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REGISTERED NUMBER: 05090350 (England and Wales)
























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: Ms L J Barker
Mr D J Brazier
Mrs E M Cutkelvin
Mr J A Kapasi
Ms P Mccabe
Mr R E Moore
Mrs S K Peberdy





SECRETARY: Mr M J Forrester





REGISTERED OFFICE: 321 Aikman Avenue
Leicester
Leicestershire
LE3 9PY





REGISTERED NUMBER: 05090350 (England and Wales)





AUDITORS: TC Group
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 25,010,000 21,990,000

CURRENT ASSETS
Debtors 5 202,489 139,951
Cash at bank 777,018 544,915
979,507 684,866
CREDITORS
Amounts falling due within one year 6 385,613 238,173
NET CURRENT ASSETS 593,894 446,693
TOTAL ASSETS LESS CURRENT LIABILITIES 25,603,894 22,436,693

CREDITORS
Amounts falling due after more than one
year

7

2,422,036

2,683,501
NET ASSETS 23,181,858 19,753,192

RESERVES
Retained earnings 11 23,181,858 19,753,192
23,181,858 19,753,192

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:





Ms L J Barker - Director


HOMECOME LIMITED (REGISTERED NUMBER: 05090350)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

HomeCome Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 - 6 ).

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 21,990,000
Disposals (38,623 )
Revaluations 3,058,623
At 31 March 2024 25,010,000
NET BOOK VALUE
At 31 March 2024 25,010,000
At 31 March 2023 21,990,000

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 187,668 125,739
Other debtors 14,821 14,212
202,489 139,951

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) 246,969 232,473
Trade creditors 33,163 -
Other creditors 105,481 5,700
385,613 238,173

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) 2,422,036 2,683,501

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 246,969 232,473

Amounts falling due between one and two years:
Bank loans - 1-2 years 246,969 232,473

Amounts falling due between two and five years:
Bank loans - 2-5 years 740,906 697,419

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 329,641 273,286
Between one and five years 451,766 353,138
781,407 626,424

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.

Richard Buckby FCA (Senior Statutory Auditor)
for and on behalf of TC Group

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.