REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MARCH 2024 |
FOR |
LIBRA HOMES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MARCH 2024 |
FOR |
LIBRA HOMES LIMITED |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LIBRA HOMES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 15 MARCH 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
BALANCE SHEET |
15 MARCH 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8,066,546 | 8,042,564 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
BALANCE SHEET - continued |
15 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 15 MARCH 2024 |
1. | STATUTORY INFORMATION |
Libra Homes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents properties sold and work done during the year, exclusive of Value Added Tax. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Fixed assets are initially recorded at cost. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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. |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 15 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 16 March 2023 |
Additions |
At 15 March 2024 |
DEPRECIATION |
At 16 March 2023 |
Charge for year |
At 15 March 2024 |
NET BOOK VALUE |
At 15 March 2024 |
At 15 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Amounts recoverable on contract |
Other debtors |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 15 MARCH 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
as restated |
£ | £ |
Other loan |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 15 March 2024 and 15 March 2023: |
2024 | 2023 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan is non interest bearing and was repaid on 6 April 2024. |
LIBRA HOMES LIMITED (REGISTERED NUMBER: 03227989) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 15 MARCH 2024 |
9. | RELATED PARTY DISCLOSURES |
TRANSACTIONS WITH THE DIRECTOR |
The company has previously undertaken a building contract on behalf of Mr Rance. The amount included in amounts recoverable on contracts is £NIL (2023 £1,342,400). These works were paid for on 17 November 2023. |
During the current period the company entered into a new building contract with Mr Rance. The amount included in amounts recoverable on contracts at the balance sheet date amounted to £103,022. |
TRANSACTIONS WITH COMPANIES UNDER COMMON OWNERSHIP |
Non interest bearing loan on which no terms of repayment have been agreed. The amount due from the related parties at the balance sheet date amounted to £4,570,972 (2023 - £2,997,455). |