Shrewsbury Homes (N1) Limited 30/11/2021 iXBRL

Shrewsbury Homes (N1) Limited 30/11/2021 iXBRL

SHREWSBURY HOMES (N1) LIMITED - Company Information

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Company registration number: 09314807
SHREWSBURY HOMES (N1) LIMITED
30 November 2021
HEYWOODS
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SHREWSBURY HOMES (N1) LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SHREWSBURY HOMES (N1) LIMITED
DIRECTORS AND OTHER INFORMATION
Director Mr J M Morris
Company number 09314807
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Black Lion Court
Pulverbatch
Shrewsbury
Shropshire
SY5 8EA
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SHREWSBURY HOMES (N1) LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHREWSBURY HOMES (N1) LIMITED
YEAR ENDED 30 NOVEMBER 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shrewsbury Homes (N1) Limited for the year ended 30 November 2021 as set out on pages 5 to 11 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Shrewsbury Homes (N1) Limited, as a body, in accordance with the terms of our engagement letter dated 5 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Shrewsbury Homes (N1) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shrewsbury Homes (N1) Limited and its director as a body for our work or for this report.
It is your duty to ensure that Shrewsbury Homes (N1) 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 Shrewsbury Homes (N1) Limited. You consider that Shrewsbury Homes (N1) 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 Shrewsbury Homes (N1) 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
15 August 2022
SHREWSBURY HOMES (N1) LIMITED
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 146,070 40,667
_______ _______
146,070 40,667
Current assets
Stock and Work-in-Progress 4,080,469 5,044,191
Debtors 6 823,344 372,700
Cash at bank and in hand 1,453,053 823,886
_______ _______
6,356,866 6,240,777
Creditors: amounts falling due
within one year 7 ( 4,733,824) ( 4,201,263)
_______ _______
Net current assets 1,623,042 2,039,514
_______ _______
Total assets less current liabilities 1,769,112 2,080,181
Creditors: amounts falling due
after more than one year 8 - ( 368,075)
Provisions for liabilities ( 27,417) ( 7,726)
_______ _______
Net assets 1,741,695 1,704,380
_______ _______
Capital and reserves
Called up share capital 26 26
Profit and loss account 1,741,669 1,704,354
_______ _______
Shareholder funds 1,741,695 1,704,380
_______ _______
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr J M Morris
Director
Company registration number: 09314807
SHREWSBURY HOMES (N1) LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 NOVEMBER 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2019 26 633,202 633,228
Profit for the year 1,179,152 1,179,152
_______ _______ _______
Total comprehensive income for the year - 1,179,152 1,179,152
Dividends paid and payable ( 108,000) ( 108,000)
_______ _______ _______
Total investments by and distributions to owners - ( 108,000) ( 108,000)
_______ _______ _______
At 30 November 2020 and 1 December 2020 26 1,704,352 1,704,378
Profit for the year 233,317 233,317
_______ _______ _______
Total comprehensive income for the year - 233,317 233,317
Dividends paid and payable ( 196,000) ( 196,000)
_______ _______ _______
Total investments by and distributions to owners - ( 196,000) ( 196,000)
_______ _______ _______
At 30 November 2021 26 1,741,669 1,741,695
_______ _______ _______
SHREWSBURY HOMES (N1) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2020: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2020 29,966 8,888 25,984 64,838
Additions 7,416 4,728 163,077 175,221
Disposals - - ( 56,674) ( 56,674)
_______ _______ _______ _______
At 30 November 2021 37,382 13,616 132,387 183,385
_______ _______ _______ _______
Depreciation
At 1 December 2020 9,310 1,070 13,793 24,173
Charge for the year 4,117 1,380 14,717 20,214
Disposals - - ( 7,072) ( 7,072)
_______ _______ _______ _______
At 30 November 2021 13,427 2,450 21,438 37,315
_______ _______ _______ _______
Carrying amount
At 30 November 2021 23,955 11,166 110,949 146,070
_______ _______ _______ _______
At 30 November 2020 20,656 7,818 12,191 40,665
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 373,787 89,545
Other debtors 449,557 283,155
_______ _______
823,344 372,700
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 47,014 17,818
Trade creditors 520,238 416,543
Corporation tax 16,652 293,657
Social security and other taxes 12,288 17,492
Other creditors 4,137,632 3,455,753
_______ _______
4,733,824 4,201,263
_______ _______
There are registered charges on the 5 August 2020 and 19 October 2020 in respect of land purchase agreement and fixed and floating charge in favour of Nat West Bank Plc.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts - 368,075
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J M Morris ( 4,756) ( 100,507) - ( 105,263)
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J M Morris ( 15,767) - 11,011 ( 4,756)
_______ _______ _______ _______