REGISTERED NUMBER: |
FOCUS HOMES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023 |
REGISTERED NUMBER: |
FOCUS HOMES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023 |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 May 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
FOCUS HOMES LIMITED |
COMPANY INFORMATION |
for the period 1 May 2022 to 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
BALANCE SHEET - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 May 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
Focus Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has shortened its reporting period to align itself with the fiscal year. The comparative amounts presented in the financial statements are not entirely comparable. |
Revenue recognition |
Revenue and profit shares in respect of the sale of residential properties is recognised at the fair value of the consideration received or receivable on exchange of contracts. |
Property consultancy income is recognised at the fair value of the consideration receivable for sale of services in the ordinary nature of the business, exclusive of VAT. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date. |
On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in the profit and loss account, and included in administrative expenses. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost includes all direct expenditure. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 May 2022 to 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. |
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax in measured on a non- discounted basis. |
Financial instruments |
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company has no non-basic financial instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for period |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 30 April 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 687,401 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 May 2022 to 31 March 2023 |
5. | INVESTMENT PROPERTY - continued |
The investment property has been valued by the directors of the company, on an open market value. Open market value is considered to be equal to the property's fair value. |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 687,401 |
Cost | 562,599 |
1,250,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans | - | 512,500 |
The loan with Hunter Finance (UK) Limited was secured over the company's development at Littlemead, Church Lane, Haslemere, Surrey, GU27 1AT. The loans, plus further draw downs during the period were fully repaid in January 2023. |
9. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation transfer | 687,401 |
At 31 March 2023 |
FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 May 2022 to 31 March 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 March 2023 and the year ended 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
The outstanding balance is repayable on demand and accrues interest at 2%. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
FOCUS HOMES LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Focus Homes Limited for the period ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Focus Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Focus Homes Limited and state those matters that we have agreed to state to the Board of Directors of Focus Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Focus Homes Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Focus Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Focus Homes Limited. You consider that Focus Homes Limited is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Focus Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
Chartered Accountants |
Ashbourne House |
The Guildway |
Old Portsmouth Road |
Guildford |
Surrey |
GU3 1LR |