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REGISTERED NUMBER: 03227989 (England and Wales)








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: A Rance





SECRETARY: J Rance





REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE





REGISTERED NUMBER: 03227989 (England and Wales)





ACCOUNTANTS: Carter & Coley
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 52,225 53,768

CURRENT ASSETS
Stocks 506,369 3,175,552
Debtors 5 5,079,706 5,588,739
Cash at bank 2,578,315 433,521
8,164,390 9,197,812
CREDITORS
Amounts falling due within one year 6 150,068 1,209,015
NET CURRENT ASSETS 8,014,322 7,988,797
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,066,547

8,042,565

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 8,066,546 8,042,564
SHAREHOLDERS' FUNDS 8,066,547 8,042,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 15 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 15 March 2024 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 25 October 2024 and were signed by:





A Rance - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 16 March 2023 82,329 27,659 13,440 123,428
Additions 11,246 - 799 12,045
At 15 March 2024 93,575 27,659 14,239 135,473
DEPRECIATION
At 16 March 2023 36,270 21,574 11,816 69,660
Charge for year 11,461 1,521 606 13,588
At 15 March 2024 47,731 23,095 12,422 83,248
NET BOOK VALUE
At 15 March 2024 45,844 4,564 1,817 52,225
At 15 March 2023 46,059 6,085 1,624 53,768

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Amounts recoverable on contract 103,022 1,342,400
Other debtors 4,976,684 4,246,339
5,079,706 5,588,739

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 534 -
Trade creditors 1,282 10,522
Taxation and social security 141,094 137,642
Other creditors 7,158 1,060,851
150,068 1,209,015

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Other loan - 1,054,053

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
£    £   
A Rance
Balance outstanding at start of year 249,032 139,859
Amounts advanced 291,148 249,173
Amounts repaid (250,000 ) (140,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 290,180 249,032

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).