Registered number:
FOR THE YEAR ENDED 31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
COMPANY INFORMATION
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CLEARSPRINGS READY HOMES LTD
CONTENTS
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CLEARSPRINGS READY HOMES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
The company operates ten-year contracts with the Home Office for the provision of asylum accommodation, support and transport services in the South of England and Wales.
The Home Office contracts run until September 2029.
Demand for accommodation for asylum seekers has remained high throughout the year. This has been driven by an ever-increasing influx of asylum applicants to the UK due to high levels of political and economic turmoil in many countries. Contingency accommodation including hotels has increased over the year. Operating profit on sales was 6.7%, compared with 2.9% the previous year. Return on capital employed was 96%, compared with 25% in the previous year. Current ratio remained unchanged at 1.0, reflecting a continuation of conservative financial management policies.
Turnover per employee in the year was £2,472,033 (2021 - £989,839). The increase reflects growth in the number of asylum seekers accommodated under the Home Office contracts.
Operating profit per employee in the year was £166,573 (2021 - £28,854). Revenue growth while maintaining cost control is mainly responsible for this improvement.
The strategic agenda for CRH will be influenced by the UK government’s “New Plan for Immigration” and its associated legislation. CRH is well-placed to bid for new accommodation contracts when tenders are invited by the Home Office.
Demand for asylum accommodation is driven by the arrival of asylum applicants in the UK, and the number of arrivals per year is expected to continue at a high level for the foreseeable future.
The company manages its exposure to the other financial risks through internal policies and regular review as follows:
Credit risk associated is managed through regular credit control procedures. UK government departments account for a significant proportion of debtors which are settled in line with agreed terms. Any issues with outstanding or overdue balances are immediately investigated with the Home Office and promtly resolved. The nature of the company's financial instruments and significant cash balances means that they are not currently subject to cash flow or liquidity risk. There is no long term third party external debt or associated covenants. Cash flow and liquidity health are further supported by the on-going contract with the Home Office due to span a further 7+ years as well as growing revenues & profitability. Cash-flow and liquidity are reviewed on a monthly basis as part of the management accounts process. Key decisions impacting cash-flow & liquidity are always considered in detail by the board of Directors who are in regular contact to ensure no exposure to the business and its day to day operations of the company. Furthermore, due to the long-term nature of the contract and pre-agreed rates, price risk is considered minimal.
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CLEARSPRINGS READY HOMES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
The directors must act in accordance with a general set of duties, which are detailed in section 172 of the Companies Act 2006. The directors of Clearsprings Ready Homes Ltd are aware of their responsibilities to ensure key decisions promote the success of the company. When making decisions, each director ensures they take consideration of the benefits to its members as a whole. In making these decisions the directors ensure they consider:
a. the likely consequences of any decision in the long term b. the interests of the company's employees c. the need to foster the company's business relationships with suppliers, customers and others d. the impact of the company's operations on the community and the environment e. the desirability of the company maintaining a reputation for high standards of business conduct f. the need to act fairly as between stakeholders of the company. Consequences of decisions in the long term The directors, as a matter of policy, consider wherever possible the long-term impact of their decision-making upon its stakeholders. The operational business operates in a long-term planning environment as a result of aligning the business strategy with its customer needs and changing requirements. Consequently, decision making is based around logistical planning and building long term customer and supplier arrangements. Wider long-term external factors are also considered in such decision making with the consequences of matters such as economic uncertainty & inflation and are planned into the operations based on consideration of scenarios. Contracts with the customers, particularly the Home Office, are long-term which allows the Company's operations to remain close to the long term thinking of its customers and in turn allows the business to build out suitable supplier relationships to match the needs of the business. Interests of the company's employees The directors acknowledge that the employees of the group are vital to the success of the organisation and achieving its strategic goals. The Comapny's human resources team strive to achieve enlightened best practice in all interactions with its employees. They aspire to provide a safe workplace and an open and supportive work culture. Employees’ needs in respect of working hours, health including mental health, and financial security and wellbeing are all actively addressed in the Company's group’s policies and practice. Regular briefings keep employees informed on the strategic direction and progress of the group and its subsidiaries. The need to foster the company's business relationships with suppliers, customers and others The Company engages with its customers on a frequent basis. For its larger contracts, the framework for engagement is contractually defined and includes regular detailed briefings covering such matters as operating and financial progress. The Company's suppliers and subcontractors are an important element in delivering the it’s services. Through a formal due diligence process, and the agreement of back-to-back contractual arrangements, the directors encourage a transparent and co-operative approach to business success. This includes provision for sustainable financial rewards for its supply chain and ensuring prompt payment in line with contracts and with published best practice. Performance issues are dealt with through supplier meetings and sharing appropriate information. Impact of the company's operations on the community and the environment Local authorities are always consulted extensively on the location and operation of accommodation, to ensure and promote harmonious integration of the Company's service users with the wider community. The Directors aspire to minimise the adverse environmental impact of the Company's activities. Service users are encouraged to take a responsible approach to the use of energy. The Company’s employees are also encouraged to use greener forms of transport where possible. The desire of the company maintaining a reputation for high standards The directors are concerned to maintain a reputation for high standards of conduct and governance in the Company's activities. Therefore, the operations of the group follow necessary quality guidelines all the way through staff recruitment & training to oversight of the quality of service provided whether directly or through third
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CLEARSPRINGS READY HOMES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
party providers. Contracts both with the Home Office are based on longer term relationships and maintained through customer satisfaction. The Company, through the connection with its shareholders seeks to comply with the Environmental, Social and Governance obligations; this extends to include seeking to be a responsible employer and providing support to its workforce and seeking out suppliers and customers that also adopt the same principles.
