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REGISTERED NUMBER: 02147139 (England and Wales)








FOCUS HOMES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2022 TO 31 MARCH 2023






FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

CONTENTS OF THE FINANCIAL STATEMENTS
for the period 1 May 2022 to 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

FOCUS HOMES LIMITED

COMPANY INFORMATION
for the period 1 May 2022 to 31 March 2023







DIRECTORS: D I Legge
Mrs V A Legge





SECRETARY: D I Legge





REGISTERED OFFICE: Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR





REGISTERED NUMBER: 02147139 (England and Wales)





ACCOUNTANTS: Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR

FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,155 1,659
Investment property 5 1,250,000 -
1,251,155 1,659

CURRENT ASSETS
Stocks 509,719 2,124,627
Debtors 6 404,211 7,138
Cash at bank 130,229 83,049
1,044,159 2,214,814
CREDITORS
Amounts falling due within one year 7 (303,165 ) (1,436,925 )
NET CURRENT ASSETS 740,994 777,889
TOTAL ASSETS LESS CURRENT LIABILITIES 1,992,149 779,548

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 687,401 -
Retained earnings 1,304,648 779,448
SHAREHOLDERS' FUNDS 1,992,149 779,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 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.

FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

BALANCE SHEET - continued
31 March 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





D I Legge - Director


FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

NOTES TO THE FINANCIAL STATEMENTS
for the period 1 May 2022 to 31 March 2023


1. STATUTORY INFORMATION

Focus Homes 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 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.

The company has shortened its reporting period to align itself with the fiscal year. The comparative amounts presented in the financial statements are not entirely comparable.

Revenue recognition
Revenue and profit shares in respect of the sale of residential properties is recognised at the fair value of the consideration received or receivable on exchange of contracts.

Property consultancy income is recognised at the fair value of the consideration receivable for sale of services in the ordinary nature of the business, exclusive of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 20% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The asset's residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in the profit and loss account, and included in administrative expenses.

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

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

Cost includes all direct expenditure.

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


FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 May 2022 to 31 March 2023


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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax in measured on a non- discounted basis.

Financial instruments
Financial instruments are classified by directors as basic or non-basic following the conditions on FRS 102 Section 11. Basic financial instruments are initially measured at transaction price (including transaction cost) and subsequently recognised at amortised cost using the effective interest method. The company has no non-basic financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022
and 31 March 2023 18,822
DEPRECIATION
At 1 May 2022 17,163
Charge for period 504
At 31 March 2023 17,667
NET BOOK VALUE
At 31 March 2023 1,155
At 30 April 2022 1,659

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 562,599
Revaluations 687,401
At 31 March 2023 1,250,000
NET BOOK VALUE
At 31 March 2023 1,250,000

FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 May 2022 to 31 March 2023


5. INVESTMENT PROPERTY - continued

The investment property has been valued by the directors of the company, on an open market value. Open market value is considered to be equal to the property's fair value.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 687,401
Cost 562,599
1,250,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 404,211 7,138

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 512,500
Taxation and social security 295,171 -
Other creditors 7,994 924,425
303,165 1,436,925

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 512,500

The loan with Hunter Finance (UK) Limited was secured over the company's development at Littlemead, Church Lane, Haslemere, Surrey, GU27 1AT. The loans, plus further draw downs during the period were fully repaid in January 2023.

9. RESERVES
Revaluation
reserve
£   
Revaluation transfer 687,401

At 31 March 2023 687,401

FOCUS HOMES LIMITED (REGISTERED NUMBER: 02147139)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the period 1 May 2022 to 31 March 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2023 and the year ended 30 April 2022:

2023 2022
£    £   
Mrs V A Legge
Balance outstanding at start of period - -
Amounts advanced 382,516 -
Amounts repaid (30,625 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 351,891 -

D I Legge
Balance outstanding at start of period - -
Amounts advanced 83,702 -
Amounts repaid (31,875 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 51,827 -

The outstanding balance is repayable on demand and accrues interest at 2%.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FOCUS HOMES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Focus Homes Limited for the period ended 31 March 2023 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Focus Homes Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Focus Homes Limited and state those matters that we have agreed to state to the Board of Directors of Focus Homes Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Focus Homes Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Focus Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Focus Homes Limited. You consider that Focus Homes Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Focus Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk.






Bessler Hendrie LLP
Chartered Accountants
Ashbourne House
The Guildway
Old Portsmouth Road
Guildford
Surrey
GU3 1LR


8 March 2024