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REGISTERED NUMBER: 11069316 (England and Wales)




















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

SAME DAY HOME BUYER LIMITED

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


SAME DAY HOME BUYER LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: N Teitelbaum





REGISTERED OFFICE: First Floor, Winston House
349 Regents Park Road
London
N3 1DH





REGISTERED NUMBER: 11069316 (England and Wales)





AUDITORS: Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023


The director presents his strategic report of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITIES
The Group's principal activity is trading in residential properties.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risk for the company is a reduction in property values; if a property is held in stock for a long period this risk increases. In order to mitigate the risk, the company is continuously trading stock as mentioned below.

OUR STRATEGIC PRIORITIES
The Group has two objectives:

- to deliver attractive long-term returns;

- to uphold Same Day Home Buyer Limited's reputation for integrity and reliability.

The Group's primary financial objective is to maximise returns at acceptable levels of risk.

BUSINESS REVIEW
The results for the period and financial position of the company are as shown in the annexed financial statements

The company has concentrated on trading property since it was incorporated. The majority of properties were purchased with the intention of renovating them and then selling them. This ensures that the company is continuously trading stock and does not hold on to stock for a long period with the result of mitigating risk to the company.

As is evidenced by the results (see below), the above policy has worked well for the company and the company is showing a healthy gross profit.

GROUP PERFORMANCE
2023 realised a turnover of £60.8m (2022: £23.5m). The gross profit margin is 8.3% (2022: 8.9%). Profit before tax has increased by 146% to £4.49m (2022: £1.82m.)

FINANCIAL PERFORMANCE
The Group's shareholders funds now stand at £5.1m (2022: £1.5m). The growth has been driven by high levels of purchases and sales during the year.

FINANCIAL CAPACITY AND LIQUIDITY
The Group is well positioned to take advantage of opportunities as they arise. The Group's financial capacity stood at £719k (2022: £343k) which is cash at bank.

The director considers that there are no non-financial performance measurements relevant to the business.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


29 February 2024

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 28 FEBRUARY 2023


The director presents his report with the financial statements of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of trading in residential properties.

DIVIDENDS
No dividends will be distributed for the year ended 28 February 2023.

DIRECTOR
N Teitelbaum held office during the whole of the period from 1 March 2022 to the date of this report.

FINANCIAL INSTRUMENTS
The Group's principal assets are other receivables. The Group's principal liabilities are other creditors.

Credit risk

The Director monitors credit risk closely and considers that its current policies and procedures meet its objectives of managing exposure to credit risk. The Group has no significant concentrations of credit risk.

Currency risk

The Group was not exposed to currency risk during the period.

Liquidity risk

The Group was not exposed to liquidity risk during the period.

Interest rate risk

The Group was not exposed to interest risk during the period.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 28 FEBRUARY 2023


AUDITORS
The auditors, Melinek Fine LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Teitelbaum - Director


29 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAME DAY HOME BUYER LIMITED


Opinion
We have audited the financial statements of SAME DAY HOME BUYER LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28 February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAME DAY HOME BUYER LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

The comparative year is unaudited.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAME DAY HOME BUYER LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following area as most likely to have such an affect, being property legislation.
International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account
combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Standards on Auditing (UK)(ISAs (UK)). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud,
and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAME DAY HOME BUYER LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aryeh Melinek (Senior Statutory Auditor)
for and on behalf of Melinek Fine LLP
Chartered Accountants
Statutory Auditors
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

29 February 2024

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
(Unaudited)
Notes £    £   

TURNOVER 60,771,054 23,536,722

Cost of sales 55,726,067 21,452,643
GROSS PROFIT 5,044,987 2,084,079

Administrative expenses 612,754 279,640
4,432,233 1,804,439

Other operating income 60,671 17,306
OPERATING PROFIT 4 4,492,904 1,821,745


Interest payable and similar expenses 5 3,627 -
PROFIT BEFORE TAXATION 4,489,277 1,821,745

