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Registration number: 11307331

Bomad Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Bomad Investments Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Bomad Investments Limited

(Registration number: 11307331)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,857

1,252

Investments

5

-

1

Other financial assets

6

1

-

 

1,858

1,253

Current assets

 

Debtors

940,259

92,528

Cash at bank and in hand

 

43,147

1,356,459

 

983,406

1,448,987

Creditors: Amounts falling due within one year

(40,167)

(42,272)

Net current assets

 

943,239

1,406,715

Net assets

 

945,097

1,407,968

Capital and reserves

 

Called up share capital

9

3

3

Share premium reserve

3,535,087

3,535,087

Profit and loss account

(2,589,993)

(2,127,122)

Total equity

 

945,097

1,407,968

For the financial year ending 30 April 2024 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.

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.

 

Bomad Investments Limited

(Registration number: 11307331)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................
Jonathan Potter
Director

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
8th Floor
100 Bishopsgate
London
EC2N 4AG

These financial statements were authorised for issue by the Board on 21 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The directors have reviewed the company's plans for a period of 12 months from the date of the signing of the accounts and are satisfied that they can continue to adopt the going concern basis in preparing these financial statements.

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 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.

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

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.

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

2,007

2,007

Additions

1,474

1,474

At 30 April 2024

3,481

3,481

Depreciation

At 1 May 2023

755

755

Charge for the year

869

869

At 30 April 2024

1,624

1,624

Carrying amount

At 30 April 2024

1,857

1,857

At 30 April 2023

1,252

1,252

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

-

1

Subsidiaries

£

Cost or valuation

At 1 May 2023

1

Disposals

(1)

At 30 April 2024

-

Provision

Carrying amount

At 30 April 2024

-

At 30 April 2023

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

BOMAD Investments I Limited

8th Floor 100 Bishopsgate
London
EC2N 4AG

England and Wales

Ordinary shares

100%

100%

Subsidiary undertakings

BOMAD Investments I Limited

The principal activity of BOMAD Investments I Limited is holding and advancing funds for investment in residential property.

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

1

1

At 30 April 2024

1

1

Impairment

Carrying amount

At 30 April 2024

1

1

Bomad Investments 1 Limited and its subsidiary Bomad Homes 1 Limited converted into a Real Estate Investment Trust (REIT) structure on 1 February 2024. The REIT group is owned by Homenow Investments Limited Partnership (registered under LP023334). Bomad Investments Limited is the general partner in Homenow Investments LP and has no partnership interest in the share of profits or losses generated by the REIT other than to provide ongoing management services to the REIT.

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

41,325

1,260

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

895,522

78,061

Prepayments

 

540

1,628

Other debtors

 

2,872

11,579

 

940,259

92,528

 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

32,427

19,495

PAYE and NIC

5,050

5,109

Accruals and deferred income

2,175

5,275

Other creditors

515

12,393

40,167

42,272

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £0.001 each

3,182

3.18

3,182

3.18

         
 

Bomad Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Loans to related parties

2024

Subsidiary
£

Other related parties
£

Total
£

At start of period

78,061

-

78,061

Advanced

-

895,522

895,522

Repaid

(78,061)

-

(78,061)

At end of period

-

895,522

895,522

2023

Subsidiary
£

Total
£

At start of period

3,277

3,277

Advanced

76,486

76,486

Repaid

(1,702)

(1,702)

At end of period

78,061

78,061

Terms of loans to related parties

The brought forward amounts advanced to Bomad Investments 1 Limited and Bomad Homes 1 Limited relate to short term funding balances arising in the ordinary course of business. They are non interest bearing and repayable on demand.
 

 The amount owed by other related parties relates to advances to Bomad Investments 1 Limited and Bomad Homes 1 Limited. Following the creation of the REIT on 1 February 2024, Bomad Investments 1 Limited and Bomad Homes 1 Limited are owned via Homenow Investments Limited Partnership. The amounts have been advanced in the ordinary course of business and are interest free and repayable on demand.

In addition, the following amounts are included in trade debtors in respect of outstanding invoices at 30.4.24.:

Bomad Homes Limited: £18,779

Bomad Investments 1 Limited: £22,547