Registered number
SC279323
Homes For You (Scotland) Ltd
Report and Accounts
31 March 2023
Homes For You (Scotland) Ltd
Registered number: SC279323
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 106,844 105,589
Current assets
Debtors 4 1,253 2,000
Cash at bank and in hand 152,181 135,820
153,434 137,820
Creditors: amounts falling due within one year 5 (103,201) (87,731)
Net current assets 50,233 50,089
Total assets less current liabilities 157,077 155,678
Creditors: amounts falling due after more than one year 6 (20,800) (31,200)
Net assets 136,277 124,478
Capital and reserves
Called up share capital 2 2
Profit and loss account 136,275 124,476
Shareholder's funds 136,277 124,478
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 member has 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.
Mr Kevin Kelly
Director
Approved by the board on 16 November 2023
Homes For You (Scotland) Ltd
Notes to the Accounts
for the period from 1 March 2022 to 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.
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:
Furniture & equipment over 4 years
Motor vehicles 25% reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 6 8
3 Tangible fixed assets
Land and buildings Furniture & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 105,429 6,778 2,000 114,207
Additions - 1,724 - 1,724
At 31 March 2023 105,429 8,502 2,000 115,931
Depreciation
At 1 March 2022 - 6,768 1,850 8,618
Charge for the period - 431 38 469
At 31 March 2023 - 7,199 1,888 9,087
Net book value
At 31 March 2023 105,429 1,303 112 106,844
At 28 February 2022 105,429 10 150 105,589
4 Debtors 2023 2022
£ £
Other debtors 1,253 2,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,600 9,600
Trade creditors 1,500 1,000
Other taxes and social security costs 54,981 52,963
Deposits held on behalf of landlords 7,959 5,981
Directors loan account 29,161 18,187
103,201 87,731
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,800 31,200
7 Controlling party
The ultimate controlling parties are Mr and Mrs K Kelly.
8 Other information
Homes For You (Scotland) Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
31 Allan Park
Stirling
FK8 2LT
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