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

REGISTERED NUMBER: 04953246 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 DECEMBER 2019 TO 31 DECEMBER 2020

FOR

RESOLUTION HOMES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr E W H Lawley

Mr C T Porter

SECRETARY:

Mr E W H Lawley

REGISTERED OFFICE:

Moulsoe Business Centre

Cranfield Road

Moulsoe

Milton Keynes

Buckinghamshire

MK16 0FJ

REGISTERED NUMBER:

04953246 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

43,944

59,024

Investments

5

1

1

43,945

59,025

CURRENT ASSETS

Stocks

6

677,686

208,800

Debtors

7

961,281

681,911

Cash at bank and in hand

19,388

72,610

1,658,355

963,321

CREDITORS

Amounts falling due within one year

8

1,620,782

948,679

NET CURRENT ASSETS

37,573

14,642

TOTAL ASSETS LESS CURRENT LIABILITIES

81,518

73,667

CREDITORS

Amounts falling due after more than one year

9

(3,302

)

-

PROVISIONS FOR LIABILITIES

11

(439

)

(2,720

)

NET ASSETS

77,777

70,947

CAPITAL AND RESERVES

Called up share capital

12

100

100

Retained earnings

13

77,677

70,847

SHAREHOLDERS' FUNDS

77,777

70,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2020 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2021 and were signed on its behalf by:

Mr E W H Lawley - Director

Mr C T Porter - Director

1.	STATUTORY INFORMATION

Resolution Homes 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, to reclassify fixed assets as current assets and to provide for any further liabilities that may arise.

Changes in accounting policies

The current period's financial statements represent a 13 month period to 31 December 2020, the prior period represents a 12 month period to 30 November 2019.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 and 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 period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 9 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2019

and 31 December 2020

78,800

16,880

17,200

14,919

127,799

DEPRECIATION

At 1 December 2019

35,123

15,181

4,300

14,171

68,775

Charge for period

10,920

424

3,225

511

15,080

At 31 December 2020

46,043

15,605

7,525

14,682

83,855

NET BOOK VALUE

At 31 December 2020

32,757

1,275

9,675

237

43,944

At 30 November 2019

43,677

1,699

12,900

748

59,024

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Motor

vehicles

£

COST

At 1 December 2019

and 31 December 2020

17,200

DEPRECIATION

At 1 December 2019

4,300

Charge for period

3,225

At 31 December 2020

7,525

NET BOOK VALUE

At 31 December 2020

9,675

At 30 November 2019

12,900

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 December 2019

and 31 December 2020

1

NET BOOK VALUE

At 31 December 2020

1

At 30 November 2019

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Resolution Homes (2019) Ltd

Registered office: Moulsoe Business Centre Cranfield Road, Moulsoe, Newport Pagnell, Buckinghamshire, England, MK16 0FJ

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

31.12.20

30.11.19

£

£

Aggregate capital and reserves

1

1

6.

STOCKS

31.12.20

30.11.19

£

£

Work-in-progress

677,686

208,800

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.11.19

£

£

Trade debtors

29,593

562,640

Amounts owed by group undertakings

50

-

Other debtors

854,639

87,750

Value added tax

76,999

31,521

961,281

681,911

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

30.11.19

£

£

Other loans (see note 10)

3,000

-

Hire purchase contracts and finance leases

12,570

24,391

Trade creditors

577,138

354,545

Amounts owed to group undertakings

19,951

-

Taxation

11,473

8,649

Social security and other taxes

22,664

25,754

Other creditors

718,523

349,768

Directors' current accounts

252,913

183,022

Accruals

2,550

2,550

1,620,782

948,679

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

30.11.19

£

£

Hire purchase contracts and finance leases

3,302

-

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.20

30.11.19

£

£

Amounts falling due within one year or on demand:

Other loans

3,000

-

11.	PROVISIONS FOR LIABILITIES

31.12.20

30.11.19

£

£

Deferred tax

Accelerated capital allowances

439

2,720

Deferred

tax

£

Balance at 1 December 2019

2,720

Credit to Profit and Loss Account during period

(2,281

)

Balance at 31 December 2020

439

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

30.11.19

value:

£

£

100

Ordinary

£1

100

100

13.

RESERVES

Retained

earnings

£

At 1 December 2019

70,847

Profit for the period

6,830

At 31 December 2020

77,677