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REGISTERED NUMBER: 11762667 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

HOMES 2 SUIT LTD

HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOMES 2 SUIT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J D Brimm
B M Sugden





REGISTERED OFFICE: 77 Roydene Road
Greenwich
London
SE18 1PZ





REGISTERED NUMBER: 11762667 (England and Wales)





ACCOUNTANTS: Williams Giles Professional Services Ltd
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 595,000 575,000

CURRENT ASSETS
Stocks 156,268 153,990
Debtors 5 3,106 1,344
Cash at bank 10,512 3,061
169,886 158,395
CREDITORS
Amounts falling due within one year 6 278,737 264,454
NET CURRENT LIABILITIES (108,851 ) (106,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

486,149

468,941

CREDITORS
Amounts falling due after more than one
year

7

(380,593

)

(380,628

)

PROVISIONS FOR LIABILITIES (32,912 ) (27,912 )
NET ASSETS 72,644 60,401

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings - non distributable 91,606 76,606
Retained earnings (18,965 ) (16,208 )
72,644 60,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)

BALANCE SHEET - continued
31 JANUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





J D Brimm - Director


HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Homes 2 Suit Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents income from UK residential lettings; this income is exempt from VAT.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 575,000
Revaluations 20,000
At 31 January 2024 595,000
NET BOOK VALUE
At 31 January 2024 595,000
At 31 January 2023 575,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2021 70,554
Valuation in 2022 29,483
Valuation in 2023 4,481
Valuation in 2024 20,000
Cost 470,482
595,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 470,482 470,482

The investment properties were valued on an open market basis on 31 January 2024 by J D Brimm .

HOMES 2 SUIT LTD (REGISTERED NUMBER: 11762667)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 418
Other debtors 3,106 926
3,106 1,344

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other creditors 278,737 264,454

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 380,593 380,628

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due over more than 5 yrs by
instalments

380,593

380,628

8. SECURED DEBTS

Charter Court Financial Services Limited hold a fixed and floating charge, dated 20 December 2019, over 25 Rockhouse St, Liverpool, L6 4AP.


Charter Court Financial Services Limited hold a fixed and floating charge, dated 12 March 2020, over 8 Sycamore Mews, St Johns Road, Erith, DA8 1NR.

Charter Court Financial Services Limited hold a fixed and floating charge, dated 13 November 2020, over 44 Churchdown Road, Liverpool, L14 7PG.

Paragon Bank PLC hold a fixed and floating charge, dated 21 July 2022, over 81 Coronation Road, Tipton, DY4 0XU.

9. OTHER FINANCIAL COMMITMENTS

As at the year-end date, the company is obliged to pay a further £15,937 (2023 - £35,061) in monthly instalments, in relation to a disused office currently being converted into flats. At completion of the contract, the company is also obliged to pay a final instalment of £107,097.