Registered number
13177572
Full Circle Homes Ltd
Filleted Accounts
29 February 2024
Full Circle Homes Ltd
Registered number: 13177572
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 627,680 627,680
Current assets
Debtors 4 1,387 59
Cash at bank and in hand 5,958 6,583
7,345 6,642
Creditors: amounts falling due within one year 5 (189,336) (185,917)
Net current liabilities (181,991) (179,275)
Total assets less current liabilities 445,689 448,405
Creditors: amounts falling due after more than one year 6 (494,505) (494,505)
Net liabilities (48,816) (46,100)
Capital and reserves
Called up share capital 1 1
Profit and loss account (48,817) (46,101)
Shareholder's funds (48,816) (46,100)
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.
Mr X Duong
Director
Approved by the board on 11 April 2024
Full Circle Homes Ltd
Notes to the Accounts
for the year ended 29 February 2024
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).
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £494,505 and the director £189,331, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the director. The director does not consider their own support nor the support of the bank likely to be withdrawn.

If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. It is recognised in respect of rental income receivable as soon as there is a right to consideration.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Debtors
Short term debtors are measured at transaction price, less any impairment
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
At 1 March 2023 627,680
At 29 February 2024 627,680
4 Debtors 2024 2023
£ £
Trade debtors 626 -
Other debtors 761 59
1,387 59
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 189,336 185,917
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 494,505 494,505
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 494,505 493,281
Secured bank loans 494,505 493,281
The company has mortgages with Lendinvest BTL Ltd which have fixed charges on the investment properties.
8 Other information
Full Circle Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
North Bar House
43-44 North Bar Street
Banbury
Oxfordshire
OX16 0TH
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