Registered number
06405668
Homelink Property Services Limited
Filleted Accounts
31 December 2023
Homelink Property Services Limited
Registered number: 06405668
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 751,317 752,515
Current assets
Cash at bank and in hand 404,547 408,347
Creditors: amounts falling due within one year 4 (27,967) (21,789)
Net current assets 376,580 386,558
Total assets less current liabilities 1,127,897 1,139,073
Creditors: amounts falling due after more than one year 5 (361,855) (414,042)
Net assets 766,042 725,031
Capital and reserves
Called up share capital 100 100
Revaluation reserve 6 170,794 170,794
Profit and loss account 595,148 554,137
Shareholders' funds 766,042 725,031
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 members have 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.
Mr M Ijaz
Director
Approved by the board on 29 August 2024
Homelink Property Services Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings 0% over 50 years or useable life
Leasehold land and buildings over the lease term
Fixture & fittings 18% reducing balance
Motor vehicles 18% 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Land and buildings
Land and buildings have been capitalised at cost price but not depreciated over its useful life.
However in the opinion of the directors, the closing net book value of freehold land and buildings
is an accurate reflection of market value as at 31 December 2023.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 16 10
3 Tangible fixed assets
Land and buildings Fixture & fittings Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 294,926 18,483 18,155 331,564
Surplus on revaluation 455,397 - - 455,397
Disposals - - (979) (979)
At 31 December 2023 750,323 18,483 17,176 785,982
Depreciation
At 1 January 2023 - 17,270 17,176 34,446
Charge for the year - 219 - 219
At 31 December 2023 - 17,489 17,176 34,665
Net book value
At 31 December 2023 750,323 994 - 751,317
At 31 December 2022 750,323 1,213 979 752,515
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 12,399 10,734
Other creditors (accountancy fees & VAT payable to hmrc) 15,568 11,055
27,967 21,789
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans (secured against property) 351,444 380,881
Other creditors (landlords' deposit account) 10,411 33,161
361,855 414,042
Bank loans includes: £260,580 mortgage secured against property, £23,176, BBL and £67,688
WorldPay (UK) limited.
6 Revaluation reserve 2023 2022
£ £
At 1 January 2023 170,794 170,794
At 31 December 2023 170,794 170,794
6A Other operating income
Rental income from the properties owned by the company.
7 Other information
Homelink Property Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
68 Midland Road
Bedford
Bedfordshire
MK40 1QB
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