allowing the company to pay a reduced sum in full and final settlement of the amounts owed. If agreement cannot be reached the director may have no realistic alternative than to place the company into a creditors voluntary liquidation. |
| The circumstances described above constitute a material uncertainty that casts significant doubt about the company's ability to continue as a going concern for at least twelve months from the date of approval of these financial statements. |
| In the director's opinion there is no difference between the amounts stated in the financial statements if prepared on a going concern basis, and those had the financial statements been prepared on a cessation basis. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| The preparation of these financial statements requires the directors to note judgements and estimates that affect the reported amount of assets and liabilities at the balance sheet date and the reported profits for the financial year. |
| (i) Contract income and profit - the valuation of percentage completion of contracts involves an estimation of the costs to complete and remaining revenues which may differ from the actual costs incurred and total revenues received on completion. Judgement is required to assess whether the total eventual profit on each contract can be foreseen with reasonable certainty. |
| Estimates and judgements are continually evaluated and are based on a number of factors including historical experience and expectations of future events that are believed to be reasonable under the circumstances. |
| Turnover |
| Revenue is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be measured reliably. |
| Turnover relates to contract income; proceeds from the sale of properties and; related activities during the period. Contract Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. This is usually based on independent professional surveys of work performed. Provision is made for the full amount of foreseeable losses on contracts. Turnover in respect of the sale of properties is recognised at the fair value of the consideration received or receivable on legal completion. |
| Stocks |
| Long term contract balances are stated at net cost less foreseeable losses less any applicable payments on account. Foreseeable losses in excess of net cost are disclosed separately as provisions for liabilities and charges. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like loans from banks and other third parties. |
| Debt instruments which are payable or receivable within one year are measured at the undiscounted amount of cash consideration expected to be paid or received. |
| Debt instruments which are payable or receivable after more than one year are initially measured at the fair value of the cash consideration and thereafter at amortised cost using the effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was NIL (2024 - NIL). |
| 4. | PROVISIONS FOR LIABILITIES |
| 30/9/24 | 31/3/24 |
| £ | £ |
| Other provisions | 197,203 | - |
| Dagenham New Homes Limited (Registered number: 13776282) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2024 to 30 September 2024 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30/9/24 | 31/3/24 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| Attached to the shares are a right to vote in general meetings, a right to receive dividends if declared by the company and a right to participate in distributions of capital, including on winding up.The shares do not confer any right of redemption. |
| 6. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2024 | ( |
) |
| Deficit for the period | ( |
) |
| At 30 September 2024 | ( |
) |
| 7. | RELATED PARTY DISCLOSURES |
| Cost of Sales for the period includes transactions of £9.54m with a corporate entity controlled by the company's Director. At the Balance Sheet date £5.78m was owed to that entity by the company for those services. |
| 8. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |