for the Period Ended 31 March 2022
Directors report | |
Profit and loss | |
Balance sheet | |
Additional notes | |
Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 March 2022
Principal activities of the company
Additional information
Business reviewRaven Development Homes Limited has been trading as ‘Raven Homes’ since it was incorporated in March 2017. Raven Homes’ purpose is to generate profits from market sale housing in order to financially support the charitable aims of the Raven Housing Group. The Company had no new starts on site in the year, but completed the build of Rosebay Close. The sales team progressed sales of this site and Burrstone Gardens, which completed in the previous year, throughout 2021/22.The profit on ordinary activities before taxation for 2021/22 of £0.4m represents the surplus on completion and sale of 22 properties at Burrstone Gardens and Rosebay Close.The Company has a loan facility in place with Raven Housing Trust of £18m, which was extended to £25m up to October 2021. The loan fundsdevelopment activity, in advance of receiving sales proceeds. There is expected to be the financial capacity to repay the current loan during 2022/23. Raven Homes continues to seek additional opportunities for Build for Sale. In March 2021 the Group Board approved Raven Development Homes entering into a Joint Venture LLP with Reigate and Banstead Council (RBBC). The Members will “own” the LLP in equal shares (50:50). The LLP is being established to enable Raven and RBBC to work together to facilitate the delivery of new homes in the borough and wider LEP area. We expect to incorporate the company in 2022/23.The Management Companies of Rosebay Close, Thanet Court and Burrstone Gardens will be transferred to homeowners in the 2022/23financial year.Key risksThe key risk for Raven Homes is securing new opportunities with strong returns in a challenging procurement environment with significant pressures on build costs and labour. In addition, the Board are mindful of future uncertainty on sales values in current economic climate.. Officers and the Board continue to monitor this closely. The Company continues to track risk and operates a risk register, which fits with the wider framework, operated within the Raven Group.Independent auditorCrowe LLP UK were appointed as auditors in December 2021 after undergoing a competitive tender process.Disclosure of information to auditorAt the date of making this report each of the Company’s Directors, as set out within Board and Company information, confirm the following:- so far as the Directors are aware, there is no relevant audit information of which the Company’s auditor is unaware; and- each Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.Going concernThe Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence in the foreseeable future given the on-lending facility agreed by Raven Housing Trust Limited’s Board. The level of the loan facility is sufficient to meet expected costs of new schemes. It is anticipated that the current projects of Burrstone Gardens and Rosebay Close will remain profitable, although the timings of cashflows have been delayed.. As such Raven Development Homes Limited continues to operate on a going concern basis.DirectorsThose who held office as Directors during the year are listed within Board and Company Information. In preparing this report, the Directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.
Directors
The directors shown below have held office during the whole of the period from
1 April 2021 to 31 March 2022
Secretary
The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006
This report was approved by the board of directors on
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
2022 | 2021 | |
---|---|---|
| £ | £ |
Turnover: | | |
Cost of sales: | ( | ( |
Gross profit(or loss): | | |
Distribution costs: | | |
Administrative expenses: | ( | ( |
Other operating income: | | |
Operating profit(or loss): | | |
Interest receivable and similar income: | | |
Interest payable and similar charges: | ( | ( |
Profit(or loss) before tax: | | |
Tax: | | ( |
Profit(or loss) for the financial year: | | |
As at
Notes | 2022 | 2021 | |
---|---|---|---|
| £ | £ | |
Called up share capital not paid: | | | |
Fixed assets | |||
Intangible assets: | | | |
Tangible assets: | | | |
Investments: | | | |
Total fixed assets: | | | |
Current assets | |||
Stocks: | 3 | | |
Debtors: | 4 | | |
Cash at bank and in hand: | | | |
Investments: | | | |
Total current assets: | | | |
Prepayments and accrued income: | | | |
Creditors: amounts falling due within one year: | 5 | ( | ( |
Net current assets (liabilities): | | | |
Total assets less current liabilities: | | | |
Creditors: amounts falling due after more than one year: | | | |
Provision for liabilities: | | | |
Accruals and deferred income: | | | |
Total net assets (liabilities): | | | |
Capital and reserves | |||
Called up share capital: | | | |
Share premium account: | | | |
Other reserves: | | | |
Profit and loss account: | | | |
Total Shareholders' funds: | | |
The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 March 2022
Basis of measurement and preparation
Other accounting policies
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
Average number of employees during the period | | |
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Stocks | | |
Payments on account | | |
Total | | |
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Trade debtors | | |
Prepayments and accrued income | | |
Other debtors | | |
Total | | |
Debtors due after more than one year: | | |
for the Period Ended 31 March 2022
2022 | 2021 | |
---|---|---|
£ | £ | |
Bank loans and overdrafts | | |
Amounts due under finance leases and hire purchase contracts | | |
Trade creditors | | |
Taxation and social security | | |
Accruals and deferred income | | |
Other creditors | | |
Total | | |