The need to act fairly The directors aspire to act with fairness in their dealings with all stakeholders, including customers, its employees, its suppliers, and the wider community.
This report was approved by the board
and signed on its behalf by:
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CLEARSPRINGS READY HOMES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
The directors present their report and the financial statements for the year ended 31 January 2022.
The profit for the year, after taxation, amounted to £
28,012,427
(2021 -
£
4,419,841
)
.
Dividends of £27,987,264 (2021 - £7,000,000) were proposed during the year.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The information required to be disclosed by Article 8 of the Energy Efficiency Directive is included in the consolidated financial statements of Clearsprings (Management) Limited.
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CLEARSPRINGS READY HOMES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
Employees are kept informed of the progress of, and issues affecting the group through regular newsletters and briefing sessions which include the opportunity to ask questions and suggest ideas. Employees are encouraged to take an interest in all aspects of the group's financial and operational performance.
date of this report.
Under Section 414c(ii) of the Companies Act 2006, the following information is included within the Strategic Report:
- Statement on employee engagement and business relationships with suppliers, customers and others - Financial risk management objectives & policies
Under section 487(2) of the Companies Act 2006, Peters Elworthy & Moore will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf by:
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CLEARSPRINGS READY HOMES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLEARSPRINGS READY HOMES LTD
We have audited the financial statements of Clearsprings Ready Homes Ltd (the 'Company') for the year ended 31 January 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CLEARSPRINGS READY HOMES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLEARSPRINGS READY HOMES LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CLEARSPRINGS READY HOMES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLEARSPRINGS READY HOMES LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;
∙
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including FRS 102, the Companies Act 2006, taxation legislation, or those fundamental to the Company’s ability to operate, or to avoid a material penalty, including data protection, employment and health and safety;
∙
we obtained an understanding of the Company’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
∙
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:
∙
tested the appropriateness of journal entries and other adjustments;
∙
designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
∙
assessed whether the accounting judgements made in the financial statements were indicative of potential bias; and
∙
evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
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CLEARSPRINGS READY HOMES LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLEARSPRINGS READY HOMES LTD (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙
agreeing financial statement disclosures to underlying supporting documentation; and
∙
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
CB1 2LA
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CLEARSPRINGS READY HOMES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
REGISTERED NUMBER:
07921508
BALANCE SHEET
AS AT
31 JANUARY 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 13 to 24 form part of these financial statements.
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CLEARSPRINGS READY HOMES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Clearsprings Ready Homes Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 26 Brook Road, Rayleigh, Essex, SS6 7XJ.
The Company's functional and presentational currency is GBP.
2.
ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Clearsprings (Management) Limited as at 31 January 2022 and these financial statements may be obtained from Companies House.
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
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.
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
ACCOUNTING POLICIES (CONTINUED)
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Page 19
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Closing deferred tax assets and liabilities are calculated at 25% (2020 - 19%) in accordance with the rates enacted at the balance sheet date. The Finance Act 2021, which announced the upcoming rise in headline rates of corporation tax to 25% from 1 April 2023, was substantively enacted on 24 May 2021.
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Profit and loss account
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CLEARSPRINGS READY HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
21.
OTHER FINANCIAL COMMITMENTS
There is a cross guarantee in place between Clearsprings Ready Homes Limited and its parent company, Clearsprings (Management) Limited.
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