Registration number:
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Upton New Homes Limited
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Upton New Homes Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Upton New Homes Limited
Company Information
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Directors |
G R Warr A V Warr A G Warr C J Warr M B Warr |
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Registered office |
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Accountants |
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Upton New Homes Limited
Statement of Financial Position as at 30 September 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net liabilities |
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( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(17,314) |
(914) |
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Shareholders' deficit |
(17,214) |
(814) |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
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G R Warr
Director
Company registration number: 14793314
Upton New Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of residential property development.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had a net asset deficiency of £17,214 including cash at bank of £9,837 as at 30 September 2024.
The directors have considered the effect of the ongoing economic uncertainty in the United Kingdom and the directors' view is that the impact will be manageable. The company is in its infancy, incorporating in the prior year, and the directors are confident that the company will be profitable once it matures and is fully operational.
On the basis of the above, and after making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the directors continue to adopt the going concern basis in preparing the financial statement.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that
future economic benefits will flow to the entity and specific criteria have been met for each of the company's
activities.
Revenue from the sale of property developments is recognised on exchange of contracts.
Upton New Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stock relates to development stock. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company during the year, was
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Stocks |
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2024 |
2023 |
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Development land stock |
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Debtors |
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2024 |
2023 |
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Other debtors |
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Upton New Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Accruals and deferred income |
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Other creditors |
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Related party transactions |
Included within other creditors is an amount of £489,999 (2023: £Nil) due to Real-X (Developments) Limited, a company in which G R Warr, M B Warr, A G Warr, A V Warr and C J Warr are directors and shareholders.
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Transactions with directors |
Included within other debtors is an amount of £25,620 (2023: £Nil) due from the directors. During the year advances of £59,693 and repayments of £34,074 were made. Interest of £620 (2023: £Nil) has been charged at an annual rate of 2.25% on cumulative net overdrawn balances and no set repayment terms are in place.