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Registration number: NI041958

Housing Connexions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Housing Connexions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Housing Connexions Limited

Company Information

Directors

Dr Christopher Peyton

Mrs Lynne Peyton

Company secretary

Mrs Lynne Peyton

Registered office

14 Ballynorthland Park
Dungannon
Co Tyrone
BT71 6DY

Solicitors

McCartan Turkington Breen
88 Victoria Street
Belfast
BT1 3GN

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Co Tyrone
BT71 7SJ

 

Housing Connexions Limited

(Registration number: NI041958)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

315,000

442,500

Investments

5

225,611

16,140

 

540,611

458,640

Current assets

 

Cash at bank and in hand

 

23,547

5,972

Creditors: Amounts falling due within one year

6

(67,979)

(80,329)

Net current liabilities

 

(44,432)

(74,357)

Total assets less current liabilities

 

496,179

384,283

Creditors: Amounts falling due after more than one year

6

(453,592)

(389,821)

Net assets/(liabilities)

 

42,587

(5,538)

Capital and reserves

 

Called up share capital

7

2

2

Revaluation reserve

28,075

51,615

Retained earnings

14,510

(57,155)

Shareholders' funds/(deficit)

 

42,587

(5,538)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Housing Connexions Limited

(Registration number: NI041958)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

.........................................
Mrs Lynne Peyton
Company secretary and director

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
14 Ballynorthland Park
Dungannon
Co Tyrone
BT71 6DY
Northern Ireland

These financial statements were authorised for issue by the Board on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Profit and Loss Account over the expected useful life of the assets concerned.

Other grants

Other grants are credited to the Profit and Loss Account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort.

Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investments properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore for the financial statements to give a rue and fair view. If depreciation were to be provided for it would be provided at a rate of Nil per annum on the revalued amount.

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 November

442,500

Disposals

(127,500)

At 31 October

315,000

There has been no valuation of investment property by an independent valuer.

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Investments

2023
£

2022
£

Investments in joint ventures

225,611

16,140

Joint ventures

£

Cost

At 1 November 2022

16,140

Additions

225,611

Disposals

(16,140)

At 31 October 2023

225,611

Provision

Carrying amount

At 31 October 2023

225,611

At 31 October 2022

16,140

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,388

15,388

Trade creditors

 

78

173

Taxation and social security

 

162

3,516

Accruals and deferred income

 

865

1,315

Other creditors

 

51,486

59,937

 

67,979

80,329

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

451,048

386,743

Deferred income

 

2,544

3,078

 

453,592

389,821

 

Housing Connexions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share class 1 of £1 each

2

2

2

2

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(23,540)

(23,540)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

76,871

86,743

Other borrowings

374,177

300,000

451,048

386,743

Current loans and borrowings

2023
£

2022
£

Bank borrowings

15,388

15,388