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Registration number: 03201235

Ideal Homeworks Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Ideal Homeworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ideal Homeworks Limited

Company Information

Directors

V Harding

CR Woffinden

Company secretary

M Woffinden

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail and Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Ideal Homeworks Limited

(Registration number: 03201235)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

4,928,819

4,928,819

Current assets

 

Stocks

5

66,696

66,696

Debtors

6

393,761

365,247

Cash at bank and in hand

 

128,960

112,551

 

589,417

544,494

Creditors: Amounts falling due within one year

7

(13,105)

(15,732)

Net current assets

 

576,312

528,762

Total assets less current liabilities

 

5,505,131

5,457,581

Creditors: Amounts falling due after more than one year

7

(855,873)

(630,633)

Provisions for liabilities

(490,857)

(490,857)

Net assets

 

4,158,401

4,336,091

Capital and reserves

 

Called up share capital

11

110

110

Other reserves

2,929,652

3,420,509

Retained earnings

1,228,639

915,472

Shareholders' funds

 

4,158,401

4,336,091

For the financial year ending 31 May 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.

 

Ideal Homeworks Limited

(Registration number: 03201235)
Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:



 

.........................................

V Harding

Director

 

Ideal Homeworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Maria House
35 Millers Road
Brighton
BN1 5NP
England

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of rental property 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.

 

Ideal Homeworks Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Non-distributable reserves
The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserves to the non-distributable reserve.

On disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.

 

Ideal Homeworks Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investment properties

2023
£

At 1 June

4,928,819

At 31 May

4,928,819

5

Stocks

2023
£

2022
£

Other inventories

66,696

66,696

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

3,069

Other debtors

393,761

362,178

 

393,761

365,247

 

Ideal Homeworks Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

8,077

415

Accruals and deferred income

4,620

4,278

Other creditors

408

11,039

13,105

15,732

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

855,873

630,633

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

855,873

630,633

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £15.00 (2022 - £5.20) per ordinary share

 

150,000

 

52,000

         

 

Ideal Homeworks Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

V Harding

Loan due from director

336,489

292,164

(259,812)

368,841

         
       

CR Woffinden

Due to director

(10,631)

10,631

-

-

         
       

 

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

V Harding

Loan due from director

358,081

134,408

(156,000)

336,489

         
       

CR Woffinden

Due to director

(141,432)

246,687

(115,886)

(10,631)

         
       

 

 

Ideal Homeworks Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

32,568

32,564

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.01 each

10,000

100

10,000

100

Ordinary B of £0.01 each

1,000

10

1,000

10

 

11,000

110

11,000

110