Company No:
Contents
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Current assets | ||||
| Stocks | 3 |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 1,718,971 | 889,847 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (27,986) | (12,427) | ||
| Total assets less current liabilities | (27,986) | (12,427) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Cornish Premier Homes Limited (registered number:
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Mrs D Pascoe
Director |
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.
Cornish Premier 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 Lowin House, Tregolls Road, Truro, TR1 2NA, 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 £.
The company has purchased development land on which it will build residential housing, with work having commenced on the development. Continued support will be provided by the directors and related entities until the residential housing is ready for sale.
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.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If the stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment is recognised immediately in profit or loss.
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.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| £ | £ | ||
| Work in progress |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to Parent undertakings |
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| Other creditors |
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Included in other creditors is a loan from Steadfast Homes (South West) Limited of £393,030 (2024 £nil) which is secured by a charge over land owned by the company.
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| Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
| 2025 | 2024 | ||
| £ | £ | ||
| Mr M D Pascoe | 447 | 447 |
The company operates a loan account with the director, Mr M D Pascoe. At the balance sheet date the amount due to Mr M D Pascoe was £447 (2024 £447).
Other related party transactions
Hugafins Co Limited
(Parent company)
The company operates a loan account with Hugafins Co Limited. At the balance sheet date the amount due to Hugafins Co Limited was £1,176,745 (2024 £703,578). No interest is charged on this loan during the year.
MHE Holdings Limited
(A company holding a participating interest)
The company operates a loan account with MHE Holdings Limited. At the balance sheet date the amount due to MHE Holdings Limited was £137,812 (2024 £136,852). No interest is charged on this loan during the year.
MJH Carpentry & Construction Limited
(A company in which the director Mr M J Harris is a director)
The company operates a loan account with MJH Carpentry & Construction Limited. At the balance sheet date the amount due to MJH Carpentry & Construction Limited was £32,162 (2024 £59,497). No interest is charged on this loan in the year.
Steadfast Homes (South West) Limited
(A company in which the directors Mr M J Harris and Mr M D Pascoe are directors)
The company operates a loan account with Steadfast Homes (South West) Limited. At the balance sheet date the amount due to Steadfast Homes (South West) Limited was £393,030 (2024 £nil). No interest is charged on this loan in the year.
Parent Company:
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| Beechwood, South Drive, Tehidy, Camborne, Cornwall TR14 0EZ |