Company registration number 08730399 (England and Wales)
PALLANT HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
PALLANT HOMES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PALLANT HOMES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr E B Macari
Mr E J Van Der Wee
Company number
08730399
Registered office
Peregrine House
Ford Lane
Ford
Arundel
West Sussex
BN18 0DF
Accountants
TC Group
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
PALLANT HOMES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,375
308
Current assets
Stocks
3,498,222
3,655,032
Debtors
4
24,197
14,817
Cash at bank and in hand
120,085
25,739
3,642,504
3,695,588
Creditors: amounts falling due within one year
6
(2,194,673)
(2,232,548)
Net current assets
1,447,831
1,463,040
Total assets less current liabilities
1,449,206
1,463,348
Provisions for liabilities
8
(379,611)
(341,408)
Net assets
1,069,595
1,121,940
Capital and reserves
Called up share capital
9
100
100
Capital redemption reserve
10
10
Profit and loss reserves
1,069,485
1,121,830
Total equity
1,069,595
1,121,940
PALLANT HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 3 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
Mr E B Macari
Mr E J Van Der Wee
Director
Director
Company registration number 08730399 (England and Wales)
PALLANT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information

Pallant Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Peregrine House, Ford Lane, Ford, Arundel, West Sussex, BN18 0DF.

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.The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Plant and equipment
15% Reducing balance
Fixtures and fittings
25% Straight line
Computers
33% Straight line

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.

1.4
Fixed asset investments

Fixed asset investments, comprising shares in listed companies, are measured at fair value. Realised and unrealised gains and losses are recognised in the profit and loss accounts.

1.5
Stocks

Stock and work in progress represents development costs relating to real estate for resale.

 

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the Stocks to their present location and condition.

PALLANT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash at bank and in hand

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.

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
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PALLANT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
2
2
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 November 2023
843
2,077
1,296
4,216
Additions
242
-
0
1,023
1,265
At 31 October 2024
1,085
2,077
2,319
5,481
Depreciation and impairment
At 1 November 2023
535
2,077
1,296
3,908
Depreciation charged in the year
59
-
0
139
198
At 31 October 2024
594
2,077
1,435
4,106
Carrying amount
At 31 October 2024
491
-
0
884
1,375
At 31 October 2023
308
-
0
-
0
308
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
24,197
14,817
5
Other Creditors

Included in other creditors are loans totalling £1.9m from connected parties. The loans are interest free and repayable on demand.

PALLANT HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
100,000
Trade creditors
206,736
92,710
Corporation tax
10,536
1,227
Other taxation and social security
2,334
3,000
Other creditors
1,975,067
2,035,611
2,194,673
2,232,548
7
Fixed Charges

Martin Roland Bailey holds a fixed charge over the land registered at The Steddles, North End Road, Yapton, BN18 0DT

8
Provisions for liabilities
2024
2023
£
£
General provisions
379,267
341,331
Deferred tax liabilities
344
77
379,611
341,408

General provisions relate to the purchase and development of land.

9
Called up share capital
2024
2023
£
£
Ordinary share capital
100 Ordinary of £1 each
100
100
10
Parent company

Vandermac Limited is the parent company and controlling party at the balance sheet date.

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