Acorah Software Products - Accounts Production 15.0.600 false true true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 01923626 Mr G M Abrams Mrs R S Abrams Mrs R S Abrams iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01923626 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-07-31 01923626 2023-07-31 01923626 2024-07-31 01923626 2023-08-01 2024-07-31 01923626 frs-core:CurrentFinancialInstruments 2024-07-31 01923626 frs-core:Non-currentFinancialInstruments 2024-07-31 01923626 frs-core:ComputerEquipment 2024-07-31 01923626 frs-core:ComputerEquipment 2023-08-01 2024-07-31 01923626 frs-core:ComputerEquipment 2023-07-31 01923626 frs-core:FurnitureFittings 2024-07-31 01923626 frs-core:FurnitureFittings 2023-08-01 2024-07-31 01923626 frs-core:FurnitureFittings 2023-07-31 01923626 frs-core:PlantMachinery 2024-07-31 01923626 frs-core:PlantMachinery 2023-08-01 2024-07-31 01923626 frs-core:PlantMachinery 2023-07-31 01923626 frs-core:ShareCapital 2024-07-31 01923626 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 01923626 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01923626 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 01923626 frs-bus:SmallEntities 2023-08-01 2024-07-31 01923626 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 01923626 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01923626 frs-bus:Director1 2023-08-01 2024-07-31 01923626 frs-bus:Director2 2023-08-01 2024-07-31 01923626 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 01923626 frs-countries:EnglandWales 2023-08-01 2024-07-31 01923626 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-07-31 01923626 2022-07-31 01923626 2023-07-31 01923626 2022-08-01 2023-07-31 01923626 frs-core:CurrentFinancialInstruments 2023-07-31 01923626 frs-core:Non-currentFinancialInstruments 2023-07-31 01923626 frs-core:ShareCapital 2023-07-31 01923626 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 01923626
Homeneed Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01923626
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,063 7,133
Investment Properties 5 425,700 236,825
431,763 243,958
CURRENT ASSETS
Stocks 139,025 139,025
Debtors 6 6,205 142,253
Cash at bank and in hand 5,126 10,667
150,356 291,945
Creditors: Amounts Falling Due Within One Year 7 (18,113 ) (14,989 )
NET CURRENT ASSETS (LIABILITIES) 132,243 276,956
TOTAL ASSETS LESS CURRENT LIABILITIES 564,006 520,914
Creditors: Amounts Falling Due After More Than One Year 8 (157,122 ) (157,622 )
NET ASSETS 406,884 363,292
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 406,784 363,192
SHAREHOLDERS' FUNDS 406,884 363,292
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G M Abrams
Director
4 October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Homeneed Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01923626 . The registered office is Flat 2 Lawn Manor, Barnet Lane, Elstree, Hertfordshire, WD6 3FT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Turnover
Turnover represents gross rental income and profits on sale of properties.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery 20% reducing balance
Fixtures and fittings 15% reducing balance
Computer equipment 33% straight line
2.5. Investment Properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 
2.7. Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.8. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost or Valuation
As at 1 August 2023 150 28,666 749 29,565
As at 31 July 2024 150 28,666 749 29,565
Depreciation
As at 1 August 2023 123 21,560 749 22,432
Provided during the period 5 1,065 - 1,070
As at 31 July 2024 128 22,625 749 23,502
Net Book Value
As at 31 July 2024 22 6,041 - 6,063
As at 1 August 2023 27 7,106 - 7,133
5. Investment Property
2024
£
Fair Value
As at 1 August 2023 236,825
Additions 114,500
Revaluations 74,375
As at 31 July 2024 425,700
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 313,825 236,825
The directors have valued the investment properties on an open market basis as at the reporting date, which they consider accurately reflects their fair value.
6. Debtors
2024 2023
£ £
Due within one year
Other debtors - 125,171
Due after more than one year
Other debtors 6,205 17,082
6,205 142,253
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,538 9,791
Other creditors 14,575 5,198
18,113 14,989
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 157,122 157,622
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 51,300 138,313
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured on the company's assets and by directors personal guarantees.
The creditors falling due within and after more than one year include a bounce back loan which is 100% secured via the government-backed scheme.
2024 2023
£ £
Bank loans and overdrafts 160,090 138,313
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
A director has a brought forward advance from the company of £125,171. A director received interest free advances during the year totalling £Nil (2023: £222,445) and repaid an amounts totalling £125,171 (£95,000). 
12. Reserves
The profit and loss reserve account records retained earnings and accumulated losses, including the revaluation reserve which records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The profit and loss reserve account includes both distributable and non distributable as follows:
Profit and (loss) distributable
As at 31/07/2024 £351,003
As at 31/07/2023 £363,192
Profit and (loss) non-distributable
As at 31/07/2024 £55,781
As at 31/07/2023 £Nil
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13. Related Party Transactions
The following related party transactions were undertaken during the year:
The directors withdrew amounts totalling £656 (2023: £222,445) and introduced amounts totalling £135,000 (2023: £95,000). At the balance sheet date the amount payable to the directors was £9,173 (2023: payable from the directors £125,171).
Dividends were paid to the director in respect of their shareholdings totalling £10,000 (2023: £Nil)
A company under common control had a brought forward balance of £2,450 owed by Homeneed Limited. At the period end, there was a balance of £2,450 owed by Homeneed Limited.
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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