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Registered number: 09585807
Homewood Motor (Longfield) Ltd
Unaudited Financial Statements
For The Year Ended 30 May 2023
Ads Accountants
Certified Practising Accountants
117 Dartford Road
Dartford
Kent
DA1 3EN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09585807
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 244,946 244,946
244,946 244,946
CURRENT ASSETS
Stocks 5 61,215 61,215
Debtors 6 102,318 102,318
163,533 163,533
Creditors: Amounts Falling Due Within One Year 7 (114,194 ) (114,194 )
NET CURRENT ASSETS (LIABILITIES) 49,339 49,339
TOTAL ASSETS LESS CURRENT LIABILITIES 294,285 294,285
Creditors: Amounts Falling Due After More Than One Year 8 (223,813 ) (223,813 )
NET ASSETS 70,472 70,472
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 70,471 70,471
SHAREHOLDERS' FUNDS 70,472 70,472
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For the year ending 30 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Kenan Dole
Director
29/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Homewood Motor (Longfield) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09585807 . The registered office is Whitecliff Park Manor Way, Swanscombe, DA10 0LL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 8% Straight Line
Motor Vehicles 25% Reducing
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
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4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 31 May 2022 60,574 236,523 297,097
As at 30 May 2023 60,574 236,523 297,097
Depreciation
As at 31 May 2022 4,846 47,305 52,151
As at 30 May 2023 4,846 47,305 52,151
Net Book Value
As at 30 May 2023 55,728 189,218 244,946
As at 31 May 2022 55,728 189,218 244,946
5. Stocks
2023 2022
£ £
Stock 61,215 61,215
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 100,030 100,030
Prepayments and accrued income 1,774 1,774
Other taxes and social security 514 514
102,318 102,318
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 47,668 47,668
Trade creditors 53,363 53,363
Bank loans and overdrafts 226 226
VAT 12,937 12,937
114,194 114,194
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 194,499 194,499
Bank loans 29,314 29,314
223,813 223,813
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 47,668 47,668
Later than one year and not later than five years 194,499 194,499
242,167 242,167
242,167 242,167
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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