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RELOVED HOME LTD
Unaudited filleted financial statements
30 June 2023
Company registration number 14166901
RELOVED HOME LTD
Contents
Statement of financial position
Notes to the financial statements
RELOVED HOME LTD
Statement of financial position
30 June 2023
30/06/23
Note £ £
Current assets
Stocks 285
Cash at bank and in hand 50
_______
335
Creditors: amounts falling due
within one year 5 ( 5,006)
_______
Net current liabilities ( 4,671)
_______
Total assets less current liabilities ( 4,671)
_______
Net liabilities ( 4,671)
_______
Capital and reserves
Called up share capital 1
Profit and loss account ( 4,672)
_______
Shareholder deficit ( 4,671)
_______
For the period 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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:
I I Leach
Director
Company registration number: 14166901
RELOVED HOME LTD
Notes to the financial statements
Period ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Bloors Lane, Rainham, Gillingham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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 stocks to their present location and condition.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4
5. Creditors: amounts falling due within one year
30/06/23
£
Bank loans and overdrafts 221
Social security and other taxes 959
Other creditors 3,826
_______
5,006
_______
6. Directors advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
Period ended 30/06/23
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
I I Leach - ( 2,378) ( 2,378)
_______ _______ _______
7. Controlling party
The company is controlled by Miss I I Leach being the sole director/shareholder.
8. Going concern
As at 30 June 2023 the balance sheet shows net current liabilities. These accounts have been prepared on the going concern basis as the director has agreed to continue to support the Company to ensure it is able to meets its debts as they fall due.