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Registered Number: 12407783
England and Wales

 

 

 

ABOUT HOMES LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 15,402,065    15,276,590 
15,402,065    15,276,590 
Current assets      
Debtors 165,052    34,150 
Cash at bank and in hand 473,923    56,126 
638,975    90,276 
Creditors: amount falling due within one year (392,663)   (518,851)
Net current assets 246,312    (428,575)
 
Total assets less current liabilities 15,648,377    14,848,015 
Creditors: amount falling due after more than one year (6,554,896)   (5,631,413)
Provisions for liabilities (288,884)   (312,168)
Net assets 8,804,597    8,904,434 
 

Capital and reserves
     
Called up share capital 100    100 
Share premium account 7,861,905    7,861,905 
Capital Redemption Reserve 1,155,535    1,248,673 
Profit and loss account (212,943)   (206,244)
Shareholders' funds 8,804,597    8,904,434 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 September 2024 and were signed on its behalf by:


-------------------------------
A J S Mariano
Director
1
General Information
About Homes Limited is a private company, limited by shares, registered in England and Wales, registration number 12407783, registration address Kirkpatrick and Hopes Ltd, Brunel Road, Theale, Reading, RG7 4AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Computer Equipment - 33% on cost
Fixture & fittings - 15% on cost


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Investment properties
The Surpluses or deficits on revaluation of such properties are transferred to the investment property revaluation in the profit and loss account. Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised where the unexpired term is over 20 years.
This policy represents a departure from statutory accounting principals, which require depreciation to be provided on all fixed assets. The director consider that this policy is necessary in order that the financial statements may give a true and fair view because value changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separatley identified or quantified.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Investment properties   Total
  £   £   £   £
At 01 April 2023 3,233    9,937    15,268,493    15,281,663 
Additions   1,699    219,866    221,565 
Disposals      
Revaluations     (93,138)   (93,138)
At 31 March 2024 3,233    11,636    15,395,221    15,410,090 
Depreciation
At 01 April 2023 81    4,992      5,073 
Charge for year 485    2,467      2,952 
On disposals      
At 31 March 2024 566    7,459      8,025 
Net book values
Closing balance as at 31 March 2024 2,667    4,177    15,395,221    15,402,065 
Opening balance as at 01 April 2023 3,152    4,945    15,268,493    15,276,590 


4.

Director’s loan

Director's Advances, Credits And Guarantees

At the year end, the following balances existed on a loan account with the directors.

A J S Mariano and Mrs A M L Martins - £65,123 in debit. (2023 - £91,694 in credit)

The above loan is interest free with no fixed date of repayment.



5.

Related Party Disclosures

At the year end. the following balances existed with related parties -

The overdraft bank account which is in the name of A J S Mariano has been brought into the company as this is linked to the one of the properties (66 Cressingham Road) that was brought into the company on the 17/12/2020.

Assured Investment Ltd - £Nil (2023 - £Nil). The director A J S Mariano is the sole shareholder/ director of this company.

Welldone Building & Appliances Repair Services Ltd - £65,000 in credit (2023 - £75,000 in credit). The director A J S Mariano is the company secretary of this company. The director of this company is the brother of A J S Mariano.

In other debtors there is an amount loaned of £7,199 to AM Martins Mariano. AM Martins Mariano is the daughter of A J S Mariano and Mrs A M L Martins.


6.

Investment properties

Fair Value at 31 March 2024 is represented by:
.   2024
£
Valuation in 2023 & 2024 1,155,535 
Cost 14,239,686 
15,395,221 



If Investment had not been revalued it would have been included at the following historical cost:
                      31.3.24               31.3.23
                        £                        £
Cost           14,239,686          14,019,819 

The Investment properties were valued on a fair value basis on 31 March 2024 by the directors.



7.

Secured Debts

The company has 38 charges registered at Companies House. The charges favour the following organisations:
Bank of India- 20 charges
Paratus AMC Limited- 1 charge
Belmont Green Finance Limited - 1 charge
Keystone Property Finance Limited - 1 charge
Paragon Bank Plc -15 charges
The charges are a mixed of fixed and floating and negative pledge charges over the properties owned by the company.

8.

Debtors: amounts falling within one year

.   2024
£
  2023
£
Prepayments & accrued Income 41,932  24,551 
Other debtors 41,497  9,599 
Corporation tax 16,500 
Directors' current accounts 65,123 
165,052  34,150 

9.

Creditors: amount falling due within one year

.   2024
£
  2023
£
Bank loans & overdrafts (Secured) 253,655  283,112 
Corporation Tax 11,732 
Accrued expenses 9,303  8,179 
Other Creditors 129,705  124,135 
Directors 91,694 
392,663  518,852 

10.

Creditors:: amount falling due after more than one year

.   2024
£
  2023
£
Bank loans & overdrafts (Secured) 6,554,896  5,631,413 
6,554,896  5,631,413 

11.

Provisions for liabilities

.   2024
£
  2023
£
Deferred Tax 288,884  312,168 
288,884  312,168 

12.

Share premium account

.   2024
£
  2023
£
Equity Share Premium bfwd 7,861,905  7,861,905 
7,861,905  7,861,905 

13.

Capital Redemption Reserve

.   2024
£
  2023
£
Transfers to/from Reserves 1,155,535  1,248,673 
1,155,535  1,248,673 

2