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Registration number: 11861755

E and M Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

E and M Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

E and M Homes Ltd

Company Information

Directors

Mr M J P Paines

Mrs E Paines

Registered office

30 Westlecot Road
Swindon
Wiltshire
SN1 4HB

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

E and M Homes Ltd

(Registration number: 11861755)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

118

321

Investment property

5

620,000

540,000

 

620,118

540,321

Current assets

 

Cash at bank and in hand

 

6,373

6,993

Creditors: Amounts falling due within one year

6

(157,008)

(167,696)

Net current liabilities

 

(150,635)

(160,703)

Total assets less current liabilities

 

469,483

379,618

Creditors: Amounts falling due after more than one year

6

(354,450)

(354,450)

Provisions for liabilities

(24,521)

-

Net assets

 

90,512

25,168

Capital and reserves

 

Called up share capital

20

20

Other reserves

129,061

49,060

Profit and loss account

(38,569)

(23,912)

Shareholders' funds

 

90,512

25,168

 

E and M Homes Ltd

(Registration number: 11861755)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 August 2022 and signed on its behalf by:
 

.........................................

Mr M J P Paines
Director

.........................................

Mrs E Paines
Director

 

E and M Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

E and M Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

E and M Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

616

616

At 31 March 2022

616

616

Depreciation

At 1 April 2021

295

295

Charge for the year

203

203

At 31 March 2022

498

498

Carrying amount

At 31 March 2022

118

118

At 31 March 2021

321

321

5

Investment properties

2022
£

At 1 April

540,000

Fair value adjustments

80,000

At 31 March

620,000

Fair value has been applied using the valuations provided by Zoopla

 

E and M Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Accruals and deferred income

600

600

Other creditors

156,408

167,096

157,008

167,696

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

354,450

354,450

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

354,450

354,450