Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2023-04-01falserental property investment2 10915785 2023-04-01 2024-03-31 10915785 2022-04-01 2023-03-31 10915785 2024-03-31 10915785 2023-03-31 10915785 2022-04-01 10915785 2 2023-04-01 2024-03-31 10915785 2 2022-04-01 2023-03-31 10915785 d:Director1 2023-04-01 2024-03-31 10915785 e:ComputerEquipment 2023-04-01 2024-03-31 10915785 e:ComputerEquipment 2024-03-31 10915785 e:ComputerEquipment 2023-03-31 10915785 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 10915785 e:FreeholdInvestmentProperty 2023-04-01 2024-03-31 10915785 e:FreeholdInvestmentProperty 2024-03-31 10915785 e:FreeholdInvestmentProperty 2023-03-31 10915785 e:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 10915785 e:CurrentFinancialInstruments 2024-03-31 10915785 e:CurrentFinancialInstruments 2023-03-31 10915785 e:Non-currentFinancialInstruments 2024-03-31 10915785 e:Non-currentFinancialInstruments 2023-03-31 10915785 e:CurrentFinancialInstruments e:WithinOneYear 2024-03-31 10915785 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 10915785 e:Non-currentFinancialInstruments e:AfterOneYear 2024-03-31 10915785 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 10915785 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-03-31 10915785 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 10915785 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-03-31 10915785 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 10915785 e:ShareCapital 2023-04-01 2024-03-31 10915785 e:ShareCapital 2024-03-31 10915785 e:ShareCapital 2022-04-01 2023-03-31 10915785 e:ShareCapital 2023-03-31 10915785 e:ShareCapital 2022-04-01 10915785 e:SharePremium 2023-04-01 2024-03-31 10915785 e:SharePremium 2024-03-31 10915785 e:SharePremium 2 2023-04-01 2024-03-31 10915785 e:SharePremium 2022-04-01 2023-03-31 10915785 e:SharePremium 2023-03-31 10915785 e:SharePremium 2022-04-01 10915785 e:SharePremium 2 2022-04-01 2023-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2023-04-01 2024-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2024-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2 2023-04-01 2024-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2022-04-01 2023-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2023-03-31 10915785 e:InvestmentPropertiesRevaluationReserve 2022-04-01 10915785 e:InvestmentPropertiesRevaluationReserve 2 2022-04-01 2023-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2024-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2023-03-31 10915785 e:RetainedEarningsAccumulatedLosses 2022-04-01 10915785 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 10915785 e:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10915785 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10915785 d:OrdinaryShareClass1 2023-04-01 2024-03-31 10915785 d:OrdinaryShareClass1 2024-03-31 10915785 d:OrdinaryShareClass1 2023-03-31 10915785 d:FRS102 2023-04-01 2024-03-31 10915785 d:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 10915785 d:FullAccounts 2023-04-01 2024-03-31 10915785 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 10915785






HOMES DIRECT SOUTHEND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










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HOMES DIRECT SOUTHEND LIMITED
REGISTERED NUMBER:10915785

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
557
929

Investment property
 5 
10,725,000
10,505,000

  
10,725,557
10,505,929

Current assets
  

Debtors: amounts falling due within one year
 6 
7,690
98,168

Cash at bank and in hand
 7 
53,459
56,618

  
61,149
154,786

Creditors: amounts falling due within one year
 8 
(84,474)
(90,983)

Net current (liabilities)/assets
  
 
 
(23,325)
 
 
63,803

Total assets less current liabilities
  
10,702,232
10,569,732

Creditors: amounts falling due after more than one year
 9 
(5,203,844)
(5,206,078)

Provisions for liabilities
  

Deferred tax
 11 
(700,379)
(668,579)

  
 
 
(700,379)
 
 
(668,579)

Net assets
  
4,798,009
4,695,075


Capital and reserves
  

Called up share capital 
 12 
100
100

Share premium account
 13 
2,840,066
2,840,066

Investment property non-distributable reserve
 13 
1,942,562
1,854,362

Profit and loss account
 13 
15,281
547

  
4,798,009
4,695,075


Page 1

 
HOMES DIRECT SOUTHEND LIMITED
REGISTERED NUMBER:10915785
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J R Pendrigh
Director

Date: 16 September 2024

Page 2

 
HOMES DIRECT SOUTHEND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Share premium account
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2022
100
2,840,066
1,791,309
281
4,631,756


Comprehensive income for the year

Profit for the year
-
-
-
123,319
123,319
Total comprehensive income for the year
-
-
-
123,319
123,319


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(60,000)
(60,000)

Movement on revaluation of investment properties
-
-
63,053
(63,053)
-


Total transactions with owners
-
-
63,053
(123,053)
(60,000)



At 1 April 2023
100
2,840,066
1,854,362
547
4,695,075


Comprehensive income for the year

Profit for the year
-
-
-
152,934
152,934
Total comprehensive income for the year
-
-
-
152,934
152,934


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(50,000)
(50,000)

Movement on revaluation of investment properties
-
-
88,200
(88,200)
-


Total transactions with owners
-
-
88,200
(138,200)
(50,000)


At 31 March 2024
100
2,840,066
1,942,562
15,281
4,798,009


Page 3

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Homes Direct Southend Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 10 Edith Road, Southend-On-Sea, Essex, SS2 6JU.
The principal activity of the company continued to be that of rental property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
3 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 6

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 8

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 April 2023
1,115



At 31 March 2024

1,115



Depreciation


At 1 April 2023
186


Charge for the year on owned assets
372



At 31 March 2024

558



Net book value



At 31 March 2024
557



At 31 March 2023
929

Page 9

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
10,505,000


Additions at cost
100,000


Surplus on revaluation
120,000



At 31 March 2024
10,725,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
8,082,060
7,982,060

8,082,060
7,982,060

Page 10

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Other debtors
6,940
97,503

Prepayments and accrued income
750
665

7,690
98,168



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
53,459
56,618

53,459
56,618



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
22,238

Other taxation and social security
18,372
20,233

Other creditors
50,322
43,112

Accruals and deferred income
15,780
5,400

84,474
90,983



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
5,203,844
5,206,078

5,203,844
5,206,078


Included in creditors falling due after more than one year are interest only mortgages of £5,203,844, which are secured on the individual properties to which they relate.

Page 11

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
22,238

Amounts falling due 1-2 years

Bank loans
-
1,198


Amounts falling due after more than 5 years

Bank loans
5,203,844
5,204,880

5,203,844
5,228,316



11.


Deferred taxation




2024
2023


£

£






At beginning of year
668,579
420,183


Charged to profit or loss
31,800
248,396



At end of year
700,379
668,579

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluation surplus
700,379
668,579

700,379
668,579


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 12

 
HOMES DIRECT SOUTHEND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Reserves

Share premium account

This is a non-distributable reserve.

Investment property non-distributable reserve

This reserve forms part of the profit and loss account reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit and loss account

All reserves in respect of profit and loss are distributable.


14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £44,000 (2023: £80,000). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


15.


Transactions with directors

At the balance sheet date the company was owed £Nil (2023: £90,563) by the directors in respect of interest free loans repayable on demand.

 
Page 13