Company registration number 04570737 (England and Wales)
HOMES BY DESIGN OF EXMOUTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
HOMES BY DESIGN OF EXMOUTH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HOMES BY DESIGN OF EXMOUTH LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
833
Tangible assets
4
12,829
16,555
12,829
17,388
Current assets
Stocks
16,824
7,697
Debtors
5
21,756
76,553
Cash at bank and in hand
7,055
34,528
45,635
118,778
Creditors: amounts falling due within one year
6
(106,416)
(146,402)
Net current liabilities
(60,781)
(27,624)
Total assets less current liabilities
(47,952)
(10,236)
Provisions for liabilities
-
0
(1,411)
Net liabilities
(47,952)
(11,647)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(48,052)
(11,747)
Total equity
(47,952)
(11,647)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his 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.

HOMES BY DESIGN OF EXMOUTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr M J Waldock
Director
Company Registration No. 04570737
HOMES BY DESIGN OF EXMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Homes by Design of Exmouth Limited is a private company limited by shares incorporated in England and Wales. The registered office is Homes By Design, Salterton Units, Salterton Road, Exmouth, Devon, EX8 2NS.

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

At the balance sheet date the company's liabilities exceeded its assets. The company manages its working capital through supplier payment terms, customer payments on account and maintenance of appropriate bank facilities. Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

 

1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated 20 year useful economic life.
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
straight line over the lease term
Plant and machinery
20% per annum on written down value
Fixtures, fittings & equipment
15% per annum on written down value
Motor vehicles
25% per annum on written down value
Showroom display
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

HOMES BY DESIGN OF EXMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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
7
6
HOMES BY DESIGN OF EXMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
200,000
Amortisation and impairment
At 1 November 2022
199,167
Amortisation charged for the year
833
At 31 October 2023
200,000
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
833
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
636
147,968
148,604
Depreciation and impairment
At 1 November 2022
636
131,413
132,049
Depreciation charged in the year
-
0
3,726
3,726
At 31 October 2023
636
135,139
135,775
Carrying amount
At 31 October 2023
-
0
12,829
12,829
At 31 October 2022
-
0
16,555
16,555
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
19,159
68,831
Other debtors
2,597
7,722
21,756
76,553
HOMES BY DESIGN OF EXMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
60,983
113,489
Taxation and social security
35,554
21,956
Other creditors
9,879
10,957
106,416
146,402
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
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