Company registration number 07723326 (England and Wales)
OSPREY HOMES (SOUTH EAST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
OSPREY HOMES (SOUTH EAST) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OSPREY HOMES (SOUTH EAST) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
31 August 2024
31 December 2023
Notes
£
£
£
£
Current assets
Stocks
5,847,126
6,176,579
Cash at bank and in hand
796
376
5,847,922
6,176,955
Creditors: amounts falling due within one year
3
(6,332,685)
(6,153,174)
Net current (liabilities)/assets
(484,763)
23,781
Creditors: amounts falling due after more than one year
4
(7,500)
(14,167)
Net (liabilities)/assets
(492,263)
9,614
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(492,363)
9,514
Total equity
(492,263)
9,614
For the financial period ended 31 August 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 period 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 19 May 2025 and are signed on its behalf by:
R L Parker
Director
Company registration number 07723326 (England and Wales)
OSPREY HOMES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Osprey Homes (South East) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Arlington Court, Whittle Way, Stevenage, Hertfordshire, SG1 2FS.
1.1
Reporting period
The current reporting period is presented for the 8 months ended 31 August 2024. The comparative period is for the 12 months ended 31 December 2023.
1.2
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.
1.3
Turnover
Turnover comprises sales of private housing and development properties on legal completion net of VAT.
Revenue on the sale of land is recognised on completion of the sale.
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.
1.4
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost includes attributable overheads.
Land for redevelopment is stated at cost where there is no contract in place and there is reasonable expectation that costs will be recovered at some stage in the future. Where the costs incurred exceed the expected revenue, those excess costs are written off as an expense in the period they are first identified. Interest and finance costs incurred on loans relating to land awaiting development are capitalised whereas interest and finance costs incurred on loans relating to projects under construction are written off to the profit and loss account when incurred.
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.
1.5
Cash and cash equivalents
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.
OSPREY HOMES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
OSPREY HOMES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
3
3
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,063,306
4,100,456
Trade creditors
102,769
Amounts owed to group undertakings
1,166,610
1,052,718
Other creditors
1,000,000
1,000,000
6,332,685
6,153,174
Bank loans and overdrafts are secured on land and buildings held in stock and work in progress.
Included within other creditors is a loan which is secured by a second legal charge over land and buildings held in stock and also a personal guarantee from 2 of the directors up to a maximum of £450,000.
4
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,500
14,167
OSPREY HOMES (SOUTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
6
Parent company
The parent company is Osprey Homes Limited, a company incorporated in England and Wales. The group accounts can be found at 5 Arlington Court, Whittle Way, Stevenage, Hertfordshire, SG1 2FS.