Somersby Homes Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 12106746 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

SOMERSBY HOMES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Directors:

Mr J G C Bourn

Mr H C Bourn

Secretary:

Mr M J Cherry

Registered office:

Turnor Arms

Market Place

Wragby

Market Rasen

Lincolnshire

LN8 5QU

Registered number:

12106746 (England and Wales)

Accountants:

Haines Watts

23 Algitha Road

Skegness

United Kingdom

PE25 2AG

Fixed assets

Tangible assets

4

494,813

385,171

Investment property

5

899,895

271,013

1,394,708

656,184

Current assets

Stocks

6

4,789,970

5,058,125

Debtors

7

48,294

66,691

Cash at bank

145,869

292,653

4,984,133

5,417,469

Creditors

Amounts falling due within one year

8

1,682,992

1,756,572

Net current assets

3,301,141

3,660,897

Total assets less current liabilities

4,695,849

4,317,081

Creditors

Amounts falling due after more than one year

9

(3,383,443

)

(3,479,027

)

Provisions for liabilities

(121,072

)

(96,293

)

Net assets

1,191,334

741,761

Capital and reserves

Called up share capital

12

100

Retained earnings

13

1,191,234

741,661

Shareholders' funds

1,191,334

741,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

Mr H C Bourn - Director

Mr J G C Bourn - Director

1.	Statutory information

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are included in the balance sheet at their open market value (valued by the director). Any aggregate surplus or deficit arising from changes in the market value are transferred to the fair value reserve on an annual basis which will not be distributed. The uplift or deficit will also be shown on the other comprehensive income statement. Any movement on the fair value in future will be subject to deferred taxation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. A provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

3.	Employees and directors

The average number of employees during the year was 5 (2024 - 5 ) .

4.	Tangible fixed assets

Plant and

Motor

machinery

vehicles

Totals

£

Cost

At 1 April 2024

425,181

-

425,181

Additions

75,667

72,732

148,399

At 31 March 2025

500,848

72,732

573,580

Depreciation

At 1 April 2024

40,010

-

40,010

Charge for year

37,242

1,515

38,757

At 31 March 2025

77,252

1,515

78,767

Net book value

At 31 March 2025

423,596

71,217

494,813

At 31 March 2024

385,171

-

385,171

The net book value of tangible fixed assets includes £ 181,692 (2024 - £ 201,880 ) in respect of assets held under hire purchase contracts.

5.	Investment property

Total

£

Fair value

At 1 April 2024

271,013

Additions

628,882

At 31 March 2025

899,895

Net book value

At 31 March 2025

899,895

At 31 March 2024

271,013

The directors are of the opinion that the investment property in the financial accounts is valued at the current market value.

6.

Stocks

2025

2024

£

Stock and work in progress

4,789,970

5,058,125

7.

Debtors: amounts falling due within one year

2025

2024

£

Trade debtors

5,615

3,729

VAT

42,679

62,962

48,294

66,691

8.

Creditors: amounts falling due within one year

2025

2024

£

Hire purchase contracts

50,809

Trade creditors

379,145

438,937

Receipts in advance

4,000

2,157

Corporation tax

120,800

90,351

Social security and other taxes

17,043

11,615

Other creditors

9,635

65,731

Directors' current accounts

1,101,560

1,096,972

1,682,992

1,756,572

9.

Creditors: amounts falling due after more than one year

2025

2024

£

Bank loans (see note 10)

1,000,000

Other loans (see note 10)

646,440

1,251,996

Hire purchase contracts

50,809

152,426

Directors' loan accounts

1,686,194

1,074,605

3,383,443

3,479,027

2025

2024

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan Investec Plc

1,000,000

10.

Loans

An analysis of the maturity of loans is given below:

2025

2024

£

Amounts falling due between one and two years:

Loan K M Bourn Settlement

Trust

150,000

Loan H C Bourn & Son (Farming)

Ltd

496,440

1,101,996

646,440

1,251,996

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Loan Investec Plc

1,000,000

11.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

Bank loans

1,000,000

The Investec loan is secured on Assets of the K M Bourn Settlement Trust held by Investec, the Investec investment portfolio and a personal guarantee by Mr James Bourn (Director) and a personal guarantee from Mr H C Bourn (Trustee).

The loan is on an interest only basis.

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

49

Ordinary A shares

£1

49

51

Ordinary B shares

£1

51

100

13.

Reserves

Retained

earnings

£

At 1 April 2024

741,661

Profit for the year

449,573

At 31 March 2025

1,191,234

14.	Related party disclosures

Mr H C Bourn

Director

During the year the Director introduced £4,588 (2024 - Nil) into the company. The company repaid nil (2024 - nil)of the loan during the year. At the year end date the Director was owed £1,101,560 from the company (2024 - £1,096,972).

Mr J G C Bourn

Director

During the year the Director introduced loans of £611,589 (2024 - £27) into the company. At the year end the director was owed £1,686,194 from the company (2024 - £1,074,605)

The Directors loan will not be repaid in the short term. No interest will be charged on the loan.

The Directors loan will be reviewed on an annual basis.

H R Bourn and Sons (Linwood) Limited

In which Mr H C Bourn is a director

Included in trade creditors is an outstanding balance due to H R Bourn & Sons (Linwood) Limited amounting to £151,125. (2024 - £267,375). Included in trade debtors is an outstanding balance due from H R Bourn & Sons (Linwood) Limited amounting to £2,266. (2024 - £NIL) The liability is being repaid in installments based on property sales.

H C Bourn and Son (Farming) Limited

In which Mr H C Bourn and Mr J G C Bourn are directors

During the year H C Bourn and Son (Farming) Limited introduced a £547,944 (2024 - £1,330,000) loan to the company. Somersby Homes Limited repaid an amount of £1,153,500 (2024 - £1,353,000) back to H C Bourn and Son (Farming) during the year. At the year end, H C Bourn and Son (Farming) Limited was owed £496,440.

2025

2024

£

Amount due to related party at balance sheet date

Mr H C Bourn

Director

1,101,560

1,096,972

Mr J G C Bourn

Director

1,686,194

1,074,605

H R Bourn and Sons (Linwood) Limited

In which Mr H C Bourn is a director

148,859

267,375

H C Bourn and Son (Farming) Limited

In which Mr H C Bourn and Mr J G C Bourn are directors

496,440

1,101,996

15.	Ultimate controlling party

The controlling party is Mr J G C Bourn.