Ticehurst Homes Limited - Period Ending 2022-07-31

Ticehurst Homes Limited

(Registration number: 09810924)
Statement of Financial Position as at 31 July 2022

	Note	2022 £	2021 £
Current assets
Debtors	4	189,300	489,300
Cash at bank and in hand		20,414	-
		209,714	489,300
Creditors: Amounts falling due within one year	5	(397,422)	(625,962)
Net liabilities		(187,708)	(136,662)
Capital and reserves
Called up share capital		300	300
Profit and loss account		(188,008)	(136,962)
Shareholders' deficit		(187,708)	(136,662)

For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 16 November 2022 and signed on its behalf by:
 

......................................... Mr L J Newlyn Director

Ticehurst Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 9 Deerhurst Park, Forest Row, East Sussex, RH18 5GD.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Ticehurst Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Debtors

	2022 £	2021 £
Other debtors	189,300	489,300

5

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Accruals and deferred income	3,430	2,700
Other creditors	393,992	623,262
	397,422	625,962

6	Financial commitments, guarantees and contingencies

Potential future management fees

Due to the insolvent position of the company and insufficient cash flow to date, the directors have been unable to charge reasonable management fees for the their time in overseeing this project. With the continued uncertainty of the final overage receivable (see note 8 below) the directors still feel it would be inappropriate to provide for any further management fees at this time but reserve the future right to claim such fees as are considered fair and reasonable, should profits become available at a later date.

7	Related party transactions

Summary of transactions with other related parties

At the year-end the company owed £98,062 (2021: £66,000) to one of the directors and a total of £106,256 (2021: £112,780) to other company members.
 

Ticehurst Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

8	Off-balance sheet arrangements

Potential future overage
Due to the effect on the housing market of the coronavirus, the company sold its development plot for significantly less than originally anticipated. The sale contract allowed for the possibility of further income if the total development sale proceeds exceed a specified amount. The company is currently in negotiations with the developer to crystalise this final amount, prior to the completion of the development, Although this final amount could not be quantified at the year end date, the directors are hopeful of reaching a final agreement during 2023.

9

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors and some of the company's members.