Sofely Homes Limited |
Registered number: |
13853768 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
£ |
|
Fixed assets |
Investments |
3 |
|
|
166,923 |
|
Current assets |
Debtors |
4 |
|
267 |
Cash at bank and in hand |
|
|
29,480 |
|
|
|
29,747 |
|
|
|
Creditors: amounts falling due within one year |
5 |
|
(104,772) |
|
Net current liabilities |
|
|
|
(75,025) |
|
|
Total assets less current liabilities |
|
|
|
91,898 |
|
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(93,750) |
|
|
|
Net liabilities |
|
|
|
(1,852) |
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
Profit and loss account |
|
|
|
(1,853) |
|
Shareholders' funds |
|
|
|
(1,852) |
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Mr G Oliver |
Director |
Approved by the board on 9 October 2023 |
|
Sofely Homes Limited |
Notes to the Accounts |
for the period from 17 January 2022 to 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover, which is stated net of Value Added Tax if applicable, is derived wholly from property rental income and associated charges made. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
2 |
Employees |
2023 |
|
Number |
|
|
|
Average number of persons employed by the company |
- |
|
|
|
|
|
|
|
|
|
3 |
Investments |
|
Investment |
Property |
£ |
|
Fair Value |
|
Additions |
166,923 |
|
|
At 31 March 2023 |
166,923 |
|
|
|
|
|
|
|
|
|
Investment properties are those which are held either to earn rental income or for capital appreciation or both. Investment properties include property that is being constructed or developed for future use as an investment property. Investment properties are initially measured at cost, including transaction costs. After initial recognition investment properties are carried at their fair value, based on market valuations at the reporting date as determined by the directors using recent market transactions on arm's length basis. Any surplus or deficit on revaluation is recognised in the profit and loss account as a valuation gain or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
|
|
4 |
Debtors |
2023 |
|
£ |
|
|
|
Deferred tax asset |
|
|
|
|
267 |
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
£ |
|
|
|
Trade creditors |
35,000 |
|
Other creditors |
69,772 |
|
|
|
|
|
|
104,772 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
£ |
|
|
|
Bank loans |
93,750 |
|
|
|
|
|
|
|
|
|
7 |
Loans |
2023 |
|
£ |
|
|
Creditors include: |
|
|
Secured bank loans |
93,750 |
|
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
At year end, the Company owed £68,924 to the directors and shareholders, Mr G Oliver and Mrs M Oliver. This is included in other creditors (note 5) and is interest free, unsecured and repayable on demand. |
|
|
9 |
Controlling party |
|
|
The Company is controlled by Mr G Oliver and Mrs M Oliver by virtue of owning the entire issued share capital. |
|
|
10 |
Other information |
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Sofely Homes Limited is a private limited company and incorporated in England and Wales. Its registered office is: |
|
42 Squires Gate |
|
Rogerstone |
|
Newport |
|
NP10 0BP |