BuildWales Homes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03012437 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2021

for

BUILDWALES HOMES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D J Medlock

P J Medlock

J F Yerbury

SECRETARY:

A C Ambridge

REGISTERED OFFICE:

St George's Lodge

33 Oldfield Road

Bath

Somerset

BA2 3NE

REGISTERED NUMBER:

03012437 (England and Wales)

ACCOUNTANTS:

Haines Watts

Bath House

6-8 Bath Street

Bristol

BS1 6HL

CURRENT ASSETS

Stocks

-

3,028,754

Debtors

4

587,487

7,549

Cash at bank

12,911

2,171

600,398

3,038,474

CREDITORS

Amounts falling due within one year

5

(29,699

)

(2,814,623

)

NET CURRENT ASSETS

570,699

223,851

TOTAL ASSETS LESS CURRENT LIABILITIES

570,699

223,851

CAPITAL AND RESERVES

Called up share capital

6

247,644

247,644

Retained earnings

323,055

(23,793

)

SHAREHOLDERS' FUNDS

570,699

223,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 July 2022 and were signed on its behalf by:

D J Medlock - Director

1.	COMPANY INFORMATION

BuildWales Homes Limited 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.

The principal activity of the company in the year under review was that of property development.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of land and property provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by group undertakings

587,487

-

VAT

-

7,549

587,487

7,549

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

102,154

Amounts owed to group undertakings

-

2,712,469

Tax

29,699

-

29,699

2,814,623

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

247,644

Ordinary shares

£1.00

247,644

247,644

7.	CONTINGENT LIABILITIES

The company is party to an Omnibus Guarantee and Set-Off Agreement dated 28 May 2020 in favour of the company's bankers covering all companies in the groups headed by Project Finance Limited, Chatleigh Holdings Limited, Panda Sanctuaries Holdings Limited and Plymouth House Offices Limited. At 31 October 2021 the potential liability was £Nil (2020: £Nil).

8.	RELATED PARTY DISCLOSURES

Project Finance Limited is the parent company. During the year, the company made payments to Project Finance Limited of £3,299,956. At the year end Project Finance Limited owed the company £587,487 (2020: £2,712,469 due to Project Finance Limited). The loan is interest free and has no set date of repayment.