11FIVE_DEVELOPMENTS_LTD_28_Feb_2025_companies_house_set_of

11five Developments Ltd

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of 11five Developments Ltd

Period ended

28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the

financial statements

11five Developments Ltd

for the period ended

28 February 2025

which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of

11five Developments Ltd

, as a body, in accordance with the terms of my engagement letter dated 2 April 2025. My work has been undertaken solely to prepare for your approval the

financial statements

11five Developments Ltd

and state those matters that I have agreed to state to the Board of Directors of

11five Developments Ltd

, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than

11five Developments Ltd

and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that

11five Developments Ltd

has kept adequate accounting records and to prepare statutory

financial statements

that give a true and fair view of the assets, liabilities, financial position and loss of

11five Developments Ltd

. You consider that

11five Developments Ltd

is exempt from the statutory audit requirement for the period.

I have not been instructed to carry out an audit or a review of the financial statements of 11five Developments Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Thirlwell & Co Chartered Accountants

4 Church Street

Swinton

Mexborough

South Yorkshire

S64 8QA

United Kingdom

Date:

30 October 2025

		28 Feb 2025
Fixed assets
Tangible assets	5	535
Current assets
Stocks		322,168
Debtors	6	5,417
Cash at bank and in hand		28,900
		356,485
Creditors: amounts falling due within one year	7	(367,360	)
Net current liabilities		(10,875	)
Total assets less current liabilities		(10,340	)
Capital and reserves
Called up share capital		120
Profit and loss account		(10,460	)
Shareholders deficit		(10,340	)

11five Developments Ltd

Notes to the Financial Statements

Period ended

28 February 2025

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

115 Sandygate

Wath Upon Dearne

Rotherham

South Yorkshire

S63 7PN

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets.

The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover and Customer Deposits

Turnover is measured at the fair value of the consideration received or receivable, net of value added tax. Revenue from the sale of properties is recognised when the significant risks and rewards of ownership have transferred to the buyer, which is normally on legal completion.

Revenue from construction contracts is recognised in proportion to the stage of completion of the work at the reporting date, when the outcome of the contract can be reliably measured. The stage of completion is determined by reference to costs incurred to date as a proportion of the estimated total contract costs, or by other suitable methods where appropriate. Where the outcome of a contract cannot be reliably estimated, revenue is recognised only to the extent of costs incurred that are expected to be recoverable. Expected contract losses are recognised immediately as an expense.

Deposits or stage payments received from customers in advance of the transfer of property or the performance of construction services are recorded as liabilities within other creditors. These amounts are released to turnover when the related revenue recognition criteria are satisfied.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Plant and machinery	20% straight line
Office equipment	25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks and Work in progress

Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Properties held for sale, including land and development expenditure, are included within stocks at cost, which comprises the purchase price of land and development costs incurred, together with attributable overheads and borrowing costs directly related to development activity where applicable. Construction work in progress is valued at cost plus recognised profits, less any provisions for foreseeable losses and less progress billings, with cost including direct materials, direct labour, subcontractor charges and an appropriate proportion of attributable overheads. Where the estimated selling price, less costs to complete and sell, is lower than cost, a provision is made for the resulting diminution in value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial assets, including trade and other debtors and cash at bank, are initially recognised at transaction price and subsequently measured at amortised cost, less any impairment. Financial assets are reviewed for objective evidence of impairment at each reporting date and an impairment loss is recognised in the where necessary.

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price and subsequently measured at amortised cost. Bank loans are recognised at the proceeds received, net of direct issue costs, and are subsequently measured at amortised cost using the effective interest method. Interest and other costs of finance are charged to the account as incurred.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Borrowing costs

Borrowing costs are recognised as an expense in the profit and loss in the period in which they are incurred.

4 Average number of employees

The average number of persons employed by the company during the period was nil.

5 Tangible assets

	Plant and machinery etc.
	£
Cost
At 18 February 2024	-
Additions	565
At 28 February 2025	565
Depreciation
At 18 February 2024	-
Charge	30
At 28 February 2025	30
Carrying amount
At 28 February 2025	535

6 Debtors

	28 Feb 2025
	£
Other debtors	5,417

7 Creditors: amounts falling due within one year

	28 Feb 2025
	£
Bank loans and overdrafts	291,352
Trade creditors	4,485
Other creditors	71,523
	367,360

At 28 February 2025 the company had borrowings of £291,352 in respect of a loan facility of up to £350,000. By the year end, £300,000 of the facility had been drawn down. The loan was repayable within twelve months of the agreement date and bore interest in accordance with the facility terms. It was secured by a legal charge over the company’s property at Biscay Lane, Wath Upon Dearne, Rotherham and supported by personal guarantees provided by the directors.

8 Guarantees and other financial commitments

The company’s borrowings are supported by personal guarantees given by the directors, Mr Anthony James Hoe and Mrs Danielle Hoe, who are jointly and severally liable for repayment of the company’s obligations. No amounts have been called under these guarantees.

9 Events after the end of the reporting period

Subsequent to the year end the £350,000 loan facility, of which £300,000 had been drawn at the balance sheet date, was settled in full.

The company then entered into a new agreement under which up to £250,000 may be drawn in staged advances.

The new loan bears interest at 1.2 per cent per month on amounts drawn, with interest-only instalments payable monthly. The principal is repayable within twelve months of the agreement date, with an option to extend subject to a renewal fee. The facility is secured by a legal charge over the company’s property at Biscay Lane, Wath Upon Dearne, Rotherham, and is supported by joint and several personal guarantees provided by the directors.

In addition, the company entered into a further loan agreement with a third-party lender for £100,000. This facility carries interest at 15 per cent per annum and is repayable within twelve months of the advance. The loan is unsecured but is supported by joint and several personal guarantees provided by the directors.

		28 Feb 2025
	Note	£
Fixed assets
Tangible assets	5	535
Current assets
Stocks		322,168
Debtors	6	5,417
Cash at bank and in hand		28,900
		356,485
Creditors: amounts falling due within one year	7	(367,360	)
Net current liabilities		(10,875	)
Total assets less current liabilities		(10,340	)
Capital and reserves
Called up share capital		120
Profit and loss account		(10,460	)
Shareholders deficit		(10,340	)