| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| for |
| Worthington Homes Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 28 February 2025 |
| for |
| Worthington Homes Limited |
| Worthington Homes Limited (Registered number: 05712144) |
| Contents of the Financial Statements |
| for the Year Ended 28 February 2025 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 9 |
| Worthington Homes Limited |
| Company Information |
| for the Year Ended 28 February 2025 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Russell Chambers |
| 61a North Street |
| Keighley |
| West Yorkshire |
| BD21 3DS |
| Worthington Homes Limited (Registered number: 05712144) |
| Statement of Financial Position |
| 28 February 2025 |
| 28.2.25 | 29.2.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks | 7 |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Worthington Homes Limited (Registered number: 05712144) |
| Statement of Financial Position - continued |
| 28 February 2025 |
| The financial statements were approved by the director and authorised for issue on |
| Worthington Homes Limited (Registered number: 05712144) |
| Notes to the Financial Statements |
| for the Year Ended 28 February 2025 |
| 1. | STATUTORY INFORMATION |
| Worthington Homes Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. The director believes that this is valid because the major creditor is the directors himself, and he has expressed his continued support for the company. |
| Tangible fixed assets |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Worthington Homes Limited (Registered number: 05712144) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets |
| Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss and any subsequent reversal is recognised in the profit and loss. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated party without imposing additional restrictions. |
| Financial liabilities |
| Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Worthington Homes Limited (Registered number: 05712144) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 March 2024 |
| and 28 February 2025 |
| DEPRECIATION |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 March 2024 |
| Additions |
| Revaluations | 47,724 |
| At 28 February 2025 |
| NET BOOK VALUE |
| At 28 February 2025 |
| At 29 February 2024 |
| Fair value at 28 February 2025 is represented by: |
| £ |
| Valuation in 2017 | 279,305 |
| Valuation in 2018 | 218,444 |
| Valuation in 2019 | 36,013 |
| Valuation in 2020 | 124,624 |
| Valuation in 2021 | 50,000 |
| Valuation in 2022 | 387,769 |
| Valuation in 2023 | 207,500 |
| Valuation in 2024 | 313,368 |
| Valuation in 2025 | 47,724 |
| Cost | 4,465,253 |
| 6,130,000 |
| Worthington Homes Limited (Registered number: 05712144) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 7. | STOCKS |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Work-in-progress |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Accrued expenses |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Bank loans (see note 11) |
| Directors' loan accounts | 3,042,751 |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| 11. | LOANS |
| An analysis of the maturity of loans is given below: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst | 2,582,620 | 2,312,792 |
| Worthington Homes Limited (Registered number: 05712144) |
| Notes to the Financial Statements - continued |
| for the Year Ended 28 February 2025 |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 28.2.25 | 29.2.24 |
| £ | £ |
| Bank loans |
| The director has guaranteed the bank loan. |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 28.2.25 | 29.2.24 |
| value: | £ | £ |
| Share capital 1 | £1 | 900 |
| 14. | ULTIMATE CONTROLLING PARTY |
| The director controls the company. |
| Chartered Accountants' Report to the Director |
| on the Unaudited Financial Statements of |
| Worthington Homes Limited |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Worthington Homes Limited for the year ended 28 February 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Worthington Homes Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Worthington Homes Limited and state those matters that we have agreed to state to the director of Worthington Homes Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Worthington Homes Limited and its director for our work or for this report. |
| It is your duty to ensure that Worthington Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Worthington Homes Limited. You consider that Worthington Homes Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Worthington Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Russell Chambers |
| 61a North Street |
| Keighley |
| West Yorkshire |
| BD21 3DS |