Registered number: 03672268
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Citadel Homes (Cumbria) Limited
Financial statements
Information for filing with the registrar
31 March 2023
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Citadel Homes (Cumbria) Limited
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Balance sheet
At 31 March 2023
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Stocks and work in progress
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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1
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Citadel Homes (Cumbria) Limited
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Balance sheet (continued)
At 31 March 2023
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 December 2023.
Company registered number: 03672268
The notes on pages 3 to 6 form part of these financial statements.
2
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Citadel Homes (Cumbria) Limited
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Notes to the financial statements
Year ended 31 March 2023
Citadel Homes (Cumbria) Limited (the company) operates as a construction contractor company.
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Denton House, Denton Holme Trade Centre, Chapel Place, Carlisle, Cumbria, CA2 5DF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. Property sales are recognised upon completion. Rents are recognised as receivable.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
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Citadel Homes (Cumbria) Limited
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Notes to the financial statements
Year ended 31 March 2023
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Stock and work in progress
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Stocks are stated at the lower of cost and net estimated selling price less selling costs. Cost is based on a weighted average purchase price.
For work in progress, cost is taken as the production cost which includes a proportion of attributable overheads.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4
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Citadel Homes (Cumbria) Limited
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Notes to the financial statements
Year ended 31 March 2023
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 6 (2022 - 6).
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5
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Citadel Homes (Cumbria) Limited
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Notes to the financial statements
Year ended 31 March 2023
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Freehold investment property
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All investment properties were sold in the period.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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During the year, investment properties, valued at £13,000,000, and an associated £5,500,000 loan were transferred from the company to Citadel Homes (RI) Limited.
6
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