Registered number
04287795
Smallwood Homes Limited
Unaudited Filleted Accounts
29 September 2024
Smallwood Homes Limited
Registered number: 04287795
Balance Sheet
as at 29 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 85,200 99,400
Tangible assets 4 21,904 30,791
Investments 5 910,942 910,942
1,018,046 1,041,133
Current assets
Stocks 1,238,050 761,095
Debtors 6 731,299 939,200
Cash at bank and in hand 1,805,402 1,613,243
3,774,751 3,313,538
Creditors: amounts falling due within one year 7 (2,173,213) (1,860,983)
Net current assets 1,601,538 1,452,555
Total assets less current liabilities 2,619,584 2,493,688
Creditors: amounts falling due after more than one year 8 (58,730) (90,760)
Net assets 2,560,854 2,402,928
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,560,754 2,402,828
Shareholders' funds 2,560,854 2,402,928
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Spencer
Director
Approved by the board on 25 June 2025
Smallwood Homes Limited
Notes to the Accounts
for the year ended 29 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Tenants improvements 10% s/l
Euipment, fixtures and fittings between 25% & 50% r/b
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 30 September 2023 902,000
Disposals (760,000)
At 29 September 2024 142,000
Amortisation
At 30 September 2023 802,600
Provided during the year 14,200
On disposals (760,000)
At 29 September 2024 56,800
Net book value
At 29 September 2024 85,200
At 29 September 2023 99,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Tenants improvement Equipment, fixtures & fittings Total
£ £ £
Cost
At 30 September 2023 37,860 389,880 427,740
At 29 September 2024 37,860 389,880 427,740
Depreciation
At 30 September 2023 22,716 374,233 396,949
Charge for the year 3,786 5,101 8,887
At 29 September 2024 26,502 379,334 405,836
Net book value
At 29 September 2024 11,358 10,546 21,904
At 29 September 2023 15,144 15,647 30,791
5 Investments
Other
investments
£
Cost
At 30 September 2023 910,942
At 29 September 2024 910,942
6 Debtors 2024 2023
£ £
Trade debtors 14,886 1,787
Other debtors 716,413 937,413
731,299 939,200
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,330 30,830
Obligations under finance lease and hire purchase contracts 4,250 4,250
Trade creditors 525,884 264,185
Taxation and social security costs 137,569 179,616
Directors loan account 1,392,980 1,306,769
Other creditors 83,200 75,333
2,173,213 1,860,983
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 54,499 82,245
Obligations under finance lease and hire purchase contracts 4,231 8,515
58,730 90,760
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 92,310 113,075
Security is given by way of a debenture and third party charge deposit.
10 Other information
Smallwood Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
227 Gresty Road
Crewe
Cheshire
CW2 5AA
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