Sigma Homes (Maresfield) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12598535 (England and Wales)

SIGMA HOMES (MARESFIELD) LTD

FINANCIAL STATEMENTS

FOR THE PERIOD 12 MAY 2020 TO 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

O M H Bonavero

G F Potton

REGISTERED OFFICE:

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

REGISTERED NUMBER:

12598535 (England and Wales)

AUDITORS:

Bessler Hendrie LLP

Chartered Accountants

Statutory Auditor

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

CURRENT ASSETS

Stocks

4

2,431,157

Debtors

5

566,815

2,997,972

CREDITORS

Amounts falling due within one year

6

(2,997,872

)

NET CURRENT ASSETS

100

TOTAL ASSETS LESS CURRENT LIABILITIES

100

CAPITAL AND RESERVES

Called up share capital

7

100

SHAREHOLDERS' FUNDS

100

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 December 2021 and were signed on its behalf by:

G F Potton - Director

1.	STATUTORY INFORMATION

Sigma Homes (Maresfield) 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.

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.

Stocks

Stock and work-in-progress is valued at the lower of cost (including direct costs, directly attributable overheads and finance costs) and net realisable value. Where a development is in progress, net realisable value is assessed by considering the expected future revenues and the total costs to complete the development.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Financial instruments

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. All financial assets and liabilities are initially measured at transaction price (including transaction cost). The company has no financial assets measured at fair value through profit or loss. All subsequent remeasurement of financial assets and liabilities are recognised at amortised cost using the effective interest rate method.

The company has no non-basic financial instruments.

Customer care

The company undertakes to make good, by repair or replacement, manufacturing defects that become apparent within two years from the date of sale. These costs are recognised in the period in which they arise.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.

STOCKS

£

Work-in-progress

2,431,157

Finance costs of £120,806 were included in work-in-progress during the year and at 31 March 2021.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

166,833

Other debtors

399,982

566,815

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

767,555

Trade creditors

13,943

Amounts owed to group undertakings

2,214,777

Other creditors

1,597

2,997,872

Bank loans comprise amounts due to Close Brothers Limited. The loans are secured by way of a fixed and floating charge over the land being developed and any other properties and undertakings of the company. This bank loan is subject to interest at 6.5% per annum. As the loan is cancellable on demand, this loan is classified as falling due within one year.

Included in amounts owed to group undertakings is an amount of £2,089,794 due to Sigma Homes Limited that is repayable on demand and subject to interest at SONIA on drawdown plus 9.5% per annum. Sigma Homes Limited had incurred borrowings from third parties totalling £2,089,794 as at 31 March 2021 that were subject to interest at the same rate. The company and Sigma Homes Limited have provided security by way of fixed charge in respect of these amounts over any properties and undertakings of the company. This fixed charge is also registered with the parent entity Sigma Homes Limited.

Included in amounts owed to group undertakings is an amount of £83,246 due to Sigma Homes Limited that is repayable on demand and subject to interest at SONIA on drawdown plus 9.5% per annum. Sigma Homes Limited had incurred borrowings from Y & A Bonavero totalling £83,246 as at 31 March 2021 that were subject to interest at the same rate. The company and Sigma Homes Limited have provided security by way of fixed charge in respect of these amounts over any properties and undertakings of the company. This fixed charge is also registered with the parent entity Sigma Homes Limited. Y&A Bonavero are family members of O M H Bonavero, a company director.

Included in amounts owed to group undertakings is an amount of £41,738 due to Sigma Homes Limited that is repayable on demand and subject to interest at SONIA on drawdown plus 9.5% per annum. Sigma Homes Limited had incurred borrowings from third parties totalling £41,738 as at 31 March 2021 that were subject to interest at the same rate. The company and Sigma Homes Limited have provided security by way of fixed charge in respect of these amounts over any properties and undertakings of the company. This fixed charge is also registered with the parent entity Sigma Homes Limited.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary 'A'

1

100

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Nicholls (Senior Statutory Auditor)

for and on behalf of Bessler Hendrie LLP

9.	RELATED PARTY DISCLOSURES

The company has taken advantages of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, where permissible.

10.	ULTIMATE CONTROLLING PARTY

11.	IMMEDIATE PARENT COMPANY

The immediate parent company is Sigma Homes Limited, a company registered in England and Wales. The consolidated financial statements for Sigma Homes Limited can be obtained from the immediate parent's registered office: Ashbourne House, The Guildway, Old Portsmouth Road, Guildford, Surrey, GU3 1LR.