16 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 250,000 250,000 136,972 12,533 31,600 117,905 99,530 10,248 22,616 87,162 30,743 37,442 xbrli:pure xbrli:shares iso4217:GBP 04094260 2023-04-01 2024-03-31 04094260 2024-03-31 04094260 2023-03-31 04094260 2022-04-01 2023-03-31 04094260 2023-03-31 04094260 2022-03-31 04094260 core:NetGoodwill 2023-04-01 2024-03-31 04094260 bus:Director1 2023-04-01 2024-03-31 04094260 core:NetGoodwill 2024-03-31 04094260 core:WithinOneYear 2024-03-31 04094260 core:WithinOneYear 2023-03-31 04094260 core:ShareCapital 2024-03-31 04094260 core:ShareCapital 2023-03-31 04094260 core:RetainedEarningsAccumulatedLosses 2024-03-31 04094260 core:RetainedEarningsAccumulatedLosses 2023-03-31 04094260 bus:SmallEntities 2023-04-01 2024-03-31 04094260 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04094260 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04094260 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04094260 bus:FullAccounts 2023-04-01 2024-03-31 04094260 core:ComputerEquipment 2023-04-01 2024-03-31 04094260 core:ComputerEquipment 2023-03-31 04094260 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 04094260
2020 Home Loans Limited
Filleted Unaudited Financial Statements
31 March 2024
2020 Home Loans Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
30,743
37,442
Current assets
Stocks
33,513
24,371
Debtors
7
30,518
37,407
Investments
8
16
114
Cash at bank and in hand
129,720
203,289
---------
---------
193,767
265,181
Creditors: amounts falling due within one year
9
84,792
93,570
---------
---------
Net current assets
108,975
171,611
---------
---------
Total assets less current liabilities
139,718
209,053
Provisions
Taxation including deferred tax
3,747
4,557
---------
---------
Net assets
135,971
204,496
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
135,871
204,396
---------
---------
Shareholders funds
135,971
204,496
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
2020 Home Loans Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr S K Vickery
Director
Company registration number: 04094260
2020 Home Loans Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Riverside House, Brymau 3 Estate, River Lane, Chester, CH4 8RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Investments
Current asset investments are initially recognised at cost and subsequently accounted for at fair value. Gains and losses in value are shown though the profit and loss account. Unless the fair value cannot be measured reliably without undue cost or effort, in which case it is accounted for at cost.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.
Revenue recognition
Turnover represents amounts chargeable in respect of the sale of services to customers, net of Value Added Tax. However, in respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect contracts for on-going services is recognised by reference to the stage of completion.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 16 (2023: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
250,000
---------
Amortisation
At 1 April 2023 and 31 March 2024
250,000
---------
Carrying amount
At 31 March 2024
---------
At 31 March 2023
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023
136,972
136,972
Additions
12,533
12,533
Disposals
( 31,600)
( 31,600)
---------
---------
At 31 March 2024
117,905
117,905
---------
---------
Depreciation
At 1 April 2023
99,530
99,530
Charge for the year
10,248
10,248
Disposals
( 22,616)
( 22,616)
---------
---------
At 31 March 2024
87,162
87,162
---------
---------
Carrying amount
At 31 March 2024
30,743
30,743
---------
---------
At 31 March 2023
37,442
37,442
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
19,676
23,202
Other debtors
10,842
14,205
--------
--------
30,518
37,407
--------
--------
8. Investments
2024
2023
£
£
Investments - Funding Circle
16
114
----
----
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,436
13,794
Social security and other taxes
9,547
28,670
Other creditors
9,500
11,495
Other creditors
38,309
39,611
--------
--------
84,792
93,570
--------
--------
10. Director's advances, credits and guarantees
During the year the company operated a loan account with the director. At the year end the balance owed to the director was £5,938 (2023 £193).