Company Registration No. 05591104 (England and Wales)
GABLE HOMES LETTINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
GABLE HOMES LETTINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GABLE HOMES LETTINGS LIMITED
Company Registration No. 05591104
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
5,735,000
6,290,000
Current assets
Debtors
5
1,033,142
1,018,309
Cash at bank and in hand
218,717
414,979
1,251,859
1,433,288
Creditors: amounts falling due within one year
6
(1,825,991)
(1,928,541)
Net current liabilities
(574,132)
(495,253)
Total assets less current liabilities
5,160,868
5,794,747
Creditors: amounts falling due after more than one year
7
(948,651)
(2,353,621)
Net assets
4,212,217
3,441,126
Capital and reserves
Called up share capital
8
100
100
Other reserves
4,013,089
3,308,089
Profit and loss reserves
199,028
132,937
Total equity
4,212,217
3,441,126
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 March 2024 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 member has 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.
GABLE HOMES LETTINGS LIMITED
Company Registration No. 05591104
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
K Whybrow
Director
GABLE HOMES LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Gable Homes Lettings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barnett Farm, Norley Lane, Shamley Green, Guildford, Surrey, GU5 0TP.
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
Turnover
Turnover is recognised as the fair value of the consideration receivable for rental income provided in the normal course of business.
1.3
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. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash at bank and in hand 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.
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GABLE HOMES LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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
Exceptional item
2024
2023
£
£
Expenditure
Profit/(loss) on disposal of investment properties
(123,044)
(55,000)
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
GABLE HOMES LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 April 2023
5,030,000
Revaluations
705,000
At 31 March 2024
5,735,000
During the year three properties were sold which had a combined fair value in the accounts of £1,260,000.
The valuations of the remaining properties was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66
999
Other debtors
1,033,076
1,017,310
1,033,142
1,018,309
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
339
514
Taxation and social security
80,928
Other creditors
1,744,724
1,928,027
1,825,991
1,928,541
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
948,651
2,353,621
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary Shares of 0p each
1
1
100
100
GABLE HOMES LETTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
9
Related party transactions
At the balance sheet date the company owed £nil (2023 - £32,842) to the director, K Whybrow. This loan is interest free.
At the balance sheet date the company was owed £431,122 (2023 - £458,156) from Gable Homes Investments Limited.
At the balance sheet date the company was owed £585,671 (2023 - £536,671) from Gable Homes Limited.
At the balance sheet date the company owed Keith Whybrow Lettings £1,738,895 (2023 - £1,889,406).