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REGISTERED NUMBER: 00566082















Somerlee Homes Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023






Somerlee Homes Limited (Registered number: 00566082)

Contents of the Financial Statements
for the year ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Somerlee Homes Limited

Company Information
for the year ended 31 May 2023







Directors: C N Wimborne
D C Wimborne





Secretary: D C Wimborne





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 00566082





Accountants: Haines Watts South East LLP
Chartered Accountants
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Somerlee Homes Limited (Registered number: 00566082)

Balance Sheet
31 May 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 3 61,585 75,174
Investment property 4 110,100 110,100
171,685 185,274

Current assets
Debtors 5 929,500 508,121
Cash at bank 829,715 1,337,551
1,759,215 1,845,672
Creditors
Amounts falling due within one year 6 198,400 129,417
Net current assets 1,560,815 1,716,255
Total assets less current liabilities 1,732,500 1,901,529

Provisions for liabilities 7 20,919 20,919
Net assets 1,711,581 1,880,610

Capital and reserves
Called up share capital 8 120 120
Capital redemption reserve 9 500,000 500,000
Retained earnings 9 1,211,461 1,380,490
Shareholders' funds 1,711,581 1,880,610

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 14 November 2023 and were signed on its behalf by:




C N Wimborne - Director


Somerlee Homes Limited (Registered number: 00566082)

Notes to the Financial Statements
for the year ended 31 May 2023


1. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Investment property
Investment properties are included in the Balance Sheet at their fair value.

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 balance sheet date.

Operating leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

2. Employees and directors

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

3. Tangible fixed assets
Fixtures
and Motor
fittings vehicles Totals
£ £ £
Cost
At 1 June 2022 6,376 89,937 96,313
Additions 1,878 - 1,878
At 31 May 2023 8,254 89,937 98,191
Depreciation
At 1 June 2022 1,953 19,186 21,139
Charge for year 1,317 14,150 15,467
At 31 May 2023 3,270 33,336 36,606
Net book value
At 31 May 2023 4,984 56,601 61,585
At 31 May 2022 4,423 70,751 75,174

Somerlee Homes Limited (Registered number: 00566082)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


4. Investment property
Total
£
Fair value
At 1 June 2022
and 31 May 2023 110,100
Net book value
At 31 May 2023 110,100
At 31 May 2022 110,100

The valuations were made by directors, on an open market value for existing use basis.


5. Debtors: amounts falling due within one year
2023 2022
£ £
Other debtors 929,500 508,121

6. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 198,400 129,417

7. Provisions for liabilities
2023 2022
£ £
Deferred tax
Arising on capital gains 20,919 20,919

Deferred tax
£
Balance at 1 June 2022 20,919
Balance at 31 May 2023 20,919

8. Called up share capital

Allotted, issued and fully paid:

Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary shares £1 100 100
20 Ordinary A shares £1 20 20
120 120

Somerlee Homes Limited (Registered number: 00566082)

Notes to the Financial Statements - continued
for the year ended 31 May 2023


9. Reserves
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 June 2022 1,380,490 500,000 1,880,490
Deficit for the year (139,029 ) - (139,029 )
Dividends (30,000 ) - (30,000 )
At 31 May 2023 1,211,461 500,000 1,711,461

Included within retained earnings at the year end, relating to the fair value revaluations of investment property, is £87,681 (2022: £87,681) which is not distributable.

10. Related party disclosures

At the balance sheet date, the company owed £736,000 (2022: £388,500) from related companies under common ownership. Management charges of £75,000(2022: £75,000) were incurred from related companies in the year.

During the year, directors received dividends totalling £30,000 (2022: £30,000).