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COMPANY REGISTRATION NUMBER: 11195649
Buyyourhomes Ltd
Filleted Unaudited Financial Statements
28 February 2023
Buyyourhomes Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Stocks
3,102,172
1,939,104
Cash at bank and in hand
9,567
15,542
------------
------------
3,111,739
1,954,646
Creditors: amounts falling due within one year
5
491,160
5,381
------------
------------
Net current assets
2,620,579
1,949,265
------------
------------
Total assets less current liabilities
2,620,579
1,949,265
Creditors: amounts falling due after more than one year
6
2,586,934
1,936,459
------------
------------
Net assets
33,645
12,806
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
33,545
12,706
--------
--------
Shareholders funds
33,645
12,806
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr M Ali
Director
Company registration number: 11195649
Buyyourhomes Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2, 32-34 Station Close, Potters Bar, Herts, EN6 1TL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rentals and the sale of stock of properties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
483,801
Corporation tax
4,959
2,981
Other creditors
2,400
2,400
---------
-------
491,160
5,381
---------
-------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,052,707
1,454,892
Other creditors
534,227
481,567
------------
------------
2,586,934
1,936,459
------------
------------
Bank loans are secured by way of a fixed and floating charge over the the company's assets.
The loans bear an interest rate of between 10.2% pa.
These loans are repayable by 13th December 2023
7. Controlling party
The company is under the control of its shareholders, Messrs A Ali, H Emin and F Marazzi.