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Company No: SC089496 (Scotland)

HOMEGUARD LEASING LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

HOMEGUARD LEASING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

HOMEGUARD LEASING LTD

BALANCE SHEET

AS AT 31 MARCH 2024
HOMEGUARD LEASING LTD

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 175,967 175,155
175,967 175,155
Current assets
Debtors 4 1,573 1,500
Cash at bank and in hand 5 154,548 163,294
156,121 164,794
Creditors: amounts falling due within one year 6 ( 112,927) ( 123,031)
Net current assets 43,194 41,763
Total assets less current liabilities 219,161 216,918
Provision for liabilities 7 ( 5,699) ( 5,224)
Net assets 213,462 211,694
Capital and reserves
Called-up share capital 8 50,400 50,400
Revaluation reserve 29,625 29,625
Profit and loss account 133,437 131,669
Total shareholders' funds 213,462 211,694

For the financial 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 financial statements of Homeguard Leasing Ltd (registered number: SC089496) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

Gavin Strachan
Director
HOMEGUARD LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
HOMEGUARD LEASING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Homeguard Leasing Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 115 Rosemount Place, Aberdeen, AB25 2YG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax and is recognised in the financial statements when the company has obtained the right to consideration.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period which they relate.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks with original maturities of three months or less.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 9

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost/Valuation
At 01 April 2023 175,000 40,645 215,645
Additions 0 1,000 1,000
At 31 March 2024 175,000 41,645 216,645
Accumulated depreciation
At 01 April 2023 0 40,490 40,490
Charge for the financial year 0 188 188
At 31 March 2024 0 40,678 40,678
Net book value
At 31 March 2024 175,000 967 175,967
At 31 March 2023 175,000 155 175,155

Revaluation of tangible assets

Land and buildings with a carrying amount of £175,000 were revalued at 31 March 2020 by AB Robb, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The director believes that the market value at 31 March 2024 was unchanged at £175,000.

2024 2023
£ £
Historical cost 135,500 135,500
Accumulated depreciation (86,572) (83,862)
Carrying value 48,928 51,638

4. Debtors

2024 2023
£ £
Other debtors 1,573 1,500

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 154,548 163,294

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 46,083 64,853
Corporation tax 18,293 12,921
Other taxation and social security 23,879 21,972
Other creditors 24,672 23,285
112,927 123,031

7. Provision for liabilities

2024 2023
£ £
Deferred tax 5,699 5,224

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50,400 Ordinary shares of £ 1.00 each 50,400 50,400

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 9,472 18,480