Tax on profit 6 855,144 346,196
PROFIT FOR THE FINANCIAL YEAR 3,634,133 1,475,549
Profit attributable to:
Owners of the parent 3,634,133 1,475,549

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 3,634,133 1,475,549


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,634,133

1,475,549

Total comprehensive income attributable to:
Owners of the parent 3,634,133 1,475,549

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2023

2023 2022
(Unaudited)
Notes £    £   
CURRENT ASSETS
Stocks 9 9,944,962 16,898,211
Debtors 10 990,045 2,162,671
Cash at bank and in hand 719,204 342,759
11,654,211 19,403,641
CREDITORS
Amounts falling due within one year 11 6,546,070 17,929,633
NET CURRENT ASSETS 5,108,141 1,474,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,108,141

1,474,008

CAPITAL AND RESERVES
Called up share capital 13 100 100
Profit and loss account 14 5,108,041 1,473,908
SHAREHOLDERS' FUNDS 5,108,141 1,474,008

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





N Teitelbaum - Director


SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

COMPANY BALANCE SHEET
28 FEBRUARY 2023

2023 2022
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Investments 8 200 100

CURRENT ASSETS
Debtors 10 5,109,099 1,474,099
Cash in hand 100 100
5,109,199 1,474,199
CREDITORS
Amounts falling due within one year 11 4,917 3,208
NET CURRENT ASSETS 5,104,282 1,470,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,104,482

1,471,091

CAPITAL AND RESERVES
Called up share capital 13 100 100
Profit and loss account 5,104,382 1,470,991
SHAREHOLDERS' FUNDS 5,104,482 1,471,091

Company's profit for the financial year 3,633,391 1,472,632

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

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





N Teitelbaum - Director


SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 March 2021 - (1,641 ) (1,641 )

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 1,475,549 1,475,549
Balance at 28 February 2022 100 1,473,908 1,474,008

Changes in equity
Total comprehensive income - 3,634,133 3,634,133
Balance at 28 February 2023 100 5,108,041 5,108,141

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 March 2021 - (1,641 ) (1,641 )

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 1,472,632 1,472,632
Balance at 28 February 2022 100 1,470,991 1,471,091

Changes in equity
Total comprehensive income - 3,633,391 3,633,391
Balance at 28 February 2023 100 5,104,382 5,104,482

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 776,445 342,659
Interest paid (3,627 ) -
Tax paid (396,373 ) -
Net cash from operating activities 376,445 342,659

Cash flows from financing activities
Share issue - 100
Net cash from financing activities - 100

Increase in cash and cash equivalents 376,445 342,759
Cash and cash equivalents at beginning
of year

2

342,759

-

Cash and cash equivalents at end of
year

2

719,204

342,759

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
(Unaudited)
£    £   
Profit before taxation 4,489,277 1,821,745
Finance costs 3,627 -
4,492,904 1,821,745
Decrease/(increase) in stocks 6,953,249 (16,898,211 )
Decrease/(increase) in trade and other debtors 1,172,626 (2,162,671 )
(Decrease)/increase in trade and other creditors (11,842,334 ) 17,581,796
Cash generated from operations 776,445 342,659

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 719,204 342,759
Year ended 28 February 2022
28.2.22 1.3.21
(Unaudited)
£    £   
Cash and cash equivalents 342,759 -


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 342,759 376,445 719,204
342,759 376,445 719,204
Total 342,759 376,445 719,204

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

SAME DAY HOME BUYER LIMITED 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemption in preparing these Financial Statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

- the requirements of Section 7 Statement of Cash Flows.

Turnover
The whole of the turnover is attributable to the principal activity of the company, being the trading in residential properties in the United Kingdom. Turnover comprises net proceeds from sales of residential properties.

Stocks
Stock represents residential properties bought with the intention of selling them. Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. If the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset is measured, initially, at the present value of the future cash flows discounted at a market
rate of interest for a similar debt instrument and subsequently at amortised costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Acquisitions and disposals
Acquisitions and disposals of the properties are considered to take place at the date of legal completion, and are included in the Financial Statements accordingly, as this is deemed to be the point where the majority of risks and rewards of ownership vest.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 28 February 2023 nor for the year ended 28 February 2022.

