Company Registration No. 06276884 (England and Wales)
HOMEWOOD ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
HOMEWOOD ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HOMEWOOD ESTATES LIMITED (REGISTERED NUMBER: 06276884)
BALANCE SHEET
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,547
9,476
Current assets
Debtors
4
16,512
25,182
Cash at bank and in hand
80,698
106,741
97,210
131,923
Creditors: amounts falling due within one year
5
(24,556)
(5,236)
Net current assets
72,654
126,687
Total assets less current liabilities
81,201
136,163
Creditors: amounts falling due after more than one year
6
(35,124)
(44,774)
Provisions for liabilities
(1,624)
(1,800)
Net assets
44,453
89,589
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
44,353
89,489
Total equity
44,453
89,589
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HOMEWOOD ESTATES LIMITED (REGISTERED NUMBER: 06276884)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2022 and are signed on its behalf by:
S Usher
Director
HOMEWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Homewood Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and 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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HOMEWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
HOMEWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2021
12,308
16,044
2,115
30,467
Additions
113
1,431
1,544
At 30 June 2022
12,421
17,475
2,115
32,011
Depreciation and impairment
At 1 July 2021
7,357
11,638
1,996
20,991
Depreciation charged in the year
1,254
1,189
30
2,473
At 30 June 2022
8,611
12,827
2,026
23,464
Carrying amount
At 30 June 2022
3,810
4,648
89
8,547
At 30 June 2021
4,951
4,406
119
9,476
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
16,512
25,182
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
8,656
Trade creditors
744
Taxation and social security
8,870
Other creditors
6,286
5,236
24,556
5,236
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,124
44,774
HOMEWOOD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
60 Ordinary A of £1 each
60
60
40 Ordinary B of £1 each
40
40
100
100
8
Financial commitments, guarantees and contingent liabilities
During the previous year, the company borrowed £44,774 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and paid the interest and fees due for the first 12 months.