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REGISTERED NUMBER: 08871356 (England and Wales)















ADDHOMES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






ADDHOMES LTD (REGISTERED NUMBER: 08871356)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


ADDHOMES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: C M Addison





REGISTERED OFFICE: 14 London Road
Newark
Nottinghamshire
NG24 1TW





REGISTERED NUMBER: 08871356 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

ADDHOMES LTD (REGISTERED NUMBER: 08871356)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 297,921 297,921
Investment property 5 1,381,463 1,381,463
1,679,384 1,679,384

CURRENT ASSETS
Debtors 6 134,508 150,187
Cash at bank 3,863 1,555
138,371 151,742
CREDITORS
Amounts falling due within one year 7 204,320 195,331
NET CURRENT LIABILITIES (65,949 ) (43,589 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,613,435 1,635,795

CREDITORS
Amounts falling due after more than one year 8 (498,287 ) (498,287 )

PROVISIONS FOR LIABILITIES (154,558 ) (111,187 )
NET ASSETS 960,590 1,026,321

CAPITAL AND RESERVES
Called up share capital 10 921 921
Revaluation reserve 11 137,229 180,600
Retained earnings 822,440 844,800
SHAREHOLDERS' FUNDS 960,590 1,026,321

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 director acknowledges his 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.

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 director and authorised for issue on 29 September 2023 and were signed by:




C M Addison - Director


ADDHOMES LTD (REGISTERED NUMBER: 08871356)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Addhomes 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue represents rental income payable for the period.

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.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

ADDHOMES LTD (REGISTERED NUMBER: 08871356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4. FIXED ASSET INVESTMENTS

2023 2022
£    £   
Other investments not loans 921 921
Other loans 297,000 297,000
297,921 297,921

Additional information is as follows:
Other
investments
£   
COST
At 1 April 2022
and 31 March 2023 921
NET BOOK VALUE
At 31 March 2023 921
At 31 March 2022 921
Other
loans
£   
At 1 April 2022
and 31 March 2023 297,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,381,463
NET BOOK VALUE
At 31 March 2023 1,381,463
At 31 March 2022 1,381,463

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2016 90,000
Valuation in 2020 130,000
Cost 1,161,463
1,381,463

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,160,000 1,160,000

Investment property was valued on an open market basis on 31 March 2021 by the director .

ADDHOMES LTD (REGISTERED NUMBER: 08871356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 525 525
Amounts owed by group undertakings - 46,310
Other debtors 133,983 103,352
134,508 150,187

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation 8,829 7,595
Directors' current accounts 193,941 185,736
Accrued expenses 1,550 2,000
204,320 195,331

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 389,682 389,682
Bank loans more 5 yr by instal 108,605 108,605
498,287 498,287

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 108,605 108,605

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 498,287 498,287

The loans are secured on the assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
921 Ordinary £1 921 921

ADDHOMES LTD (REGISTERED NUMBER: 08871356)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. RESERVES
Revaluation
reserve
£   
At 1 April 2022 180,600
Deferred tax movement (43,371 )

At 31 March 2023 137,229

The aggregate surplus re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable revaluation reserve in order to assist with the identification of profits available for distribution.

12. RETAINED EARNINGS

Included within retained reserves is an amount of £54,049 which relates to the profit on sale arising from an intergroup transfer and therefore is not distributable.