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REGISTERED NUMBER: 03868710 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Homeward Properties Ltd

Homeward Properties Ltd (Registered number: 03868710)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Homeward Properties Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C D Gifford
Mr D A Gifford





SECRETARY: Mr D A Gifford





REGISTERED OFFICE: Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA





BUSINESS ADDRESS: Jubilee Farm
Badgeworth Lane
Badgeworth
Cheltenham
Gloucestershire
GL51 4UW





REGISTERED NUMBER: 03868710 (England and Wales)





ACCOUNTANTS: ARC & Co. Accountants Limited
Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA

Homeward Properties Ltd (Registered number: 03868710)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 44,702 54,673
Investments 5 1 1
Investment property 6 2,970,000 3,154,999
3,014,703 3,209,673

CURRENT ASSETS
Stocks 7 186,333 -
Debtors 8 545,132 391,482
Cash at bank 341,863 154,803
1,073,328 546,285
CREDITORS
Amounts falling due within one year 9 344,271 248,424
NET CURRENT ASSETS 729,057 297,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,743,760

3,507,534

CREDITORS
Amounts falling due after more than one
year

10

(12,207

)

(60,017

)

PROVISIONS FOR LIABILITIES 11 (11,176 ) (10,388 )
NET ASSETS 3,720,377 3,437,129

CAPITAL AND RESERVES
Called up share capital 12 20 20
Retained earnings 13 3,720,357 3,437,109
SHAREHOLDERS' FUNDS 3,720,377 3,437,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Homeward Properties Ltd (Registered number: 03868710)

Balance Sheet - continued
31 March 2024


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 12 August 2024 and were signed on its behalf by:





Mr D A Gifford - Director


Homeward Properties Ltd (Registered number: 03868710)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Homeward Properties Ltd is a private company, limited by shares , 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Homeward Properties Ltd (Registered number: 03868710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 42,850 81,154 1,565 125,569
Additions 5,000 - 703 5,703
Disposals - - (791 ) (791 )
At 31 March 2024 47,850 81,154 1,477 130,481
DEPRECIATION
At 1 April 2023 22,788 47,592 516 70,896
Charge for year 6,266 8,390 749 15,405
Eliminated on disposal - - (522 ) (522 )
At 31 March 2024 29,054 55,982 743 85,779
NET BOOK VALUE
At 31 March 2024 18,796 25,172 734 44,702
At 31 March 2023 20,062 33,562 1,049 54,673

5. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

Fixed asset investments consists of a £1 share in GTT Developments (Cheltenham) Limited purchased at par value on 24th March 2016. During the year a £300,537 dividend was received on this share (2023 - £nil).

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 3,154,999
Disposals (250,000 )
Revaluations 65,001
At 31 March 2024 2,970,000
NET BOOK VALUE
At 31 March 2024 2,970,000
At 31 March 2023 3,154,999

Homeward Properties Ltd (Registered number: 03868710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (33,896 )
Valuation in 2023 109,715
Valuation in 2022 (3,353 )
Valuation in 2021 710,628
Valuation in 2020 47,923
Valuation in 2019 (120,000 )
Valuation in 2018 (72,657 )
Valuation in 2017 563,696
Cost 1,767,944
2,970,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,767,944 1,919,048

The investment properties were valued on an open market basis on 7 August 2024 by the directors .

7. STOCKS
31.3.24 31.3.23
£    £   
Work-in-progress 186,333 -

8. DEBTORS
31.3.24 31.3.23
£    £   
Amounts falling due within one year:
Trade debtors 110,880 110,980

Amounts falling due after more than one year:
Interco: GM (Cheltenham) Ltd 203,250 49,500
Interco: D&D Properties Ltd 31,002 31,002
Interco: Anthony MacPherson
Construction Ltd 200,000 200,000
434,252 280,502

Aggregate amounts 545,132 391,482

Homeward Properties Ltd (Registered number: 03868710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,213 9,957
Hire purchase contracts - 8,445
Trade creditors 13,159 7,317
Corporation tax 42,398 25,185
Social security and other taxes 285 258
VAT 13,236 14,095
Other creditors 80,000 -
Directors' current accounts 89,580 87,767
Deferred income 92,400 92,400
Accrued expenses 3,000 3,000
344,271 248,424

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 12,207 22,417
Hire purchase contracts - 37,600
12,207 60,017

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 11,176 10,388

Deferred
tax
£   
Balance at 1 April 2023 10,388
Charge to Income Statement during year 788
Balance at 31 March 2024 11,176

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
10 "A" Ordinary £1 10 10
10 "B" Ordinary £1 10 10
20 20

Homeward Properties Ltd (Registered number: 03868710)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. RESERVES
Retained
earnings
£   

At 1 April 2023 3,437,109
Profit for the year 383,248
Dividends (100,000 )
At 31 March 2024 3,720,357

Included within retained earnings are £1,202,056 of undistributable reserves.

14. RELATED PARTY DISCLOSURES

During the year the directors, Mr C D Gifford and Mr D A Gifford, made net deposits to their account of £1,813. The balance on their account at 31 March 2024 was £89,580 in credit (2023 - £87,767 in credit).

Also during the year, Mr C D Gifford and Mr D A Gifford each received a dividend from the company of £25,000 (2023 - £25,000 each).

Mr C D Gifford is also a director and shareholder of GM (Cheltenham) Ltd. During the year there were net loan transactions with that company of £153,750. The balance owed by that company to Homeward Properties Ltd at 31 March 2024 was £203,250 (2023 - £49,500). No interest has been charged on this account.

Mr D A Gifford is also a director and shareholder of D&D Properties Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2024 and 2023 was £31,002. No interest has been charged on this account.

Mr D A Gifford is also a director and shareholder of Anthony MacPherson Construction Ltd. The balance owed by that company to Homeward Properties Ltd at both 31 March 2024 and 2023 was £200,000. No interest has been charged on this account.

15. ULTIMATE CONTROLLING PARTY

During the year, the company was controlled by Mr C D Gifford and Mr D A Gifford, who together own the majority of the company's issued share capital.