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Registered Number: 10974493
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2024

for

HOMEWISE PROPERTY LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 189,045    189,045 
189,045    189,045 
Current assets      
Cash at bank and in hand 1,329    1,233 
Creditors: amount falling due within one year (183,599)   (191,969)
Net current assets (182,270)   (190,736)
 
Total assets less current liabilities 6,775    (1,691)
Net assets 6,775    (1,691)
 

Capital and reserves
     
Called up share capital 4 1    1 
Profit and loss account 6,774    (1,692)
Shareholder's funds 6,775    (1,691)
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 30 April 2024 and were signed by:


-------------------------------
Julie Clarke
Director
1
General Information
Homewise Property Limited is a private company, limited by shares, registered in England and Wales, registration number 10974493, registration address 60 Queen Street, Stamford, PE9 1QS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Investment properties
Investment properties are included in the statement of financial position at their open market value at the statement of financial position date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the statement of financial position to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 0 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Investment properties   Total
  £   £
At 01 April 2023 189,045    189,045 
Additions  
Disposals  
At 31 March 2024 189,045    189,045 
Depreciation
At 01 April 2023  
Charge for year  
On disposals  
At 31 March 2024  
Net book values
Closing balance as at 31 March 2024 189,045    189,045 
Opening balance as at 01 April 2023 189,045    189,045 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
1 Class A share of £1.00 each  
 

2