Hope Homes (Chapelton) Limited - Accounts to registrar (filleted) - small 23.2.5
Hope Homes (Chapelton) Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Audited Financial Statements |
| for the Period 1 April 2022 to 30 June 2023 |
| for |
| Hope Homes (Chapelton) Limited |
| Hope Homes (Chapelton) Limited (Registered number: SC577735) |
| Contents of the Financial Statements |
| for the Period 1 April 2022 to 30 June 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Hope Homes (Chapelton) Limited |
| Company Information |
| for the Period 1 April 2022 to 30 June 2023 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| 147 Bath Street |
| Glasgow |
| G2 4SN |
| Hope Homes (Chapelton) Limited (Registered number: SC577735) |
| Balance Sheet |
| 30 June 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Hope Homes (Chapelton) Limited (Registered number: SC577735) |
| Notes to the Financial Statements |
| for the Period 1 April 2022 to 30 June 2023 |
| 1. | STATUTORY INFORMATION |
| Hope Homes (Chapelton) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on a going concern basis which assumes the company will continue to be in operation for a period of 12 months from the date of approval. |
| The company is in the process of finalising all matters in relation to a recent house-building project. Thereafter the directors will consider the future use and benefit of the company if any. At the moment however the company is active , continues to meet its commitments as they fall due and the directors are of the view that this will continue to be the case. On that basis the accounts have been prepared on a going concern basis. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Hope Homes (Chapelton) Limited (Registered number: SC577735) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2022 to 30 June 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
| The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities: |
| Loans and other receivables |
| Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses. |
| Other financial liabilities |
| Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value. |
| Impairment of financial instruments |
| A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed by group undertakings |
| Tax |
| VAT |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Amounts owed to group undertakings |
| Tax |
| Other creditors |
| Accruals and deferred income |
| Hope Homes (Chapelton) Limited (Registered number: SC577735) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2022 to 30 June 2023 |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 7. | CONTINGENT LIABILITIES |
| As at 30 June 2023, there were in existence bonds in relation to roads to the value of £80,000 (2022: £241,040) which have been guaranteed by the company. |
| 8. | RELATED PARTY DISCLOSURES |
| The company has taken advantage 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. |
| 9. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
| In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
| 10. | ULTIMATE CONTROLLING PARTY |
| Hope Homes (Chapelton) Limited a wholly-owned subsidiary of Hope Homes (Scotland) Limited. Hope Homes (Scotland) Limited was wholly purchased by Velocity Modular Limited (company number SC649487) during the period under review on 30 November 2022.The Director, J Higgins, is the ultimate controlling party by virtue of her 100% shareholding in Velocity Modular Ltd, which prepares consolidated financial statements for the group. Hope Homes (Chapelton) Limited and Velocity Modular Ltd have the same registered office address. |
| 11. | CHANGE OF REPORTING PERIOD |
| The company extended its reporting period from 31 March 2023 to 30 June 2023 to be coterminous with the group. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. |