Highworth Homes Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07964850 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Highworth Homes Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Slattery

S M Slattery

Mrs P A Slattery

Mrs C Slattery

REGISTERED OFFICE:

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

REGISTERED NUMBER:

07964850 (England and Wales)

ACCOUNTANTS:

Morley & Co (UK) Ltd

Chartered Certified Accountants,

2 Cricklade Court

Old Town

Swindon

Wiltshire

SN1 3EY

FIXED ASSETS

Tangible assets

4

33,326

47,584

CURRENT ASSETS

Stocks

340,552

1,278,160

Debtors

5

171,285

8,182

Cash at bank

335,128

13,264

846,965

1,299,606

CREDITORS

Amounts falling due within one year

6

341,542

276,051

NET CURRENT ASSETS

505,423

1,023,555

TOTAL ASSETS LESS CURRENT LIABILITIES

538,749

1,071,139

CREDITORS

Amounts falling due after more than one year

7

(25,751

)

(533,859

)

PROVISIONS FOR LIABILITIES

(5,993

)

(8,680

)

NET ASSETS

507,005

528,600

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

506,705

528,300

SHAREHOLDERS' FUNDS

507,005

528,600

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2023 and were signed on its behalf by:

S M Slattery - Director

1.	STATUTORY INFORMATION

Highworth 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.

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.

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

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on 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.

Taxation

Taxation for the year 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 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.

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.

Financial instruments

Basic financial instruments, including trade and other receivables and payables, cash and bank balances, bank loans and loans to or from other group companies are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 March 2022

and 28 February 2023

12,904

67,021

5,646

85,571

DEPRECIATION

At 1 March 2022

11,258

23,339

3,390

37,987

Charge for year

1,190

12,205

863

14,258

At 28 February 2023

12,448

35,544

4,253

52,245

NET BOOK VALUE

At 28 February 2023

456

31,477

1,393

33,326

At 28 February 2022

1,646

43,682

2,256

47,584

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

Motor

vehicles

£

COST

At 1 March 2022

and 28 February 2023

58,525

DEPRECIATION

At 1 March 2022

15,798

Charge for year

11,705

At 28 February 2023

27,503

NET BOOK VALUE

At 28 February 2023

31,022

At 28 February 2022

42,727

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

59,105

-

Other debtors

112,180

8,182

171,285

8,182

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Finance leases

8,108

8,108

Trade creditors

7,497

10,200

Taxation and social security

4,327

62,233

Other creditors

321,610

195,510

341,542

276,051

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Finance leases

25,751

33,859

Other creditors

-

500,000

25,751

533,859