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Registration number: 04796436

Fresh Start Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Fresh Start Homes Limited

(Registration number: 04796436)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

542,548

542,585

Current assets

 

Debtors

6

5,479

(29,292)

Cash at bank and in hand

 

3,711

4,711

 

9,190

(24,581)

Creditors: Amounts falling due within one year

7

(50,422)

(5,635)

Net current liabilities

 

(41,232)

(30,216)

Total assets less current liabilities

 

501,316

512,369

Creditors: Amounts falling due after more than one year

7

(467,045)

(477,720)

Provisions for liabilities

(28)

(37)

Net assets

 

34,243

34,612

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

(58,347)

(58,347)

Retained earnings

92,588

92,957

Shareholders' funds

 

34,243

34,612

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 November 2023
 

.........................................
Vejay Raj Pal
Director

 

Fresh Start Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Rock Cottages
Farnah Green
Belper
Derbyshire
DE56 2UP

These financial statements were authorised for issue by the director on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Fresh Start Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Fresh Start Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

542,400

704

543,104

At 30 June 2023

542,400

704

543,104

Depreciation

At 1 July 2022

-

519

519

Charge for the year

-

37

37

At 30 June 2023

-

556

556

Carrying amount

At 30 June 2023

542,400

148

542,548

At 30 June 2022

542,400

185

542,585

Included within the net book value of land and buildings above is £542,400 (2022 - £542,400) in respect of freehold land and buildings.
 

5

Investment properties

The director (who has expertise as an estate agent) periodically reviews the market value of the properties and ensures that the accounts reflect the fair value of the properties held.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Other debtors

5,479

(29,292)

 

5,479

(29,292)

 

Fresh Start Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,300

-

Accruals and deferred income

 

266

263

Other creditors

 

44,856

5,372

 

50,422

5,635

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

467,045

477,720

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

467,045

477,720

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,300

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2