BLUE_SPRUCE_HOMES_HAMPSTE - Accounts


Company registration number 11248882 (England and Wales)
BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
Richard Anthony
Chartered Accountants and Registered Auditors
BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
2,736,472
2,634,631
Debtors
3
3,201
10,632
Cash at bank and in hand
3,100
2,836
2,742,773
2,648,099
Creditors: amounts falling due within one year
4
(791,125)
(611,704)
Net current assets
1,951,648
2,036,395
Creditors: amounts falling due after more than one year
5
(1,893,905)
(1,983,934)
Net assets
57,743
52,461
Capital and reserves
Called up share capital
6
60,001
60,001
Profit and loss reserves
(2,258)
(7,540)
Total equity
57,743
52,461

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 9 December 2022 and are signed on its behalf by:
A Hull
Director
Company Registration No. 11248882
BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information

Blue Spruce Homes Hampstead Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Gadd House, Arcadia Avenue, London, N3 2JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises the cost of aquisition and, where applicable, development costs.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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 companies and preference shares that are classified as debt, 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
2
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
-
0
7,526
Prepayments and accrued income
3,201
3,106
3,201
10,632
BLUE SPRUCE HOMES HAMPSTEAD LIMITED
(FORMERLY LONDON PROPERTY VENTURES HAMPSTEAD LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
25,000
-
0
Trade creditors
4,033
12,299
Taxation and social security
12
-
0
Other creditors
762,080
599,405
791,125
611,704
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,266,250
1,309,020
Other creditors
627,655
674,914
1,893,905
1,983,934

Included in the other creditors are loans amounting to £540,000 owed to the shareholders, which are interest free and payable upon the sale of the property.

 

Included in the bank loans is £50,000 owed to Metro Bank under Coronavirus Bounce Back Loan Scheme, and £1,216,250 owed to QIB (UK) PLC.

 

QIB (UK) PLC holds a legal charge of 16 March 2021 against the company over the property known as 24 Station Approach, Tadworth, Surrey, KT20 5AH with title number SY754523, which also contains fixed and floating charges, and negative pledge.

6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60,001
60,001
60,001
60,001
7
Related party transactions

At the balance sheet date the following amounts were owed to the following companies under common control, which are payable on demand:

 

Blue Spruce Homes 500 Ltd     £648,950 (2020: £456,684)

Blue Spruce Homes 250 Ltd        £63,581 (2020: £53,590)

Blue Spruce Homes Management Ltd    £43,863 (2020: £32,977)

Blue Spruce Homes 100 Ltd        £150 (2020: £33,849)

 

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