Accounts filed on 31-03-2022

10. SHARE PREMIUM ACCOUNT

Share premium account

CITADEL HOMES (CUMBRIA) LIMITED - Company Information


Registered number: 3672268






Citadel Homes (Cumbria) Limited


ACCOUNTS

FOR THE YEAR ENDED 31/03/2022
























Prepared By:
NB Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN


Citadel Homes (Cumbria) Limited


ACCOUNTS
FOR THE YEAR ENDED 31/03/2022





DIRECTORS
D T Montgomery
Mrs H Shields
M Phillips



SECRETARY
M Montgomery


REGISTERED OFFICE
Denton House
Denton Holme Trade Centre
Chapel Place
CA2 5DF


COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 3672268



BANKERS
Handelsbanken



ACCOUNTANTS
NB Lancaster & Co
Chartered Accountants
6 Brunswick Street
Carlisle
Cumbria
CA1 1PN


ACCOUNTS
FOR THEYEARENDED31/03/2022



CONTENTS



		Page

Directors' Report		-

Accountants' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		4


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 31/03/2022

			2022		2021
	Notes		£		£

FIXED ASSETS
Tangible assets	2		13,193,085		14,568,604

CURRENT ASSETS
Stock		-		1,598,384
Debtors	4	2,788,734		58,083
Current Asset Investments	5	-		509,842
Cash at bank and in hand		471,939		2,572,336
		3,260,673		4,738,645
CREDITORS: Amounts falling due within one year	6	9,390,666		787,406
NET CURRENT (LIABILITIES) / ASSETS			(6,129,993)		3,951,239
TOTAL ASSETS LESS CURRENT LIABILITIES			7,063,092		18,519,843


CREDITORS: Amounts falling due after more than one year	7		5,500,000		8,410,339


PROVISIONS FOR LIABILITIES AND CHARGES			36,686		25,675

NET ASSETS			1,526,406		10,083,829

CAPITAL AND RESERVES

Called up share capital			100		379
Share premium account	10		-		7,499,723
Profit and loss account			1,526,306		2,583,727
SHAREHOLDERS' FUNDS			1,526,406		10,083,829

For the year ending 31/03/2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 28/06/2022 and signed on their behalf by



.............................
D T Montgomery
Director


NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/03/2022

1. ACCOUNTING POLICIES




1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .




1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Investment properties are included in the financial statements at fair value. Gains and losses are recognised in the proifit and loss account. No depreciation is provided on such property

Plant And Machinery		reducing balance25%
Fixtures And Fittings		reducing balance15%
Equipment		reducing balance25%
Motor Vehicles		reducing balance20%




1c. Investment Properties
Investment properties are included in the financial statements at open market value. No depreciation is provided on such property.




1d. Stocks
Stocks are stated at the lower of cost and net estimated selling price less selling costs. Cost is based on the weighted average purchase price.
For work in progress, cost is taken as the production cost which includes a proportion of attributable overheads.




1e. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.




1f. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Property sales are recognised upon completion. Rents are recognised as receivable.




1g. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain.




1h. Leases
Assets held under hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of repayments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.




2. TANGIBLE FIXED ASSETS

	Investment	Plant and	Fixtures		Motor
	Properties	Machinery	and Fittings	Equipment	Vehicles	Total
	£	£	£	£	£	£
Cost
At 01/04/2021	14,434,000	100,810	8,638	15,135	123,596	14,682,179
Additions	-	64,000	-	-	89,100	153,100
Disposals	(1,434,000)	(26,455)	-	-	(55,058)	(1,515,513)
At 31/03/2022	13,000,000	138,355	8,638	15,135	157,638	13,319,766
Depreciation
At 01/04/2021	-	46,958	3,708	9,196	53,713	113,575
Disposals	-	(6,614)	-	-	(34,740)	(41,354)
For the year	-	24,502	740	1,485	27,733	54,460
At 31/03/2022	-	64,846	4,448	10,681	46,706	126,681
Net Book Amounts
At 31/03/2022	13,000,000	73,509	4,190	4,454	110,932	13,193,085
At 31/03/2021	14,434,000	53,852	4,930	5,939	69,883	14,568,604




3. STOCK	2022	2021
	£	£
Stock comprises:

Valuation of sites and work in progress	-	1,598,384
	-	1,598,384


4. DEBTORS	2022	2021
	£	£
Amounts falling due within one year
Trade debtors	10,905	3,585
VAT	102,384	54,093
Other debtors	362	2
Amounts due from group companies	2,675,083	-
Prepayments	-	403
	2,788,734	58,083




5. CURRENT ASSET INVESTMENTS
	2022	2021
	£	£
Investment in Citadel Homes LS Limited	-	509,842
	-	509,842




6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2022	2021
	£	£
UK corporation tax	41,870	84,707
Other tax and social security creditors	12,756	16,503
Trade creditors	665,482	335,186
Other creditors	10,520	337,010
Accruals	29,567	14,000
Amounts due to group companies	8,630,471	-
	9,390,666	787,406




7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2022	2021
	£	£
Loan - Svenska Handelsbanken	5,500,000	5,500,000
Directors loan account - D T Montgomery	-	2,910,339
	5,500,000	8,410,339




8. SECURED CREDITORS
	2022	2021
	£	£
Amount of bank loans and overdrafts which are secured	5,500,000	5,500,000

Bank loans are secured by way of fixed and floating charges over the assets of the company.




9. EMPLOYEES

	2022	2021
	No.	No.
Average number of employees	6	8

11. RELATED PARTY TRANSACTIONS

No dividends (2021 - £20,000) were paid to the directors during the year.
No remuneration was paid to a certain director during the year (2021 - None).
At the balance sheet date no loan was owed to a director (2021 - £2,910,339 ). The loan was unsecured and interest free.




12. ADDITIONAL INFORMATION
The company is a private company, limited by shares and registered in England & Wales. The company's registered number is 03672268.
The company's registered office address is Denton House, Denton Holme Trade Centre, Chapel Place, Carlisle, Cumbria CA2 5DF.
The ultimate parent company is Citadel Homes (TC) Limited, a company registered in England & Wales.The registered office and trading address of the parent company is as above.