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Citadel Homes (DV1) Limited
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Notes to the financial statements
Year ended 31 March 2025
Citadel Homes (DV1) Limited (the company) operates within the housebuilding industry.
The company is a private company limited by shares, incorporated and domociled in the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Revenue represents the total value of sales from new build properties and land sales, excluding Value Added Tax, made during the year.
Turnover and profit on sales of properties and freehold interests are included in the accounts where completion has taken place by the end of the financial year.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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Stock and work in progress
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Stock and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Management assess the costs held and, where required, will book a provision against the stock.
Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the company.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The company has no employees other than the director, who did not receive any remuneration.
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