Piper Homes (Ebrington) Ltd Filleted accounts for Companies House (small and micro)

PIPER HOMES (EBRINGTON) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10767484

Piper Homes (Ebrington) Ltd

Filleted Financial Statements

31 December 2021

Piper Homes (Ebrington) Ltd

Statement of Financial Position

31 December 2021

	2021	2020
		(restated)
Note	£	£

Current assets

Work in progress		–	3,342,505
Debtors	4	7	8,423
		----	------------
		7	3,350,928

Creditors: amounts falling due within one year	5	–	3,473,395
		----	------------
Net current assets/(liabilities)		7	( 122,467)
		----	---------
Total assets less current liabilities		7	( 122,467)
		----	---------

Capital and reserves

Called up share capital	7	7
Profit and loss account	–	( 122,474)
	----	---------
Shareholders funds/(deficit)	7	( 122,467)
	----	---------

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 income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 21 June 2022 , and are signed on behalf of the board by:

Mr R Parkin

Director

Company registration number: 10767484

Piper Homes (Ebrington) Ltd

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Birmingham Road, Shenstone Wood End, Lichfield, Staffordshire, WS14 0NX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Revenue is recognised as the fair value of the consideration received or receivable on legal completion of a newly built residential property sale and management charges receivable, stated net of discounts and of value added tax. Where the company enters into contracts for the sale of social housing, the company recognises revenue over time for the construction element of such contracts, rather than at legal completion. In circumstances where effective control of the underlying land is transferred to the social housing provider before or during construction, the revenue for the sale of that land is recognised at the point legal control is transferred. Where the land asset has been transferred to the provider, the subsequent construction activity is adding value to the land asset controlled by the customer. For such contracts, revenue for the construction element is recognised by reference to the degree of completion of contract activity at the balance sheet date, as valued by a third-party survey of work performed to date.

Tax

The taxation expense represents the aggregate amount of current and deferred tax /recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Work in progress

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Debtors

	2021	2020
		(restated)
	£	£
Trade debtors	–	( 5,000)
Other debtors	7	13,423
	----	--------
	7	8,423
	----	--------

5. Creditors: amounts falling due within one year

	2021	2020
		(restated)
	£	£
Bank loans and overdrafts	–	2,030,303
Trade creditors	–	851,993
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	314,396
Other creditors	–	276,703
	----	------------
	–	3,473,395
	----	------------

6. Prior period adjustment

The prior year adjustment is in relation to a change of accounting policy for the recognition of revenue. This change relates to the date at which revenue for residential property sales is recognised. Under the previous policy revenue was recognised at the date at which contracts were exchanged on the property, whereas under the new policy, revenue is recognised at the date of legal completion of the property sale. The prior year adjustment ensures that revenue, cost of sales and profit recognised for each residential property sale is recognised in line with the updated accounting policy for revenue recognition to ensure consistency across both periods. The resulting corrections for the prior period were a decrease in revenue of £1,882,500 and a decrease in cost of sales of £1,822,072, being an overall decrease in profit of £60,428. Following a review of accounting policies during 2020, management elected to change the policy on revenue recognition to provide more relevant information to users of the accounts. Where HA contracts had been exchanged, revenue was recognised to the extent that the properties were built. In management's view the revised policy provided more reliable information and more accurately reflected the nature of the transaction. Costs of sales were restated in line with management forecasts that existed at the relevant year end.

7. Summary audit opinion

The auditor's report for the year dated 21 June 2022 was unqualified .

The senior statutory auditor was Sandra Kay Lindley , for and on behalf of Lindley & Co .

8. Ethical standards

Provisions available for Small Entities have been applied and our auditors have assisted with the preparation of the financial statements and submission of returns to the tax authorities.

9. Controlling party

The company is a wholly owned subsidiary of Weser Limited, whose registered office and principal place of business is 168 Birmingham Road, Shenstone Wood End, Lichfield, Staffordshire, WS14 0NX. Weser Limited acquired 100% of the issued share capital from Piper Homes Plc on 11 October 2021.