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REGISTERED NUMBER: 03868710 (England and Wales)















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: Mr C D Gifford
Mr D A Gifford





SECRETARY: Mr D A Gifford





REGISTERED OFFICE: Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA





BUSINESS ADDRESS: Jubilee Farm
Badgeworth Lane
Badgeworth
Cheltenham
Gloucestershire
GL51 4UW





REGISTERED NUMBER: 03868710 (England and Wales)





ACCOUNTANTS: Andrew R Cook Chartered 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 54,673 61,887
Investment property 5 3,155,000 2,410,000
3,209,673 2,471,887

CURRENT ASSETS
Stocks 6 - 643,888
Debtors 7 391,482 194,757
Cash at bank 154,803 326,982
546,285 1,165,627
CREDITORS
Amounts falling due within one year 8 248,424 225,061
NET CURRENT ASSETS 297,861 940,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,507,534

3,412,453

CREDITORS
Amounts falling due after more than one
year

9

(60,017

)

(78,424

)

PROVISIONS FOR LIABILITIES 10 (10,388 ) (11,759 )
NET ASSETS 3,437,129 3,322,270

CAPITAL AND RESERVES
Called up share capital 11 20 20
Retained earnings 12 3,437,109 3,322,250
SHAREHOLDERS' FUNDS 3,437,129 3,322,270

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 16 October 2023 and were signed on its behalf by:





Mr D A Gifford - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 4 (2022 - 4 ) .

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 32,350 81,154 2,612 116,116
Additions 10,500 - 1,565 12,065
Disposals - - (2,612 ) (2,612 )
At 31 March 2023 42,850 81,154 1,565 125,569
DEPRECIATION
At 1 April 2022 16,101 36,404 1,724 54,229
Charge for year 6,687 11,188 1,378 19,253
Eliminated on disposal - - (2,586 ) (2,586 )
At 31 March 2023 22,788 47,592 516 70,896
NET BOOK VALUE
At 31 March 2023 20,062 33,562 1,049 54,673
At 31 March 2022 16,249 44,750 888 61,887

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 2,410,000
Additions 643,888
Revaluations 101,112
At 31 March 2023 3,155,000
NET BOOK VALUE
At 31 March 2023 3,155,000
At 31 March 2022 2,410,000

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 - 643,888

7. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Trade debtors 110,980 114,255

Amounts falling due after more than one year:
Interco: GM (Cheltenham) Ltd 49,500 49,500
Interco: D&D Properties Ltd 31,002 31,002
Interco: Anthony MacPherson
Construction Ltd 200,000 -
280,502 80,502

Aggregate amounts 391,482 194,757

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 9,957 9,702
Hire purchase contracts 8,445 8,359
Trade creditors 7,317 9,946
Corporation tax 25,185 12,340
Social security and other taxes 258 541
VAT 14,095 5,624
Interco: Anthony MacPherson - 55,000
Directors' current accounts 87,767 28,749
Deferred income 92,400 92,400
Accrued expenses 3,000 2,400
248,424 225,061

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 22,417 32,378
Hire purchase contracts 37,600 46,046
60,017 78,424

10. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 10,388 11,759

Deferred
tax
£   
Balance at 1 April 2022 11,759
Credit to Income Statement during year (1,371 )
Balance at 31 March 2023 10,388

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
10 "A" Ordinary £1 10 10
10 "B" Ordinary £1 10 10
20 20

12. RESERVES
Retained
earnings
£   

At 1 April 2022 3,322,250
Profit for the year 214,859
Dividends (100,000 )
At 31 March 2023 3,437,109

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.