Company registration number 10012927 (England and Wales)
HOMEMADE (PICKWELL) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HOMEMADE (PICKWELL) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HOMEMADE (PICKWELL) LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
5,615,893
4,738,799
Current assets
Debtors
4
336,277
278,559
Cash at bank and in hand
37
336,277
278,596
Creditors: amounts falling due within one year
5
(2,370,731)
(3,740,465)
Net current liabilities
(2,034,454)
(3,461,869)
Total assets less current liabilities
3,581,439
1,276,930
Creditors: amounts falling due after more than one year
6
(2,300,394)
Provisions for liabilities
(265,236)
(265,236)
Net assets
1,015,809
1,011,694
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
7
853,592
853,592
Distributable profit and loss reserves
162,117
158,002
Total equity
1,015,809
1,011,694
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HOMEMADE (PICKWELL) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr S P Baker
Mr R I Elliott
Director
Director
Company registration number 10012927 (England and Wales)
HOMEMADE (PICKWELL) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Homemade (Pickwell) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pickwell Manor, Georgeham, Braunton, Devon, EX33 1LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
HOMEMADE (PICKWELL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
4
3
Investment property
2024
£
Fair value
At 1 February 2023
4,738,799
Additions
877,094
At 31 January 2024
5,615,893
Investment property comprises twelve properties at the period end (2023 - eleven properties).
The fair values of the properties have been assessed by the directors at the period end taking into account current market conditions.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,042
9,601
Other debtors
314,235
268,958
336,277
278,559
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,350
1,398,816
Trade creditors
50,427
92,529
Corporation tax
2,195
18,428
Other taxation and social security
6,489
Other creditors
2,266,270
2,230,692
2,370,731
3,740,465
Bank loans and overdrafts includes a balance of £31,389 (2023 - £1,398,816) relating to the current portion of the company's bank loans. The bank loans are secured on fixed and floating charges over the properties and other assets of the company.
HOMEMADE (PICKWELL) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Creditors: amounts falling due within one year
(Continued)
- 5 -
Included within other creditors is a balance of £1,789,695 (2023 - £1,789,695) owed to the directors.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,300,394
Bank loans and overdrafts includes a balance of £2,300,394 (2023 - £) relating to the non-current portion of the company's bank loans. The bank loans are secured on fixed and floating charges over the properties and other assets of the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,145,954
-
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
853,592
918,555
Non distributable profits in the year
-
(64,963)
At the end of the year
853,592
853,592
Non-distributable reserves comprise revaluations of investment properties, net of deferred tax provisions.