Eighth House Limited
Registered number: 05804067
Statement of Financial Position
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 160,598 160,798
Current assets
Debtors 6 1,318 1,174
Cash at bank and in hand 4,846 6,251
6,164 7,425
Creditors: amounts falling due within one year 7 (89,026) (65,494)
Net current liabilities (82,862) (58,069)
Total assets less current liabilities 77,736 102,729
Creditors: amounts falling due after more than one year 8 (30,610) (32,126)
Provisions for liabilities (9,784) (9,784)
Net assets 37,342 60,819
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 9 32,400 32,400
Profit and loss account 3,942 27,419
Shareholders' funds 37,342 60,819
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 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.
S Shilvock
Director
Approved by the board on 21 November 2023
Eighth House Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 rendering of services. 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:
Plant and machinery 25% reducing balance
Investment Property
Investment property is included at fair value. Gains and losses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction 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. 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 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.
2 Exceptional items 2023 2022
£ £
Value adjustments on fixed assets and current asset investments - (20,000)
- (20,000)
3 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
4 Government grants
In the prior year the company received government grants under the coronavirus job retention scheme. These grants are shown in the profit and loss for the period in which the related salary expenditure was incurred.
2023 2022
£ £
Grants received under the covid job retention scheme - 5,033
5 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Revalued cost /Cost
At 1 May 2022 160,000 3,005 163,005
At 30 April 2023 160,000 3,005 163,005
Depreciation
At 1 May 2022 - 2,207 2,207
Charge for the year - 200 200
At 30 April 2023 - 2,407 2,407
Net book value
At 30 April 2023 160,000 598 160,598
At 30 April 2022 160,000 798 160,798
6 Debtors 2023 2022
£ £
Trade debtors 548 548
Prepayments 267 136
Other debtors 503 490
1,318 1,174
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,734 1,952
Trade creditors 168 168
Accruals 1,290 1,290
Other creditors 85,834 62,084
89,026 65,494
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,610 32,126
9 Fair value reserve 2023 2022
£ £
At 1 May 2022 32,400 16,200
Gain on revaluation of land and buildings - 20,000
Deferred taxation arising on the revaluation of land and buildings - (3,800)
At 30 April 2023 32,400 32,400
10 Other information
Eighth House Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 The Birches
Upper Wick Lane
Rushwick
Worcester
WR2 5SN
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