Registration number:
Homepines Investments Limited
for the Year Ended 31 December 2023
Homepines Investments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Homepines Investments Limited
Company Information
Director |
Mrs C Worsley |
Registered office |
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Accountants |
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Homepines Investments Limited
(Registration number: 01957713)
Balance Sheet as at 31 December 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,014 |
1,014 |
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Revaluation reserve |
7,216,167 |
7,216,167 |
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Retained earnings |
(4,415,859) |
(4,111,058) |
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Shareholders' funds |
2,801,322 |
3,106,123 |
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:
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The director acknowledges her 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Homepines Investments Limited
(Registration number: 01957713)
Balance Sheet as at 31 December 2023
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Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The Company is a private company limited by share capital, incorporated in England & Wales.
Principal activity
The principal activity of the Company is that of an investment company.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
The financial statements are prepared in Euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest Euro.
Going concern
The financial statements have been prepared on a going concern basis.
Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Prior period errors
Interest charged on the shareholder loan was subsequently waived for the year ended 31st December 2022. The effect of this is that profit has increased, amounts due to shareholder have decreased and net assets have increased by the same amount.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Interest payable | - | (185,893) | - |
Shareholder loan | - | 185,893 | - |
Revenue recognition
Turnover comprises the fair value of the consideration due in respect of rents received or receivable 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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% per annum on cost |
Fixtures, fittings and equipment |
10% per annum on cost |
Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Investment property
Financial instruments
Classification
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
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.
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.
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.
Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Significant judgements and key sources of estimation uncertainty |
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty. |
Staff numbers |
The average number of persons employed by the Company (including the director) during the year, was
Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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At 1 January |
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At 31 December |
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The investment property is situated at Bastide De Val de Rian, Saint Tropez, France.
The property was valued by Jerome Barthier, diplome I.F.R.E.I.M, Aix en Provence at €13,686,399 on the 16th October 2014. Since this valuation additions have been capitalised at cost, and the current carrying value is considered to represent the fair value of the property.
Debtors |
Current |
2023 |
2022 |
Prepayments |
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Other debtors |
- |
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Homepines Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
(As restated) |
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Due within one year |
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Trade creditors |
- |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
€ |
No. |
€ |
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1,014 |
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1,014 |
Dividends |
2023 |
2022 |
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€ |
€ |
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Final dividend of €Nil (2022 - €Nil) per ordinary share |
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- |
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Related party transactions |
Summary of transactions with other related parties
Entities under common control
During the year, and included in profit and loss, is an amount of €9,454 (2022: €nil) of expenses paid on behalf of Dornland Investments Limited, a company under common control.