Happy Homes Residential Ltd |
Registered number: |
11352962 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,200 |
|
|
1,333 |
Investment Properties |
4 |
|
|
750,000 |
|
|
727,200 |
|
|
|
|
751,200 |
|
|
728,533 |
|
Current assets |
Cash at bank and in hand |
|
|
12,946 |
|
|
5,255 |
|
Creditors: amounts falling due within one year |
6 |
|
(179,718) |
|
|
(181,012) |
|
Net current liabilities |
|
|
|
(166,772) |
|
|
(175,757) |
|
Total assets less current liabilities |
|
|
|
584,428 |
|
|
552,776 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(458,474) |
|
|
(458,474) |
|
|
|
Net assets |
|
|
|
125,954 |
|
|
94,302 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
9 |
|
|
102,800 |
|
|
80,000 |
Undistributable Reserves |
|
|
|
(18,468) |
|
|
(64,800) |
Profit and loss account |
|
|
|
41,522 |
|
|
79,002 |
|
Shareholders' funds |
|
|
|
125,954 |
|
|
94,302 |
|
|
|
|
|
|
|
|
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. |
|
|
|
|
Ayten Ozzagli |
Director |
Approved by the board on 9 November 2023 |
|
Happy Homes Residential Ltd |
Notes to the Accounts |
for the year ended 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 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. |
|
|
Investment Property |
|
Investment property is shown at most recent valuation. The valuation was undertaken by the directors at open market value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss |
|
|
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 |
|
Leasehold land and buildings |
over the lease term |
|
Fixtures, fittings, tools and equipment |
over 10 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. |
|
|
Deferred Tax |
|
Deferred tax is recognised in respect of all timing differences that have orignated but not reversed at the balance sheet 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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the the period end date and that are expected to apply to the reversal of the timing difference. Unrelived 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. |
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 April 2022 |
1,550 |
|
At 31 March 2023 |
1,550 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
217 |
|
Charge for the year |
133 |
|
At 31 March 2023 |
350 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
1,200 |
|
At 31 March 2022 |
1,333 |
|
|
4 |
Investment Properties |
|
Other |
investments |
£ |
|
Cost |
|
At 1 April 2022 |
727,200 |
|
Revaluation |
22,800 |
|
|
At 31 March 2023 |
750,000 |
5 |
Cost of Valuation at 31 March 2021 is represented by: |
2023 |
|
2022 |
£ |
£ |
|
|
|
Increase/(decrease) in fair value included in the profit and loss account for the financial year |
|
Investment Property |
22,800 |
|
80,000 |
|
|
|
|
|
|
|
|
|
|
|
Cost or valuation at 31 March 2023 is represented by: |
Valuation in 2020 |
|
357,200 |
|
|
|
|
Additions in 2021 |
|
290,000 |
|
|
|
|
Revaluation in 2022 |
|
80,000 |
|
|
|
|
Revaluation in 2023 |
|
22,800 |
|
|
|
|
|
|
|
750,000 |
|
|
|
|
|
|
|
|
|
If investment properties had not been revalued they would beincluded at the following historical cost: |
|
|
|
|
|
|
|
£ |
|
Cost |
647,200 |
|
|
|
|
|
|
|
|
Investment property was valued on an open market basis on 31 March 2023 by the directors and it was deemed |
|
there was a change in value |
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
17,346 |
|
17,346 |
|
Taxation and social security costs |
2,106 |
|
1,184 |
|
Other creditors - Directors Loan |
160,266 |
|
162,482 |
|
|
|
|
|
|
179,718 |
|
181,012 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
458,474 |
|
458,474 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
458,474 |
|
458,474 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
458,474 |
|
458,474 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by way of a fixed and floating charge over the investment property and company assets |
|
|
9 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 April 2022 |
80,000 |
|
- |
|
Gain on revaluation of land and buildings |
18,468 |
|
64,800 |
|
Deferred taxation arising on the revaluation of land and buildings |
4,332 |
|
15,200 |
|
|
At 31 March 2023 |
102,800 |
|
80,000 |
|
|
|
|
|
|
|
|
|
|
10 |
Other information |
|
|
Happy Homes Residential Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Bromley Lane |
|
Chislehurst |
|
Kent |
|
BR7 6LH |