Burgage Homes Limited - Limited company accounts 20.1

REGISTERED NUMBER: 09343018 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2019

for

Burgage Homes Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

Mr J Morley

Mr J E Taylor

Mr S Wright

SECRETARY:

Mr J Heppell

REGISTERED OFFICE:

1 Rio Drive

Collingham

Newark

Nottinghamshire

NG23 7NB

REGISTERED NUMBER:

09343018 (England and Wales)

ACCOUNTANTS:

Mellor Oxland LLP

Quantum House

3-5 College Street

Nottingham

NG1 5AQ

The directors present their report with the financial statements of the company for the year ended 31 December 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of residential property

construction.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2019 to

the date of this report.

Mr J Morley

Mr J E Taylor

Mr S Wright

Other changes in directors holding office are as follows:

Mr S Fitzpatrick - resigned 29 November 2019

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr S Wright - Director

1 September 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for

your approval the financial statements of Burgage Homes Limited for the year ended

31 December 2019 which comprise the Income Statement, Balance Sheet, Statement of Changes

in Equity 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 Board of Directors of Burgage Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Burgage Homes Limited and state those matters that we have agreed to state to the Board of Directors of Burgage Homes Limited, as a body, 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 Burgage Homes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Burgage 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 Burgage Homes Limited. You consider that Burgage 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 Burgage 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.

Mellor Oxland LLP

Quantum House

3-5 College Street

Nottingham

NG1 5AQ

18 September 2020

TURNOVER

2,588,100

6,423,346

Cost of sales

2,486,751

5,299,260

GROSS PROFIT

101,349

1,124,086

Administrative expenses

2,042

1,603

OPERATING PROFIT

99,307

1,122,483

Interest receivable and similar income

326

-

PROFIT BEFORE TAXATION

99,633

1,122,483

Tax on profit

4

18,930

213,272

PROFIT FOR THE FINANCIAL YEAR

80,703

909,211

CURRENT ASSETS

Stocks

5

263,375

1,540,844

Debtors

6

100,037

264,994

Cash at bank

83,292

81,724

446,704

1,887,562

CREDITORS

Amounts falling due within one year

7

19,175

540,736

NET CURRENT ASSETS

427,529

1,346,826

TOTAL ASSETS LESS CURRENT LIABILITIES

427,529

1,346,826

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

9

427,519

1,346,816

427,529

1,346,826

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2020 and were signed on its behalf by:

Mr S Wright - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2018

10

437,605

437,615

Changes in equity

Total comprehensive income

-

909,211

909,211

Balance at 31 December 2018

10

1,346,816

1,346,826

Changes in equity

Dividends

-

(1,000,000

)

(1,000,000

)

Total comprehensive income

-

80,703

80,703

Balance at 31 December 2019

10

427,519

427,529

1.	STATUTORY INFORMATION

Burgage 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.

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 represents property sales, excluding VAT.

Stocks

The stock figure shown in the balance sheet represents work in progress, valued at the

lower of cost and net realisable value. Cost includes all direct costs.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

18,930

213,272

Tax on profit

18,930

213,272

5.

STOCKS

2019

2018

£

£

Work in progress

263,375

1,540,844

6.

DEBTORS

2019

2018

£

£

Amounts falling due within one year:

Other debtors

37

164,994

Amounts falling due after more than one year:

Other debtors

100,000

100,000

Aggregate amounts

100,037

264,994

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

245

27,464

Taxation and social security

18,930

213,272

Other creditors

-

300,000

19,175

540,736

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Shareholder loan

-

300,000

The above loan, which was from Devonshire Avenue Developments Limited was secured by

a fixed and floating charge on the land and buildings known as the land on the north side of

the Burgage, Southwell, NG25 0EP. The loan was repaid during the year.

9.

RESERVES

Retained

earnings

£

At 1 January 2019

1,346,816

Profit for the year

80,703

Dividends

(1,000,000

)

At 31 December 2019

427,519

10.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount due to Devonshire Avenue Developments Limited of

£0 (2019: £300,000), a company which owns 50% of the issued share capital of the

company and has a mutual director. The loan was repaid in April 2019. Interest was charged

at 6%.