Registered number
10201888
Home Corporation Ltd
Filleted Accounts
31 May 2023
Home Corporation Ltd
Registered number: 10201888
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 1,410,500 1,221,500
Current assets
Debtors 4 218 202
Cash at bank and in hand 14,459 151,581
14,677 151,783
Creditors: amounts falling due within one year 5 (377,272) (327,793)
Net current liabilities (362,595) (176,010)
Total assets less current liabilities 1,047,905 1,045,490
Creditors: amounts falling due after more than one year 6 (484,132) (579,932)
Provisions for liabilities (140,611) (94,198)
Net assets 423,162 371,360
Capital and reserves
Called up share capital 100 100
Fair value reserve 8 427,934 395,119
Profit and loss account (4,872) (23,859)
Shareholder's funds 423,162 371,360
The director is 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 director acknowledges his 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.
Sean Barrett
Director
Approved by the board on 22 February 2024
Home Corporation Ltd
Notes to the Accounts
for the year ended 31 May 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:
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.
Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property 2023 2022
£ £
Fair value
At 1 June 1,221,500 931,438
Additions 113,744 -
Fair value adjustment 75,256 290,062
Disposals - -
At 31 May 1,410,500 1,221,500
4 Debtors 2023 2022
£ £
Other debtors 218 202
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 377,272 327,793
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 484,132 579,932
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 484,132 579,932
Secured bank loans 484,132 579,932
Bank loans are secured against investment property.
8 Fair value reserve 2023 2022
£ £
At 1 June 2022 395,119 166,043
Fair value adjustment 75,256 290,062
Deferred taxation arising on the fair value adjustment (42,441) (60,986)
At 31 May 2023 427,934 395,119
9 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Sean Barrett 305,819 (9,752) 27,960 324,027
305,819 (9,752) 27,960 324,027
During the year, Mr Sean Barrett made net advances to the business of £18,208. The balance owed to Mr Sean Barrett as at 31st May 2023, was £324,027 (2022 £305,819). This balance is included within Other Creditor and is repayable on demand. No interest is being charged on this loan.
10 Other information
Home Corporation Ltd is a private company limited by shares and incorporated in England. Its registered office is:
SHMS House
20 Little Park Farm Road
Fareham
Hampshire
PO15 5TD
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