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Registered number: 12275759 SOMERSET HOMES LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 OCTOBER 2025
SOMERSET HOMES LTD REGISTERED NUMBER: 12275759 BALANCE SHEET AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 4 | 422,000 |  | 422,000 |
Debtors: amounts falling due within one year | 5 | 65,000 |  | 65,000 |
Cash at bank and in hand |  | 481 |  | 14,448 |
|  | 487,481 |  | 501,448 |
Creditors: amounts falling due within one year | 6 | (844,532) |  | (751,426) |
Net current liabilities |  |  | (357,051) |  | (249,978)
Total assets less current liabilities |  |  | (357,051) |  | (249,978)
Net liabilities |  |  | (357,051) |  | (249,978)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 502 |  | 502
Profit and loss account |  |  | (357,553) |  | (250,480)
|  |  | (357,051) |  | (249,978)
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2026.
M. Hall
Director
The notes on pages 4 to 6 form part of these financial statements. Page 1
SOMERSET HOMES LTD REGISTERED NUMBER: 12275759 BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2025 Page 2
SOMERSET HOMES LTD STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 OCTOBER 2020 AND YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 22 November 2023 | 500 | (174,801) | (174,301)
Loss for the year | - | (75,679) | (75,679)
Contributions by and distributions to owners |  |  |
Shares issued during the year | 2 | - | 2
At 1 November 2024 | 502 | (250,480) | (249,978)
Loss for the year | - | (107,073) | (107,073)
At 31 October 2025 | 502 | (357,553) | (357,051)
| The notes on pages 4 to 6 form part of these financial statements.
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SOMERSET HOMES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Somerset Homes Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 12275759. The address of the registered office is Calder & Co, 30 Orange Street, London, WC2H 7HF. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.3 | Stocks
Property held for development is stated at the lower of cost, which includes costs directly associated with the acquisition and development of the project, and net realisable value. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.7 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of Page 4
SOMERSET HOMES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.7 | Financial instruments (continued)
financial assets and liabilites like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence impairment is found, an impairment loss is recognised in the Statement of comprehensive income including profit and loss account. Financial assets and liabilties are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
3. | Employees
| The Company has no employees other than the directors who did not receive any remuneration (2023: £Nil).
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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SOMERSET HOMES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
4. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Stock | 422,000 | 422,000
|  | 422,000 | 422,000
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 65,000 | 65,000
|  | 65,000 | 65,000
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 842,432 | 749,326
| Accruals | 2,100 | 2,100
|  | 844,532 | 751,426
7. | Related party transactions
| During the year, the company received loans amounting to £37,500 (2024: £68,400) from M. McGowan and £6,600 (2024: £11,800) from M. Hall, who are both directors of the company. Interest is payable on these loans at 8% per annum. At the balance sheet date an amount of £712,955 (2024: £635,366) was due to M. McGowan and £129,477 (2024: £113,960) was due to M. Hall.
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