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Registration number: 01957713

Homepines Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Homepines Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Homepines Investments Limited

Company Information

Director

Mrs C Worsley

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Homepines Investments Limited

(Registration number: 01957713)
Balance Sheet as at 31 December 2023

Note

2023

(As restated)

2022

Fixed assets

 

Tangible assets

5

177,498

175,673

Investment property

6

13,803,203

13,803,203

 

13,980,701

13,978,876

Current assets

 

Debtors

7

22,602

29,584

Cash at bank and in hand

 

5,920

220,856

 

28,522

250,440

Creditors: Amounts falling due within one year

8

(11,207,901)

(11,123,193)

Net current liabilities

 

(11,179,379)

(10,872,753)

Net assets

 

2,801,322

3,106,123

Capital and reserves

 

Called up share capital

9

1,014

1,014

Revaluation reserve

7,216,167

7,216,167

Retained earnings

(4,415,859)

(4,111,058)

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:

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 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 director on 1 October 2024
 

 

Homepines Investments Limited

(Registration number: 01957713)
Balance Sheet as at 31 December 2023

.........................................
Mrs C Worsley
Director

   
     
 

Homepines Investments Limited

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 & Wales.

Principal activity

The principal activity of the Company is that of an investment company.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

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.

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

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

3

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.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 0 (2022 - 1).

 

Homepines Investments Limited

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

5

Tangible assets

Fixtures and fittings

Plant and machinery

Total

Cost or valuation

At 1 January 2023

660,054

58,917

718,971

Additions

16,755

24,643

41,398

At 31 December 2023

676,809

83,560

760,369

Depreciation

At 1 January 2023

493,401

49,897

543,298

Charge for the year

32,005

7,568

39,573

At 31 December 2023

525,406

57,465

582,871

Carrying amount

At 31 December 2023

151,403

26,095

177,498

At 31 December 2022

166,653

9,020

175,673

6

Investment properties

2023

At 1 January

13,803,203

At 31 December

13,803,203

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.

7

Debtors

Current

2023

2022

Prepayments

22,602

22,078

Other debtors

-

7,506

 

22,602

29,584

 

Homepines Investments Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023

(As restated)

2022

Due within one year

Trade creditors

-

1,086

Accruals and deferred income

106,038

21,506

Other creditors

11,101,863

11,100,601

11,207,901

11,123,193

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary shares of $1 each

1,000

1,014

1,000

1,014

       

10

Dividends

2023

2022

Final dividend of €Nil (2022 - €Nil) per ordinary share

-

-

 

 

11

Related party transactions

Summary of transactions with other related parties

Shareholder loan
 Included in other creditors is an amount of €8,536,189 (2022: €8,261,894 as restated) which is repayable on demand. Interest paid during the year was €440,187 (2022: €nil as restated).
 
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.