Tennyson Homes Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03505379 (England and Wales)

Financial Statements

for the Year Ended 28 February 2023

for

Tennyson Homes Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr H J Roe

Mr S P Roe

Mr G Finney

Mrs W J Roe

Mrs S M O Roe

Miss H P Dunn

Miss C H Shaw

Miss I C Lister

Miss R P Roe

Mr S H D Roe

Miss E Roe

Mrs R Moseley

REGISTERED OFFICE:

Roe House

Boundary Lane

South Hykeham

LINCOLN

Lincolnshire

LN6 9NQ

REGISTERED NUMBER:

03505379 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

NatWest Bank Plc

225 High Street

LINCOLN

Lincolnshire

LN2 1AZ

FIXED ASSETS

Tangible assets

4

27,166

51,793

CURRENT ASSETS

Stocks

5

13,093,021

14,051,620

Debtors

6

46,998

47,048

Cash at bank

1,611,841

1,175,845

14,751,860

15,274,513

CREDITORS

Amounts falling due within one year

7

3,637,066

6,298,850

NET CURRENT ASSETS

11,114,794

8,975,663

TOTAL ASSETS LESS CURRENT LIABILITIES

11,141,960

9,027,456

CREDITORS

Amounts falling due after more than one year

8

(420,000

)

(660,000

)

PROVISIONS FOR LIABILITIES

(6,792

)

(9,840

)

NET ASSETS

10,715,168

8,357,616

CAPITAL AND RESERVES

Called up share capital

521,304

521,295

Retained earnings

10,193,864

7,836,321

SHAREHOLDERS' FUNDS

10,715,168

8,357,616

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 27 September 2023 and were signed on its behalf by:

Mr S P Roe - Director

Mr H J Roe - Director

1.	STATUTORY INFORMATION

Tennyson 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.

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.

Significant judgements and estimates

Estimates and judgements are continually evaluated by the directors and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed asset lives and residual values

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Judgement is applied in determining the residual values of fixed assets by assessing the amount that the company would currently obtain for disposing of the asset in the condition it is expected to be in at the end of its useful life. The estimation of useful lives is based on historic performance as well as expectations about future use. Useful lives are reviewed to reflect current estimates of technological advancement, future investment policy, economic utilisation and the physical condition of the asset.

Tangible fixed assets acquired on finance agreements are depreciated over their estimated useful lives. The estimate of residual value at the end of the lease is based on what the depreciated amount would have been at this date if the asset was depreciated over its useful life using a residual value at the end of its useful life.

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.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Stock and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value inclusive of attributable overheads. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress includes properties that are currently rented out awaiting the change in market conditions prior to their sale.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing

Rental income from operating leases is recognised on a straight line basis over the term of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2022

and 28 February 2023

350,081

30,059

12,723

392,863

DEPRECIATION

At 1 March 2022

298,288

30,059

12,723

341,070

Charge for year

24,627

-

-

24,627

At 28 February 2023

322,915

30,059

12,723

365,697

NET BOOK VALUE

At 28 February 2023

27,166

-

-

27,166

At 28 February 2022

51,793

-

-

51,793

5.

STOCKS

Included in the stocks and work in progress figures is one property that is currently being rented out, but is still held for resale and it is the intention of the directors to sell this property at the earliest opportunity.

The rentals received relating to these properties was £74,697 (2022: £73,365).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,183

1,183

VAT

40,263

45,865

Prepayments

5,552

-

46,998

47,048

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

240,672

192,009

Amounts owed to related parties

2,325,071

2,706,030

Tax

563,572

383,397

Social security and other taxes

17,498

25,108

Other creditors

389

-

Deposits taken

20,000

35,200

Directors' current accounts

447,968

2,944,286

Accrued expenses

21,896

12,820

3,637,066

6,298,850

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other loans - 2-5 years

420,000

660,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Other loans

420,000

660,000

The other loans balance is secured by way of a legal charge over the assets of the company.

10.	RELATED PARTY DISCLOSURES

The following directors had loan account balances due from the company as at 28 February 2022:

Mr S P Roe £334,795 (2022 - £1,492,360).

Mr H J Roe £95,986 (2022 - £1,433,843).

Mrs W J Roe £11,989 (2022 - £12,882).

Mrs S M O Roe £5,198 (2022 - £5,199).

Interest was charged on the balances of Mr S P Roe and Mr H J Roe, the remaining balances are interest free. All balances are unsecured.

Included in creditors is a balance owing to H & S Roe & Sons Farms Limited of £2,325,071 (2022: £2,706,030) this amount is net of trade debtors and creditors. H & S Roe & Sons Farms Limited is a company in which the directors or their family members are shareholders excluding Mr G Finney who is not a director of H & S Roe & Sons Farms Limited, or family member.

During the year payments were made to H & S Roe & Sons Farms Limited totalling £35,000 (2022: £35,000) in respect to use of yard expenses and £75,500 (2022: £75,500) in respect of administration charges.

These balances are on an unsecured interest free basis.