Company registration number 11394774 (England and Wales)
CULTIVATE HOMES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
CULTIVATE HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CULTIVATE HOMES LTD (REGISTERED NUMBER: 11394774)
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
129
172
Investment property
4
402,000
370,000
402,129
370,172
Current assets
Cash at bank and in hand
4,425
28,356
Creditors: amounts falling due within one year
5
(165,667)
(190,973)
Net current liabilities
(161,242)
(162,617)
Total assets less current liabilities
240,887
207,555
Creditors: amounts falling due after more than one year
6
(248,120)
(248,120)
Net liabilities
(7,233)
(40,565)
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
61,689
29,689
Distributable profit and loss reserves
(69,022)
(70,354)
Total equity
(7,233)
(40,565)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CULTIVATE HOMES LTD (REGISTERED NUMBER: 11394774)
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr T Bagri
Director
CULTIVATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Cultivate Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover represents rental income received during the period.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on a SL basis
Computers
25% Reducing Balance
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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
CULTIVATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
4,631
244
4,875
Depreciation and impairment
At 1 July 2023
4,631
72
4,703
Depreciation charged in the year
43
43
At 30 June 2024
4,631
115
4,746
Carrying amount
At 30 June 2024
129
129
At 30 June 2023
172
172
4
Investment property
2024
£
Fair value
At 1 July 2023
370,000
Revaluations
32,000
At 30 June 2024
402,000
Investment property comprises property at fair value of £370,000. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors' best estimate. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
CULTIVATE HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
165,667
190,973
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
248,120
248,120
The bank loans are secured against the properties in the company's name by way of a fixed and floating charge.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
248,120
248,120
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
29,689
24,689
Non distributable profits in the year
32,000
5,000
At the end of the year
61,689
29,689