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Registration number: 12373727

Local Community Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Local Community Homes Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Local Community Homes Ltd

(Registration number: 12373727)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,459

4,531

Current assets

 

Stocks

5

1,278,289

1,278,289

Debtors

6

241,345

242,717

Cash at bank and in hand

 

1,924

769

 

1,521,558

1,521,775

Creditors: Amounts falling due within one year

7

(766,567)

(757,917)

Net current assets

 

754,991

763,858

Total assets less current liabilities

 

757,450

768,389

Creditors: Amounts falling due after more than one year

7

(980,111)

(981,568)

Net liabilities

 

(222,661)

(213,179)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(222,761)

(213,279)

Shareholders' deficit

 

(222,661)

(213,179)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 October 2024
 

 

Local Community Homes Ltd

(Registration number: 12373727)
Balance Sheet as at 31 December 2023

.........................................
Mr LE Carter
Director

 

Local Community Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodstock Lodge
Blenheim Park
Woodstock
Oxfordshire
OX20 1PP

These financial statements were authorised for issue by the director on 1 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Local Community Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Office equipment

Straight line over 4 years

Plant and machinery

Straight line over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Local Community Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

8,288

8,288

At 31 December 2023

8,288

8,288

Depreciation

At 1 January 2023

3,757

3,757

Charge for the year

2,072

2,072

At 31 December 2023

5,829

5,829

Carrying amount

At 31 December 2023

2,459

2,459

At 31 December 2022

4,531

4,531

5

Stocks

2023
£

2022
£

Work in progress

1,278,289

1,278,289

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

227,900

227,900

Other debtors

 

13,445

14,817

 

241,345

242,717

 

Local Community Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

9,463

10,513

Trade creditors

 

57,606

57,606

Taxation and social security

 

12,749

12,749

Accruals and deferred income

 

3,090

3,690

Other creditors

 

683,659

673,359

 

766,567

757,917

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

980,111

981,568

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

980,111

981,568

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,463

10,513

 

Local Community Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Summary of transactions with other related parties

During the year the director advanced £10,000 (2022: £359,448) to the company and was repaid £nil (2022: £21,764). At the end of the year the company owed the director £683,359 (2022: £673,359).

During the year the company advanced £nil (2022: £nil) to Highwood Acquistions, a company owned by the director. At the end of the year £109,500 (2022: £109,500) was due to the company.

During the year the company was repaid £6,000 (2022: advanced £108,400) to LC Holdings (Oxford) Limited, a company owned by the director. At the end of the year £102,400 (2022: £108,400) was due to the company.