NORTHCOUNTRY HOMES LIMITED


Director	HARRISON, Jolyon Leonard


Company Secretary	CONDREN, Samantha


Registered Address	Northcountry Homes Limited
	8 Silkwood Park
	Wakefield
	WF5 9TJ


Registered Number	12752799 (England and Wales)

Notes to the Financial Statements
for the year ended 30 September 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	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).

	Judgements and key sources of estimation uncertainty
	The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Judgements and key sources of estimation uncertainty

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.  Actual results may differ from these estimates.  The estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

	Turnover policy
	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.

	Revenue from sale of goods
	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.

Revenue from sale of goods

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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Intangible fixed assets are measured at cost less any accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Land and buildings	50
	Plant and machinery	4
	Fixtures and fittings	4
	Office Equipment	4

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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 and work in progress
	Stocks 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. 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.

Stocks and work in progress

Stocks 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.  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.

	Trade and other 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.

Trade and other 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.

	Trade and other 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.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	20		10

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 October 23	1	1
At 30 September 24	1	1
Net book value
At 30 September 24	1	1
At 30 September 23	1	1

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 October 23	12,502	-	39,873	52,375
Additions	-	189,297	5,791	195,088
At 30 September 24	12,502	189,297	45,664	247,463
Depreciation and impairment
At 01 October 23	2,615	-	15,239	17,854
Charge for year	1,569	14,043	11,140	26,752
At 30 September 24	4,184	14,043	26,379	44,606
Net book value
At 30 September 24	8,318	175,254	19,285	202,857
At 30 September 23	9,887	-	24,634	34,521

5.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 October 23	500	500
Additions	300	300
At 30 September 24	800	800
Net book value
At 30 September 24	800	800
At 30 September 23	500	500

	Notes
	¹Investments in group undertakings and participating interests

6.	Stocks

	2024	2023
	£	£
Other stocks	-	94,780
Total	-	94,780

7.	Debtors: amounts due within one year

	2024	2023
	£	£
Amounts owed by group undertakings	6,597,459	1,620,354
Other debtors	606,732	27,848
Called up share capital not paid, current asset	-	3,000,000
Prepayments and accrued income	18,205	7,315
Deferred tax asset, debtors	1,006,268	-
Total	8,228,664	4,655,517

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	353,709	109,161
Bank borrowings and overdrafts	835	2,890
Amounts owed to related parties	-	500
Taxation and social security	74,735	113,691
Other creditors	92,622	2,542
Accrued liabilities and deferred income	195,216	35,630
Total	717,117	264,414

9.	Creditors: amounts due after one year

	2024	2023
	£	£
Amounts owed to related parties	4,915,001	507,233
Total	4,915,001	507,233

10.	Provisions for liabilities
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		1		1
Tangible assets	4		202,857		34,521
Investments	5		800		500
			203,658		35,022
Current assets
Stocks	6	-		94,780
Debtors	7	8,228,664		4,655,517
Cash at bank and on hand		79,113		232,425
		8,307,777		4,982,722
Creditors amounts falling due within one year	8	(717,117)		(264,414)
Net current assets (liabilities)			7,590,660		4,718,308
Total assets less current liabilities			7,794,318		4,753,330
Creditors amounts falling due after one year	9		(4,915,001)		(507,233)
Net assets			2,879,317		4,246,097
Capital and reserves
Called up share capital			5,882,353		5,882,353
Share premium			117,648		117,648
Profit and loss account			(3,120,684)		(1,753,904)
Shareholders' funds			2,879,317		4,246,097