Company Registration No. 11166928 (England and Wales)
Harrington Homes (SW) Limited
Unaudited accounts
for the year ended 31 March 2022
Harrington Homes (SW) Limited
Unaudited accounts
Contents
Harrington Homes (SW) Limited
Company Information
for the year ended 31 March 2022
Directors
G Hughes
M Ashton
Company Number
11166928 (England and Wales)
Registered Office
Orchard House
Clyst St. Mary
Exeter
Devon
EX5 1BR
Accountants
The Fresh Accountancy Company Limited
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Harrington Homes (SW) Limited for the year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Harrington Homes (SW) Limited for the year ended
31 March 2022 as set out on pages
5 -
8 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 icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
The Fresh Accountancy Company Limited
Chartered Accountants
Orchard House
Clyst St Mary
Exeter
Devon
EX5 1BR
9 August 2022
Harrington Homes (SW) Limited
Statement of financial position
as at 31 March 2022
Tangible assets
5,393
12,550
Inventories
8,407,921
3,880,737
Cash at bank and in hand
22,564
13,036
Creditors: amounts falling due within one year
(2,249,270)
(277,136)
Net current assets
7,049,049
4,204,254
Total assets less current liabilities
9,054,892
4,216,884
Creditors: amounts falling due after more than one year
(8,277,165)
(4,778,587)
Net assets/(liabilities)
777,727
(561,703)
Called up share capital
150
150
Profit and loss account
777,577
(561,853)
Shareholders' funds
777,727
(561,703)
For the year ending 31 March 2022 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2022 and were signed on its behalf by
G Hughes
Director
Company Registration No. 11166928
Harrington Homes (SW) Limited
Notes to the Accounts
for the year ended 31 March 2022
Harrington Homes (SW) Limited is a private company, limited by shares, registered in England and Wales, registration number 11166928. The registered office is Orchard House, Clyst St. Mary, Exeter, Devon, EX5 1BR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance basis
Investments in shares are included at fair value.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Harrington Homes (SW) Limited
Notes to the Accounts
for the year ended 31 March 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
-
5,359
5
Investments
Subsidiary undertakings
Valuation at 1 April 2021
80
Fair value adjustments
2,000,000
Valuation at 31 March 2022
2,000,450
Investments in subsidiaries are measured at cost less impairment.
Harrington Homes (SW) Limited
Notes to the Accounts
for the year ended 31 March 2022
Amounts falling due within one year
Amounts due from group undertakings etc.
631,605
344,456
Deferred tax asset
218,211
218,211
Accrued income and prepayments
2,071
4,409
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
9,308
7,896
Obligations under finance leases and hire purchase contracts
-
1,785
Trade creditors
130,418
195,921
Amounts owed to group undertakings and other participating interests
1,993,234
42,030
Taxes and social security
115,094
27,757
Other creditors
1,216
1,747
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
8,277,165
4,774,625
Obligations under finance leases and hire purchase contracts
-
3,962
9
Transactions with related parties
At the year end, 31 March 2022, there were loans amounting to £631,605 (2021: £344,456) due from other entities within the group. These loans were unsecured and interest free.
At the year end, 31 March 2022, there were loans amounting to £1,993,234 (2021: £42,030) due to other entities within the group. These loans were unsecured and interest free.
The controlling party is TAG Holdings Limited
11
Average number of employees
During the year the average number of employees was 14 (2021: 9).
