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Company registration number: 02738968
London & District Housing Limited
Unaudited filleted financial statements
30 September 2023
London & District Housing Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
London & District Housing Limited
Directors and other information
Director Mr Mark Smith
Secretary Ms Frances Wartenberg
Company number 02738968
Registered office No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Business address No 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
London & District Housing Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 2,648,263 2,458,349
Investments 6 179,348 146,198
_______ _______
2,827,611 2,604,547
Current assets
Stocks 1,758,690 4,925,152
Debtors 7 3,193,694 3,718,861
Cash at bank and in hand 638,201 494,898
_______ _______
5,590,585 9,138,911
Creditors: amounts falling due
within one year 8 ( 1,954,299) ( 3,039,151)
_______ _______
Net current assets 3,636,286 6,099,760
_______ _______
Total assets less current liabilities 6,463,897 8,704,307
Creditors: amounts falling due
after more than one year 9 ( 2,118,273) ( 3,929,685)
Provisions for liabilities ( 197,896) ( 156,812)
_______ _______
Net assets 4,147,728 4,617,810
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 4,147,726 4,617,808
_______ _______
Shareholders funds 4,147,728 4,617,810
_______ _______
For the year ending 30 September 2023 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
Mr Mark Smith
Director
Company registration number: 02738968
London & District Housing Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is No 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for properties sold and rental income received, net of discounts and Value Added Tax.Revenue from the sale of properties and rental income is recognised when the significant risks and rewards of ownership have transferred to the buyer; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - 2 % straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 October 2022 2,500,000 98,424 90,583 2,689,007
Revaluation 225,000 - - 225,000
_______ _______ _______ _______
At 30 September 2023 2,725,000 98,424 90,583 2,914,007
_______ _______ _______ _______
Depreciation
At 1 October 2022 121,328 86,684 22,646 230,658
Charge for the year 15,166 2,936 16,984 35,086
_______ _______ _______ _______
At 30 September 2023 136,494 89,620 39,630 265,744
_______ _______ _______ _______
Carrying amount
At 30 September 2023 2,588,506 8,804 50,953 2,648,263
_______ _______ _______ _______
At 30 September 2022 2,378,672 11,740 67,937 2,458,349
_______ _______ _______ _______
Investment property
The Freehold property has been stated at a value provided by M Smith. M Smith does not hold any professional property surveying qualification but relies on his vast business expertise to value the property.
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 October 2022 146,198 146,198
Additions 33,150 33,150
_______ _______
At 30 September 2023 179,348 179,348
_______ _______
Impairment
At 1 October 2022 and 30 September 2023 - -
_______ _______
Carrying amount
At 30 September 2023 179,348 179,348
_______ _______
At 30 September 2022 146,198 146,198
_______ _______
7. Debtors
2023 2022
£ £
Other debtors 3,193,694 3,718,861
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 194,358 775,237
Trade creditors 38,633 38,054
Amounts owed to group undertakings and undertakings in which the company has a participating interest 325,250 1,807,217
Corporation tax 77,742 70,355
Social security and other taxes 4,580 4,957
Other creditors 1,313,736 343,331
_______ _______
1,954,299 3,039,151
_______ _______
Loans advanced to the company are secured against the properties owned by the company .
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 2,118,273 3,929,685
_______ _______
Loans advanced to the company are secured against the properties owned by the company.