Registered number
11418592
Neet Homes Ltd
Filleted Accounts
31 May 2023
Neet Homes Ltd
Registered number: 11418592
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,054 23,564
Current assets
Stocks 616,567 640,450
Debtors 4 6,408 6,762
Cash at bank and in hand 10,132 2,544
633,107 649,756
Creditors: amounts falling due within one year 5 (125,793) (206,871)
Net current assets 507,314 442,885
Total assets less current liabilities 528,368 466,449
Creditors: amounts falling due after more than one year 6 (414,230) (381,831)
Provisions for liabilities (2,866) -
Net assets 111,272 84,618
Capital and reserves
Called up share capital 100 100
Profit and loss account 111,172 84,518
Shareholders' funds 111,272 84,618
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 Graham Skinner
Director
Approved by the board on 5 February 2024
Neet Homes 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 3,076 17,162 25,390 45,628
Additions - 3,483 - 3,483
At 31 May 2023 3,076 20,645 25,390 49,111
Depreciation
At 1 June 2022 - 7,683 14,381 22,064
Charge for the year - 3,241 2,752 5,993
At 31 May 2023 - 10,924 17,133 28,057
Net book value
At 31 May 2023 3,076 9,721 8,257 21,054
At 31 May 2022 3,076 9,479 11,009 23,564
4 Debtors 2023 2022
£ £
Other debtors 6,408 6,762
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,119 -
Trade creditors 17,661 39,964
Taxation and social security costs 13,947 11,277
Other creditors 77,066 155,630
125,793 206,871
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 74,056 79,921
Other creditors 340,174 301,910
414,230 381,831
7 Other information
Neet Homes Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Cedar Lodge
Poundfield
Stratton
Cornwall
EX23 9AX
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