D & R Homes (Fleet) Limited Filleted accounts for Companies House (small and micro)

D & R HOMES (FLEET) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10906612

D & R Homes (Fleet) Limited

Filleted Financial Statements

For the year ended

31 October 2020

D & R Homes (Fleet) Limited

Statement of Financial Position

31 October 2020

	2020	2019
Note	£	£

Current assets

Stocks		3,205,332	2,125,960
Debtors	4	1,582	3,165
Cash at bank and in hand		63,822	48,231
		------------	------------
		3,270,736	2,177,356

Creditors: amounts falling due within one year	5	1,851,003	891,410
		------------	------------
Net current assets		1,419,733	1,285,946
		------------	------------
Total assets less current liabilities		1,419,733	1,285,946

Creditors: amounts falling due after more than one year	6	1,236,163	1,236,163
		------------	------------
Net assets		183,570	49,783
		------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	183,470	49,683
	---------	--------
Shareholders funds	183,570	49,783
	---------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 28 July 2021 , and are signed on behalf of the board by:

R I Spenceley
Director

Company registration number: 10906612

D & R Homes (Fleet) Limited

Notes to the Financial Statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Enterprise House, 38 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, Cambs, PE2 6LR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. During the year the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the director and shareholders remain committed to the protection of the business. This is being regularly reviewed. The directors have prepared the financial statements on a basis other than going concern as it is expected within the next 12 months the company will have sold all its remaining units and the intention is the company will cease to trade. No material adjustments arose as a result of preparing the accounts on a basis other than going concern.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: 1 Subordinated shareholder loans The company has subordinated loans from its shareholders. These have been disclosed in the balance sheet as undiscounted, interest free shareholder loans in creditors due over more than one year as they are quasi equity instruments and necessary as part of the funding and investment agreements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable the sale of completed property sales.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stock and work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion, finance and other costs incurred in bringing the stock and work in progress to its present location and condition.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

4. Debtors

	2020	2019
	£	£
Other debtors	1,582	3,165
	-------	-------

5. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	1,734,394	642,641
Trade creditors	1,074	167,393
Amounts owed to group undertakings and undertakings in which the company has a participating interest	67,966	65,189
Social security and other taxes	43,036	11,654
Other creditors	4,533	4,533
	------------	---------
	1,851,003	891,410
	------------	---------

6. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	586,163	586,163
Other creditors	650,000	650,000
	------------	------------
	1,236,163	1,236,163
	------------	------------

The amounts owed to group undertakings is an unsecured subordinated loan. Other creditors is an unsecured subordinated shareholder loan. Both subordinated loans are interest free and repayable within 5 years of the loan agreement or earlier if agreed by the shareholders .

7. Summary audit opinion

The auditor's report for the year dated 28 July 2021 was unqualified.

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

8. Controlling party

The company is under the control of D & R Property (Services) Ltd, a company incorporated in England and the financial statements are available from Companies House. The ultimate controlling party is R Spenceley.