Registered number
11815801
Old House Group Limited
Filleted Accounts
28 February 2023
Old House Group Limited
Registered number: 11815801
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,368,518 2,120,955
Investments 4 102 108
2,368,620 2,121,063
Current assets
Debtors 5 3,750,358 3,617,584
Investments held as current assets 6 - 25,713
Cash at bank and in hand 4,086 6,966
3,754,444 3,650,263
Creditors: amounts falling due within one year 7 (5,595,045) (5,955,215)
Net current liabilities (1,840,601) (2,304,952)
Total assets less current liabilities 528,019 (183,889)
Creditors: amounts falling due after more than one year 8 (2,457,989) (1,008,512)
Net liabilities (1,929,970) (1,192,401)
Capital and reserves
Called up share capital 1 1
Profit and loss account (1,929,971) (1,192,402)
Shareholder's funds (1,929,970) (1,192,401)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Nasser Alanizy
Director
Approved by the board on 26 October 2023
Old House Group Limited
Notes to the Accounts
for the year ended 28 February 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Tangible fixed assets
Freehold Land and Building Fixtures, fittings, tools and equipment Total
£ £ £
Cost
At 1 March 2022 2,105,202 22,041 2,127,243
Additions 247,440 5,415 252,855
At 28 February 2023 2,352,642 27,456 2,380,098
Depreciation
At 1 March 2022 - 6,288 6,288
Charge for the year - 5,292 5,292
At 28 February 2023 - 11,580 11,580
Net book value
At 28 February 2023 2,352,642 15,876 2,368,518
At 28 February 2022 2,105,202 15,753 2,120,955
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2022 108
Disposals (6)
At 28 February 2023 102
The company owns 1 ordinary share having face value of £1 of Old House Clinic Limited.
The company owns 1 ordinary share having face value of £1 of 121 Wemborough Road Limited.
The company owns 100 ordinary share having face value of £1 of Old House Reading Limited.
5 Debtors 2023 2022
£ £
Other debtors 3,750,358 3,617,584
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments - 25,713
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,134 14,681
Trade creditors 8,617 86,233
Taxation and social security costs 250,450 183,551
Other creditors 5,324,844 5,670,750
5,595,045 5,955,215
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,457,989 1,008,512
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 2,422,679 972,678
Loans are secured by a fixed charge over the Investment Property of the company.
10 Other information
Old House Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Mar House
50 The Hyde
London
NW9 5NG
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