Registered number
05778320
I.W. Home Rentals Limited
Unaudited Filleted Accounts
30 April 2024
I.W. Home Rentals Limited
Registered number: 05778320
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 288,844 288,844
Current assets
Debtors 4 - 415
Cash at bank and in hand 7,413 10,897
7,413 11,312
Creditors: amounts falling due within one year 5 (171,335) (185,975)
Net current liabilities (163,922) (174,663)
Total assets less current liabilities 124,922 114,181
Provisions for liabilities (20,138) (20,138)
Net assets 104,784 94,043
Capital and reserves
Called up share capital 100 100
Profit and loss account 104,684 93,943
Shareholders' funds 104,784 94,043
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Smallman
Director
Approved by the board on 23 October 2024
I.W. Home Rentals Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rental income receivable.
Tangible fixed assets
The investment properties are accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using open market valuation on a freehold basis by the directors.
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company - -
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 288,844
At 30 April 2024 288,844
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 288,844
At 30 April 2023 288,844
Freehold land and buildings: 2024 2023
£ £
Historical cost 182,850 182,850
Cumulative depreciation based on historical cost - -
182,850 182,850
4 Debtors 2024 2023
£ £
Other debtors - 415
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 5,282 2,762
Other creditors 166,053 183,213
171,335 185,975
6 Controlling party
The company is under the control of the Directors who own 80% of the issued share capital.
7 Other information
I.W. Home Rentals Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Oak Lawn
Woodside, Wootton
Ryde
Isle of Wight
PO33 4JR
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