Home Counties Estate Agents Limited
Registered number: 09644134
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,016 14,964
Current assets
Debtors 4 12,000 12,000
Cash at bank and in hand 25,870 47,147
37,870 59,147
Creditors: amounts falling due within one year 5 (41,973) (62,269)
Net current liabilities (4,103) (3,122)
Total assets less current liabilities 7,913 11,842
Creditors: amounts falling due after more than one year 6 (32,722) (38,930)
Net liabilities (24,809) (27,088)
Capital and reserves
Called up share capital 100 100
Profit and loss account (24,909) (27,188)
Shareholder's funds (24,809) (27,088)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R J Lowry
Director
Approved by the board on 28 August 2024
Home Counties Estate Agents Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Fixtures, fittings, tools and equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 11,170 19,509 30,679
Additions - 202 202
At 30 June 2023 11,170 19,711 30,881
Depreciation
At 1 July 2022 5,474 10,241 15,715
Charge for the year 782 2,368 3,150
At 30 June 2023 6,256 12,609 18,865
Net book value
At 30 June 2023 4,914 7,102 12,016
At 30 June 2022 5,696 9,268 14,964
4 Debtors 2023 2022
£ £
Other debtors 12,000 12,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,600 9,196
Corporation tax 4,360 8,666
Other taxes and social security costs 6,746 9,836
Other creditors 25,267 34,571
41,973 62,269
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,722 38,930
7 Controlling party
The company was under the control of the director.
8 Other information
Home Counties Estate Agents Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spitalfields House
Stirling Way
Borehamwood
Herts
WD6 2FX
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