Resolution Homes (MM) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09636335 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

FOR

RESOLUTION HOMES (MM) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E W H Lawley

Mr C T Porter

Mr J P Cavill

REGISTERED OFFICE:

The Loft

111 Dunstable Street

Ampthill

Bedfordshire

MK45 2NG

REGISTERED NUMBER:

09636335 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

CURRENT ASSETS

Stocks

4

519,995

367,207

Debtors

5

75,937

653

Cash at bank and in hand

25,539

25,040

621,471

392,900

CREDITORS

Amounts falling due within one year

6

222,735

151,387

NET CURRENT ASSETS

398,736

241,513

TOTAL ASSETS LESS CURRENT LIABILITIES

398,736

241,513

CREDITORS

Amounts falling due after more than one year

7

395,276

241,999

NET ASSETS/(LIABILITIES)

3,460

(486

)

CAPITAL AND RESERVES

Called up share capital

10

4

4

Retained earnings

3,456

(490

)

SHAREHOLDERS' FUNDS

3,460

(486

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by:

Mr E W H Lawley - Director

Mr J P Cavill - Director

1.	STATUTORY INFORMATION

Resolution Homes (MM) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The directors continue to adopt the going concern basis of accounting despite the current economic impact as a result of COVID-19. The directors consider that the available reserves and the availability of continued financial support will ensure the required working capital be in place for the company to continue operations for the foreseeable future. If the company were unable to continue to trade adjustments would have to be made to reduce the value of assets to their realisable amount, long-term liabilities as current liabilities, and to provide for any further liabilities that may arise.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of VAT. Turnover includes revenue earned from the sale of properties.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.

STOCKS

30.6.21

30.6.20

£

£

Work-in-progress

519,995

367,207

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Amounts owed by participating interests

68,876

-

Other debtors

-

653

Value added tax

7,061

-

75,937

653

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts (see note 8)

4,724

-

Other loans (see note 8)

131,696

-

Trade creditors

7,911

20,084

Amounts owed to participating interests

-

34,225

Taxation

811

-

Value added tax

-

15

Other creditors

-

13,687

CIS payable

-

13,296

Directors' current accounts

56,000

1,978

Deferred income

-

1,000

Accruals

21,593

67,102

222,735

151,387

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans (see note 8)

45,276

-

Directors' loan accounts

350,000

241,999

395,276

241,999

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

15,661

-

15,661

-

8.

LOANS

An analysis of the maturity of loans is given below:

30.6.21

30.6.20

£

£

Amounts falling due within one year or on demand:

Bank loans

4,724

-

Other loans

131,696

-

136,420

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

29,615

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

15,661

-

15,661

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

John Parton Cavill

350,000

-

United Trust Bank Limited

109,100

-

459,100

-

The director loan is secured by way of a fixed charge over the freehold property.

The bank loans is secured by way of a fixed and floating charge on the propery concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.21

30.6.20

value:

£

£

3

Ordinary A

£1

3

3

1

Ordinary B

£1

1

1

4

4