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Registration number: 02938488

Albany Homes Southern Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Albany Homes Southern Limited

Contents

Company Information

1

Director's Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Albany Homes Southern Limited

Company Information

Director

Mr CA Wheeler

Company secretary

Mrs SP Wheeler

Registered office

Nursery Barn
Church Lane
Albourne
West Sussex
BN6 9BZ

Accountants

Melrose Accountants
Accountants
62 Florence Road
Brighton
East Sussex
BN1 6DJ

 

Albany Homes Southern Limited

Director's Report for the Year Ended 31 March 2025

The director presents his report and the financial statements for the year ended 31 March 2025.

Director of the company

The director who held office during the year was as follows:

Mr CA Wheeler

Principal activity

The principal activity of the company is the construction of new houses and the provision of services for the construction industry

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 August 2025
 

.........................................
Mrs SP Wheeler
Company secretary

.........................................
Mr CA Wheeler
Director

 

Albany Homes Southern Limited

(Registration number: 02938488)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

4

1,400,000

1,400,000

Current assets

 

Stocks

5

746,757

714,977

Debtors

6

177,341

144,614

Cash at bank and in hand

 

51,835

1,585

 

975,933

861,176

Creditors: Amounts falling due within one year

7

(801,302)

(625,660)

Net current assets

 

174,631

235,516

Total assets less current liabilities

 

1,574,631

1,635,516

Creditors: Amounts falling due after more than one year

7

(781,576)

(781,576)

Provisions for liabilities

(38,000)

(38,000)

Net assets

 

755,055

815,940

Capital and reserves

 

Called up share capital

8

10

10

Other reserves

162,000

162,000

Retained earnings

593,045

653,930

Shareholders' funds

 

755,055

815,940

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 11 August 2025
 

 

Albany Homes Southern Limited

(Registration number: 02938488)
Statement of Financial Position as at 31 March 2025

.........................................
Mr CA Wheeler
Director

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Nursery Barn
Church Lane
Albourne
West Sussex
BN6 9BZ

These financial statements were authorised for issue by the director on 11 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Office equipment

25% straight line

Leasehold Properties

over the term of the lease

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 2).

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Investment properties

2025
£

At 1 April

1,400,000

At 31 March

1,400,000

There has been no valuation of investment property by an independent valuer.

5

Stocks

2025
£

2024
£

Work in progress

746,757

714,977

6

Debtors

Current

Note

2025
£

2024
£

Amounts owed by related parties

175,382

141,826

Prepayments

 

-

1,172

Other debtors

 

1,959

1,616

   

177,341

144,614

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Trade creditors

 

2,327

12,366

Amounts owed to group undertakings and undertakings in which the company has a participating interest

203,642

203,642

Taxation and social security

 

662

-

Accruals and deferred income

 

-

1,250

Other creditors

 

594,671

408,402

 

801,302

625,660

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

781,576

781,576

8

Share capital

Allotted, called up and fully paid shares

 

Albany Homes Southern Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

2025

2024

No.

£

No.

£

ordinary shares of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

781,576

781,576