REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Homeward Properties Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
Homeward Properties Ltd |
Homeward Properties Ltd (Registered number: 03868710) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Homeward Properties Ltd |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Northfield House |
Shurdington Road |
Bentham |
Cheltenham |
Gloucestershire |
GL51 4UA |
Homeward Properties Ltd (Registered number: 03868710) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Homeward Properties Ltd (Registered number: 03868710) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Homeward Properties Ltd (Registered number: 03868710) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Homeward Properties Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Homeward Properties Ltd (Registered number: 03868710) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | 101,112 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included within investments properties is a £1 share in GTT Developments (Cheltenham) Limited purchased at par value on 24th March 2016. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 109,715 |
Valuation in 2022 | (3,353 | ) |
Valuation in 2021 | 710,628 |
Valuation in 2020 | 47,923 |
Valuation in 2019 | (120,000 | ) |
Valuation in 2018 | (72,657 | ) |
Valuation in 2017 | 563,696 |
Cost | 1,919,048 |
3,155,000 |
Homeward Properties Ltd (Registered number: 03868710) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.3.23 | 31.3.22 |
£ | £ |
Cost | 1,919,048 | 1,283,763 |
The investment properties were valued on an open market basis on 23 August 2023 by the directors . |
6. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Work-in-progress |
7. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts falling due after more than one year: |
Interco: GM (Cheltenham) Ltd |
Interco: D&D Properties Ltd | 31,002 | 31,002 |
Interco: Anthony MacPherson |
Construction Ltd | 200,000 | - |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 14,095 | 5,624 |
Interco: Anthony MacPherson |
Directors' current accounts | 87,767 | 28,749 |
Deferred income |
Accrued expenses |
Homeward Properties Ltd (Registered number: 03868710) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
10. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 10,388 | 11,759 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
"A" Ordinary | £1 | 10 | 10 |
"B" Ordinary | £1 | 10 | 10 |
20 | 20 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
Included within retained earnings are £1,235,952 of undistributable reserves. |
Homeward Properties Ltd (Registered number: 03868710) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year the directors, Mr C D Gifford and Mr D A Gifford, made net deposits to their account of £59,018. The balance on their account at 31 March 2023 was £87,767 in credit (2022 - £28,749 in credit ). |
Also during the year, Mr C D Gifford and D A Gifford each received a dividend from the company of £25,000. |
Mr C D Gifford is also a director and shareholder of GM (Cheltenham) Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2023 and 2022 was £49,500. No interest has been charged on this account. |
Mr D A Gifford is also a director and shareholder of D&D Properties Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2023 and 2022 was £31,002. No interest has been charged on this account. |
Mr D A Gifford is also a director and shareholder of Anthony MacPherson Construction Ltd. During the year there were net loan transactions with that company of £255,000. The balance owed by that company to Homeward Properties Ltd at 31 March 2023 was £200,000 (2022 - £55,000 credit). No interest has been charged on this account. |
14. | ULTIMATE CONTROLLING PARTY |
During the year, the company was controlled by Mr C D Gifford and Mr D A Gifford, who together own the majority of the company's issued share capital. |