The average number of employees during the year was NIL (2022 - NIL).

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

2023 2022
(Unaudited)
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
(Unaudited)
£    £   
Auditors' remuneration 7,800 3,600
Formation costs 234 -
Non-audit services 57,206 30,805

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
(Unaudited)
£    £   
Interest payable 3,627 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
(Unaudited)
£    £   
Current tax:
UK corporation tax 855,144 346,196
Tax on profit 855,144 346,196

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
(Unaudited)
£    £   
Profit before tax 4,489,277 1,821,745
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

852,963

346,132

Effects of:
Expenses not deductible for tax purposes 44 -
Subsidiary losses 2,137 64
Total tax charge 855,144 346,196

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss account of the parent company is not presented as part of these financial statements.


8. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2022 100
Additions 100
At 28 February 2023 200
NET BOOK VALUE
At 28 February 2023 200
At 28 February 2022 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Newstone Land and Properties Ltd
Registered office: First Floor Winston House, 349 Regents Park Road, London N3 1DH
Nature of business: Trading in residential property
%
Class of shares: holding
Ordinary 100.00

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. FIXED ASSET INVESTMENTS - continued

Redsand Property Ltd
Registered office: 34 Hillcrest Avenue, London, United Kingdom, NW11 0EN
Nature of business: Trading in residential property
%
Class of shares: holding
Ordinary 100.00


9. STOCKS

Group
2023 2022
(Unaudited
£    £   
Stocks 9,944,962 16,898,211

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited) (Unaudited)
£    £    £    £   
Amounts owed by group undertakings - - 5,109,099 1,474,099
Other debtors 914,737 2,162,671 - -
Prepayments and accrued income 75,308 - - -
990,045 2,162,671 5,109,099 1,474,099

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
(Unaudited) (Unaudited)
£    £    £    £   
Trade creditors 33,216 - 1,200 -
Amounts owed to group undertakings - - 100 -
Tax 804,967 346,196 - -
Other creditors 5,646,813 17,550,455 2,417 2,008
Accruals and deferred income 61,074 32,982 1,200 1,200
6,546,070 17,929,633 4,917 3,208

SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


12. FINANCIAL INSTRUMENTS

GROUP
2023 2022
£    £   

Financial assets measured at amortised cost 914,737 2,162,671

Financial liabilities measured at amortised cost 5,680,029 17,550,455

Financial assets measured at amortised cost are comprised of other debtors.

Financial liabilities measured at amortised cost are comprised of trade creditors of £33,216 (2022: £NIL) and other creditors of £5,646,813 (2022: £17,550,455).
COMPANY
2023 2022
£    £   

Financial assets measured at amortised cost 5,109,099 1,474,099

Financial liabilities measured at amortised cost 3,717 2,008

Financial assets measured at amortised cost are comprised of other debtors.

Financial liabilities measured at amortised cost are comprised of trade creditors of £1,200 (2022: £NIL) and other creditors of £2,517 (2022: £2,008).

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

14. RESERVES

Group
Profit
and loss
account
£   

At 1 March 2022 1,473,908
Profit for the year 3,634,133
At 28 February 2023 5,108,041


SAME DAY HOME BUYER LIMITED (REGISTERED NUMBER: 11069316)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


15. RELATED PARTY DISCLOSURES

Included within group other debtors is £728,625 (2022: £645,687) due from companies with a common director and/or shareholder.

Included within group other creditors is £5,626,214 (2022: 17,456,246) due to companies with a common director and/or shareholder.

The intra-group balances of £5,123,787 have been eliminated on consolidation

16. FINANCIAL COMMITMENTS

Financial commitments at the year end of £578,500 (2022: £318,500) related to properties that were exchanged prior to the 28 February 2023 but not completed until post year end. The properties were financed with cash at bank.

17. ULTIMATE CONTROLLING PARTY

Mr N Teitelbaum has ultimate control over the company by virtue of his majority shareholding.