55 01/06/2023 31/05/2024 2024-05-31 false false false false false false false true false false true false false false true true true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05813638 2023-06-01 2024-05-31 05813638 2024-05-31 05813638 2023-05-31 05813638 2022-06-01 2023-05-31 05813638 2023-05-31 05813638 2022-05-31 05813638 core:PlantMachinery 2023-06-01 2024-05-31 05813638 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05813638 core:MotorVehicles 2023-06-01 2024-05-31 05813638 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 05813638 bus:Director1 2023-06-01 2024-05-31 05813638 core:PlantMachinery 2023-05-31 05813638 core:FurnitureFittingsToolsEquipment 2023-05-31 05813638 core:MotorVehicles 2023-05-31 05813638 core:PlantMachinery 2024-05-31 05813638 core:FurnitureFittingsToolsEquipment 2024-05-31 05813638 core:MotorVehicles 2024-05-31 05813638 core:WithinOneYear 2024-05-31 05813638 core:WithinOneYear 2023-05-31 05813638 core:AfterOneYear 2024-05-31 05813638 core:AfterOneYear 2023-05-31 05813638 core:ShareCapital 2024-05-31 05813638 core:ShareCapital 2023-05-31 05813638 core:RetainedEarningsAccumulatedLosses 2024-05-31 05813638 core:RetainedEarningsAccumulatedLosses 2023-05-31 05813638 bus:OrdinaryShareClass1 core:ShareCapital 2024-05-31 05813638 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 05813638 core:BetweenOneFiveYears 2024-05-31 05813638 core:PlantMachinery 2023-05-31 05813638 core:FurnitureFittingsToolsEquipment 2023-05-31 05813638 core:MotorVehicles 2023-05-31 05813638 bus:Director1 2023-05-31 05813638 bus:Director1 2024-05-31 05813638 bus:Director1 2022-05-31 05813638 bus:Director1 2023-05-31 05813638 bus:Director1 2022-06-01 2023-05-31 05813638 bus:SmallEntities 2023-06-01 2024-05-31 05813638 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05813638 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05813638 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05813638 bus:FullAccounts 2023-06-01 2024-05-31
Company registration number: 05813638
Homewood Rail Limited
Unaudited filleted financial statements
31 May 2024
Homewood Rail Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
Homewood Rail Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 11,335 15,859
_______ _______
11,335 15,859
Current assets
Debtors 4 1,197,788 1,025,854
Cash at bank and in hand 4,124 4,612
_______ _______
1,201,912 1,030,466
Creditors: amounts falling due
within one year 5 ( 868,156) ( 847,973)
_______ _______
Net current assets 333,756 182,493
_______ _______
Total assets less current liabilities 345,091 198,352
Creditors: amounts falling due
after more than one year 6 ( 24,409) ( 65,568)
Provisions for liabilities ( 2,940) ( 3,965)
_______ _______
Net assets 317,742 128,819
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 317,642 128,719
_______ _______
Shareholders funds 317,742 128,819
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 August 2024 , and are signed on behalf of the board by:
Mr Patrick Homewood
Director
Company registration number: 05813638
Homewood Rail Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
Homewood Rail Limited (Company number 05813638 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is Bridge House, Mill Lane, Basted, Sevenoaks, Kent, TN15 8PS.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 55 (2023: 3).
3. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 8,162 13,657 56,732 78,551
Disposals - ( 2,163) ( 24,961) ( 27,124)
_______ _______ _______ _______
At 31 May 2024 8,162 11,494 31,771 51,427
_______ _______ _______ _______
Depreciation
At 1 June 2023 8,043 9,679 44,970 62,692
Charge for the year 30 958 2,793 3,781
Disposals - ( 2,012) ( 24,369) ( 26,381)
_______ _______ _______ _______
At 31 May 2024 8,073 8,625 23,394 40,092
_______ _______ _______ _______
Carrying amount
At 31 May 2024 89 2,869 8,377 11,335
_______ _______ _______ _______
At 31 May 2023 119 3,978 11,762 15,859
_______ _______ _______ _______
4. Debtors
2024 2023
£ £
Trade debtors 756,441 437,222
Other debtors 441,347 588,632
_______ _______
1,197,788 1,025,854
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 91,739 304,681
Social security and other taxes 453,659 252,809
Other creditors 322,758 290,483
_______ _______
868,156 847,973
_______ _______
Within other creditors due within and after one year, are net obligations under hire purchase contracts. These amounts are secured on the assets to which they relate.
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 24,409 65,568
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 8,586 -
Later than 1 year and not later than 5 years 10,732 -
_______ _______
19,318 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Patrick Homewood 367,991 7,958 ( 64,000) 311,949
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Patrick Homewood 250,777 308,214 ( 191,000) 367,991
_______ _______ _______ _______