REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
HOMECOME LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
HOMECOME LIMITED |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
HOMECOME LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
31 High View Close |
Hamilton Office Park |
Leicester |
Leicestershire |
LE4 9LJ |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
RESERVES |
Retained earnings | 11 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
HomeCome Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Agency income |
For properties managed on behalf of Leicester City Council and private landlords where HomeCome Limited do not have the risks and rewards of ownership and consequently act as an agent, the repayments of the rents are net from the rents received, therefore, turnover represents the commission HomeCome receive for collecting the rents on behalf of Leicester City Council and the private landlords. |
Investment property |
Investment property is carried at fair value determined annually by a director of the company, who is a registered member of RICS, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account. |
Taxation |
The company is exempt from paying corporation tax. |
Finance costs |
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Borrowing costs |
All borrowing costs are recognised in the profit and loss account in the year in which they are |
incurred. |
Going concern |
The company continues to operate in line with the directors' expectations. Short to medium term forecasts indicate that the company will continue to generate positive cash flows for a period of at least 12 months from the date of approval of the financial statements. The directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
Revaluations | 3,058,623 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2016 | (382,231 | ) |
Valuation in 2017 | 1,004,809 |
Valuation in 2018 | 542,596 |
Valuation in 2019 | 423,226 |
Valuation in 2023 | 7,171,365 |
Valuation in 2024 | 3,058,623 |
Cost | 13,191,612 |
25,010,000 |
If the Investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
as restated |
£ | £ |
Cost | 13,191,608 | 13,230,235 |
Investment property has been revalued on an open market basis as at the year end by one of the directors. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Other creditors |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,434,161 | 1,753,609 |
Included in the above are loans repayable by installments after more than 5 years. The interest charges on these loans are fixed and range between 5% and 7%. |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,434,161 | 1,753,609 |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
as restated |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
Included in the above are loans repayable by installments after more than 5 years. The interest charges on these loans are fixed and range between 5% and 7%. |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
11. | RESERVES |
Profit and loss account |
The profit and loss account represents all current and prior period retained profits and losses. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
Affordable rent grants have in the past been received from Leicester City Council to facilitate the purchase of housing properties for rent. Should any of these properties be sold, or cease to be used to generate rental income, the company may be liable to repay the original grant. The grants received from Leicester City Council to date total £7,504,076 (2023: £7,504,076). |
These grants are secured by a fixed and floating charge over the assets of the company. |
14. | RELATED PARTY DISCLOSURES |
During the year the company made the following related party transactions: |
Leicester City Council |
(a member of the company) |
During the year the company incurred property rent, management and maintenance costs of £447,111 (2023: £489,999) from Leicester City Council. |
Valfor Ltd |
(a company in which Mr M J Forrester is a director and major shareholder of the company) |
During the year the company incurred company secretarial charges of £14,400 (2023: £14,400) from Valfor Ltd. |
HOMECOME LIMITED (REGISTERED NUMBER: 05090350) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | LIMITED BY GUARANTEE |
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. |