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Registration number: 04768219

Home Prospects Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Home Prospects Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Home Prospects Ltd

Company Information

Directors

Michelle Erika McDiarmid

James Pierre Cook

Company secretary

Michelle Erika McDiarmid

Registered office

10 Bishop Street
Pilgrim House
Town Hall Square
Leicester
Leicestershire
LE1 6AF

Accountants

UK FD Ltd
Pilgrim House
10 Bishop Street
Town Hall Square
Leicester
LE1 6AF

 

Home Prospects Ltd

(Registration number: 04768219)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

928

1,356

Current assets

 

Stocks

5

-

13,000

Debtors

6

113,967

90,452

Cash at bank and in hand

 

13,383

28,652

 

127,350

132,104

Creditors: Amounts falling due within one year

7

(128,176)

(129,413)

Net current (liabilities)/assets

 

(826)

2,691

Net assets

 

102

4,047

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2

3,947

Shareholders' funds

 

102

4,047

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

Home Prospects Ltd

(Registration number: 04768219)
Balance Sheet as at 31 July 2023 (continued)

.........................................
Michelle Erika McDiarmid
Company secretary and director

.........................................
James Pierre Cook
Director

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Bishop Street
Pilgrim House
Town Hall Square
Leicester
Leicestershire
LE1 6AF

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Tangible 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 - 33% on cost and 25% on reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

7,897

7,897

At 31 July 2023

7,897

7,897

Depreciation

At 1 August 2022

6,541

6,541

Charge for the year

428

428

At 31 July 2023

6,969

6,969

Carrying amount

At 31 July 2023

928

928

At 31 July 2022

1,356

1,356

5

Stocks

2023
£

2022
£

Work in progress

-

13,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

17,150

17,000

Other debtors

96,817

73,452

 

113,967

90,452

7

Creditors

Creditors: amounts falling due within one year

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Trade creditors

-

1

Taxation and social security

125,651

128,380

Accruals and deferred income

1,032

1,032

Other creditors

1,493

-

128,176

129,413

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £91,225.00 (2022 - £116,000.00) per ordinary share

 

91,225

 

116,000

         

10

Related party transactions

During the year, total dividends of £91,225 (2022 - £116,000) were paid to the directors.

 

Home Prospects Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Related party transactions (continued)

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

50,056

139,167

(116,836)

72,387