Beech Homes Limited - Filleted accounts

Beech Homes Limited - Filleted accounts

BEECH HOMES LIMITED - Company Information

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Registered number
08323489
Beech Homes Limited
Filleted Accounts
31 December 2022
Beech Homes Limited
Registered number: 08323489
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Investments 3 100 100
Current assets
Stocks 7,410 7,410
Debtors 4 680,755 671,488
688,165 678,898
Creditors: amounts falling due within one year 5 - (1,198)
Net current assets 688,165 677,700
Net assets 688,265 677,800
Capital and reserves
Called up share capital 200 200
Profit and loss account 688,065 677,600
Shareholders' funds 688,265 677,800
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Leach
Director
Approved by the board on 24 July 2023
Beech Homes Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes for work done. Turnover from property sales represents the value of properties sold during the year and is recognised as at the date of completion of each sale.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary or joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature and provided it is probable they will be recovered.
Financial instruments
The company has elected to apply the provisions of section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments. Financial instruments are recognised 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2022 100
At 31 December 2022 100
4 Debtors 2022 2021
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 647,256
Other debtors 680,755 24,232
680,755 671,488
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors - 1,198
6 Loans to directors
Interest charged at official rates, repayable on demand B/fwd Interest charged Repaid C/fwd
£ £ £ £
S Knott
Loan 18,869 241 (19,110) -
18,869 241 (19,110) -
7 Related party transactions
Loan interest was charged at 3% per annum on a loan to a related party. The balance outstanding at the balance sheet date and included in other debtors was £675,392 (2021 £nil). The loan is owed by a related party related through common ownership and directorship and is repayable on demand.

The company has taken advantage of exemptions of FRS102 section 33.1A from disclosing transactions with fellow group companies.
8 Controlling party
The company was under the control of B Leach during the current and previous accounting period.
9 Other information
Beech Homes Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 Deanland Business Park
Deanland Road
Hailsham
East Sussex
BN27 3RP
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