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Company No: 11637688 (England and Wales)

# SOLENT PROJECTS (NEW HOMES) LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

SOLENT PROJECTS (NEW HOMES) LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

SOLENT PROJECTS (NEW HOMES) LIMITED

## BALANCE SHEET

As at 31 March 2025
SOLENT PROJECTS (NEW HOMES) LIMITED

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 3,346 |  | 4,461
|  | 3,346 |  | 4,461
Current assets |  |  |  |
Stocks | 4 | 2,710,555 |  | 2,710,903
Debtors | 5 | 26,633 |  | 16,167
Cash at bank and in hand |  | 46,168 |  | 56,963
|  | 2,783,356 |  | 2,784,033
Creditors: amounts falling due within one year | 6 | ( 1,169,700) |  | ( 1,208,493)
Net current assets |  | 1,613,656 |  | 1,575,540
Total assets less current liabilities |  | 1,617,002 |  | 1,580,001
Creditors: amounts falling due after more than one year | 7 | ( 927,500) |  | ( 752,500)
Net assets |  | 689,502 |  | 827,501
Capital and reserves |  |  |  |
Called-up share capital | 8 | 300 |  | 300
Profit and loss account |  | 689,202 |  | 827,201
Total shareholders' funds |  | 689,502 |  | 827,501

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.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Solent Projects (New Homes) Limited (registered number: 11637688) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

Mr A W Jenvey Director |

SOLENT PROJECTS (NEW HOMES) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
SOLENT PROJECTS (NEW HOMES) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Solent Projects (New Homes) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

##### Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 5 |  | 5

#### 3. Tangible assets

| Vehicles |  | Total
| £ |  | £
Cost |  |  |
At 01 April 2024 | 8,395 |  | 8,395
At 31 March 2025 | 8,395 |  | 8,395
Accumulated depreciation |  |  |
At 01 April 2024 | 3,934 |  | 3,934
Charge for the financial year | 1,115 |  | 1,115
At 31 March 2025 | 5,049 |  | 5,049
Net book value |  |  |
At 31 March 2025 | 3,346 |  | 3,346
At 31 March 2024 | 4,461 |  | 4,461

#### 4. Stocks

| 2025 |  | 2024
| £ |  | £
Work in progress (pledged as security - £2,646,000 ) | 2,710,555 |  | 2,710,903

As at the balance sheet date £2,646,000 of work in progress stock was pledged as security for liabilities owed of £925,000.

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 26,633 |  | 16,167

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 10,000 |  | 10,000
Corporation tax | 13,887 |  | 52,387
Other taxation and social security | 1,750 |  | 2,477
Other creditors | 1,144,063 |  | 1,143,629
| 1,169,700 |  | 1,208,493

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured £ 925,000) | 927,500 |  | 752,500

Bank loans are secured and have a fixed and floating charge on the stock of the company.

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
300 Ordinary shares of £ 1.00 each | 300 |  | 300

#### 9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 13,315 |  | 0
between one and five years | 15,110 |  | 0
Total future minimum lease payments under non-cancellable operating leases | 28,425 |  | 0

#### 10. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Key Management | 1,221 |  | 1,221

No interest has been charged on the overdrawn directors loan accounts.