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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
COMPANY INFORMATION
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AMETHYST HOMES LIMITED
CONTENTS
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AMETHYST HOMES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The Directors present their strategic report together with the audited financial statements for the year ended 31st January 2025.
During the financial year the business was active on three developments, namely Regents Park in Consett, The Pastures in Northumberland and Vallum Heights in Newcastle, with legal completions being taken off all three. This resulted in the total number of new homes legally completed in the year of 48 new homes (2024: 44 new homes).
Turnover increased by just over 30% to £12.29m (2023: £9.44m, however gross profit has decreased to £1.548m (2024: £2.218m). The retained profit after tax for the year was £504k (2024: £657k). This decrease is a direct result of reduced margins being achieved by the business due to build cost inflation on completed homes. The Company's liquidity ratios have increased slightly in comparison with the previous year, and whilst bank liquidity has reduced, this is a direct result of the investment made into the infrastructure on the two new developments. Balance sheet value has also increased following another profitable year, and as a consequence the company's risk profile continues to improve. The business remains focused on delivering high quality well priced homes for a range of purchasers from first time buyers to family homes, to downsizers. Our products range from traditional two-story homes as well as a wide range of bungalows, allowing a broad range of available house types. Our key values of Health and Safety and Our Customers Experience remain our focus and drive for the business. The Health, Safety and general wellbeing of our staff, subcontractors and customers remains our number one priority. Our performance is measured monthly and regularly reviewed by the Board. Customer satisfaction is measured on a plot-by-plot basis. During the financial year, we continued to use the services of an external company to carry out customer satisfaction surveys on our behalf. We were delighted to receive a Gold Award for the third year running, with a customer satisfaction score of 97%. We also retained the 5* rating in the HBF Customer Satisfaction Survey in our second year of participation, again demonstrating our continued commitment to quality and customer satisfaction. The medium-term objective is to deliver 125 units per annum on sites within the North East of England. This objective will be achieved by: developing high quality homes; producing returns on capital employed in line with industry benchmarks; maintaining good liquidity; and increasing the land bank with planning consent.
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AMETHYST HOMES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The primary operating risks for the company centre around the economy as a whole and its direct impact on the private house building industry.
General economic and global factors remain challenges to business as this continues to affect all aspects of the industry’s labour and supply chain. Securing land in the right locations remains a key focus to ensure profitable managed growth for the business. However, the ongoing challenge of the planning system, has impacted the business by delaying new developments in the year, and continues to frustrate the business. The above risks are being continually monitored and strategies have been developed, together with the strengthening of internal processes to minimise any adverse effects. These are reviewed monthly by the Board.
The business uses reservation rates, legal completions achieved, revenue, gross profit, and net profit margins together with liquidity ratios to monitor financial performance. These key performance indicators are reviewed by the Board on an ongoing basis.
Health & Safety and Customer Satisfaction are also monitored and results form part of our KPI’s for the business as a whole. These are reviewed monthly by the Board.
While the uncertainty created by the current economic climate cannot be ignored, the past twelve months has been used as an opportunity to focus the management team on the business's key objectives.
In addition, investment into new developments, will generate additional liquidity for the business, enabling the company to generate strong and sustainable growth in the years ahead. The business will continue to manage its operations in a controlled manner, taking into account the external impacts that the general economic environment creates. We are confident that, given the general undersupply of new homes throughout the region, that the business is in good shape to deliver it’s short- and medium-term growth plans in a controlled and well managed way.
This report was approved by the board on 29 October 2025 and signed on its behalf.
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AMETHYST HOMES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The directors present their report and the financial statements for the year ended 31 January 2025.
The profit for the year, after taxation, amounted to £504,115 (2024 - £657,357).
There have been no significant events affecting the Company since the year end.
Future developments, which would otherwise be disclosed in the directors' report, are instead disclosed in the strategic report as permitted by section 414C(11) of the Companies Act 2006
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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AMETHYST HOMES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The auditors, Kinnair Associates Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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AMETHYST HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETHYST HOMES LIMITED
We have audited the financial statements of Amethyst Homes Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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AMETHYST HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETHYST HOMES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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AMETHYST HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETHYST HOMES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the Company through discussions with management; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - • making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - • performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management as to actual and potential litigation and claims. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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AMETHYST HOMES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMETHYST HOMES LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Redburn Road
NE5 1NB
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AMETHYST HOMES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
REGISTERED NUMBER: 08541286
BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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AMETHYST HOMES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Amethyst Homes Limited is a private company, company number 08541286, limited by shares and incorporated in England and Wales. The registered office is Steel House, Ponds Court Business Park, Genesis Way, Consett, County Durham, DH8 5XP.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The accounts have been prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Estimated selling price less costs to complete and sell is based on the estimated selling price in an arm's length transaction less any estimated completion or selling costs that will be expected to be incurred in the transaction. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised. At each balance sheet date, the directors undertake a review of its stock and work in progress to establish if any stock or work in progress is slow-moving or has become obsolete. Where any write-downs of stock become necessary to reduce the value from cost to estimated selling price less costs to complete and sell, such write-downs are recognised as an expense in profit or loss in the period in which the write-down or loss occurs.
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Significant judgements in applying the entity's accounting policies Stock and work in progress are carried at the lower of cost and net realisable value. Net realisable value represents the estimated selling price (in the ordinary course of business) less all estimated costs to completion and overheads. Valuations of site / phase work in progress are carried out at regular intervals and estimates of the costs to complete a site / phase and estimates of anticipated revenues are required to enable a development profit to be determined. Management are required to employ considerable judgement in estimating the profitability of a site / phase and in assessing any impairment provisions which may be required. Gross profit is recognised for completed houses based on the latest whole site / phase gross margin which is an output of the site / phase valuation. These valuations, which are updated at frequent intervals throughout the life of the site / phase use actual and forecast selling prices, land and construction costs and are sensitive to future movements in both estimated costs to complete and expected selling prices. Forecast selling prices are inherently uncertain due to changes in market conditions. In preparing these financial statements, the directors do not consider there to have been any other significant judgements that were required in the process of applying the company's accounting policies. Key sources of estimation uncertainty. Estimates included within the financial statements include depreciation charges and asset impairments (for example provision against stock and debtors). None of the estimates made in the preparation of these financial statements are considered to carry significant estimation uncertainty, nor bear significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Analysis of turnover by country of destination:
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
11.Taxation (continued)
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
11.Taxation (continued)
The rate of corporation tax throughout the period was 25% and this was the rate of corporation tax enacted at the balance sheet date. Accordingly, the company's profits for this period are taxed at an effective rate of 25% (2024: 24.03%). The Company is eligible to claim Land Remediation Tax Relief which will lower tax charges.
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The retail units at Regents Court, Consett, have been included for the first time this year, at a cost of £999,687, which is the directors' best estimate of an open market value at the balance sheet date. The cost was transferred from work in progress upon completion of the project and the retail units are being retained by the company as an investment property.
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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AMETHYST HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
20.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
The company provides a defined contribution scheme for its employees. The amount recognised as an expense for the year was £37,201 (2024: £53,270).
At 31 January 2024 there was a balance of £4,900 due from Mr G Coils, a director of the company. The amount was repaid in full during the year and there was no balance due from the director at 31 January 2025.
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