Educom Homes Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 10474845 (England and Wales)
Educom Homes Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Educom Homes Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,376
5,967
Investment properties
4
1,739,287
1,739,287
1,743,663
1,745,254
Current assets
Debtors
5
5,190
5,190
Cash at bank and in hand
333,788
311,827
338,978
317,017
Creditors: amounts falling due within one year
6
(2,007,969)
(2,003,944)
Net current liabilities
(1,668,991)
(1,686,927)
Net assets
74,672
58,327
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
74,670
58,325
Total equity
74,672
58,327
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Educom Homes Limited
Balance Sheet (Continued)
As at 30 November 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
D Butterfield
Director
Company Registration No. 10474845
EDUCOM HOMES LIMITED
Educom Homes Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023
Page 3
1
Accounting policies
Company information
Educom Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependant on ongoing financial support from the directors who have indicated they will continue to support the company for at least a year from the date of approval of these financial statements.
1.3
Turnover
Turnover represents the fair value of rent received during the period. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable and is based on services provided and expenses incurred.
1.4
Tangible fixed assets
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
Over 4 years at 25% on a straight line basis
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss account.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EDUCOM HOMES LIMITED
Educom Homes Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 4
1.7
Debtors and creditors
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
EDUCOM HOMES LIMITED
Educom Homes Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 30 November 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 and 30 November 2023
6,365
Depreciation and impairment
At 1 December 2022
398
Depreciation charged in the year
1,591
At 30 November 2023
1,989
Carrying amount
At 30 November 2023
4,376
At 30 November 2022
5,967
4
Investment property
2023
£
Fair value
At 1 December 2022 and 30 November 2023
1,739,287
A valuation of the investment properties was made as at 30 November 2023 by the directors, on a fair value basis which is equivalent to cost. No depreciation is provided in respect of investment property.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,190
5,190
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,760
2,476
Corporation tax
4,207
487
Other creditors
1,994,105
1,994,105
Accruals and deferred income
6,897
6,876
2,007,969
2,003,944
EDUCOM HOMES LIMITED
Educom Homes Limited
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 30 November 2023
Page 6
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2
2
2
EDUCOM HOMES LIMITED
Educom Homes Limited
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 November 2023
Page 7
8
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts owed to related parties
£
£
Key management personnel
1,988,915
1,988,915
These amounts are interest free and repayable on demand.