Registration number:
Classic Homes (South West) Limited
for the Year Ended 31 March 2025
Classic Homes (South West) Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Classic Homes (South West) Limited
(Registration number: 08515333)
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
2024 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
3 |
3 |
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Profit and loss account |
225,518 |
89,884 |
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Shareholders' funds |
225,521 |
89,887 |
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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Classic Homes (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of the purchasing and developing real estate for sale.
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of homes is recognised when the significant risks and rewards of ownership of the homes have transferred to the buyer (at the legal completion date); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Classic Homes (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Accounting policies (continued) |
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Classic Homes (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Stocks |
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2025 |
2024 |
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Finished goods and goods for resale |
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Debtors |
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2025 |
2024 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Classic Homes (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Related party transactions |
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Transactions with directors |
During the year the directors entered into the following advances and credits with the company:
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2025 |
At 1 April 2024 |
At 31 March 2025 |
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Directors |
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2024 |
At 1 April 2023 |
At 31 March 2024 |
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Directors |
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Summary of transactions with entities with joint control or significant interest
A balance of £2,137 owed to Astec (South West) Limited, a company in which the directors have control or joint control, was written off in year.