REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Thirty Nine Homes Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Thirty Nine Homes Ltd |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Thirty Nine Homes Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Balance Sheet - continued |
31 January 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Thirty Nine Homes Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Stocks and work in progress |
Stocks consists of freehold land and buildings held for development and ultimate resale. |
Work in progress is stated at the lower of cost and net realisable value. Costs consists of all direct costs including purchase price, legal and professional fees and property development costs. Net realisable value is based on estimated selling price allowing for all further costs of completion and disposal. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 end 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. |
Cash at bank and in hand |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | STOCKS |
31.1.24 | 31.1.23 |
£ | £ |
Stocks |
Stocks relate to development property Work in Progress. |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts (see note 7) |
Tax |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 7) |
Other loans (see note 7) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 424,020 | 424,020 |
7. | LOANS |
An analysis of the maturity of loans is given below: |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Shareholders loan | 57,524 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 424,020 | 424,020 |
Thirty Nine Homes Ltd (Registered number: 09974480) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
The bank loans are secured against the properties. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | RELATED PARTY DISCLOSURES |
The company had loans due to the shareholders during the year under review in the amount of £57,524. The loans are unsecured, interest free and repayable on demand. |