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Registered number: 11848774
MOREMI HOUSING LTD.
Financial Statements
For The Year Ended 28 February 2024
FKAY SOLUTIONS
Suite F6, Wood Street Business Centre
195 Wood Street
London
E17 3NU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11848774
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,815 12,472
5,815 12,472
CURRENT ASSETS
Debtors 5 88,540 5,934
Cash at bank and in hand 137,347 292,307
225,887 298,241
Creditors: Amounts Falling Due Within One Year 6 (54,718 ) (138,496 )
NET CURRENT ASSETS (LIABILITIES) 171,169 159,745
TOTAL ASSETS LESS CURRENT LIABILITIES 176,984 172,217
Creditors: Amounts Falling Due After More Than One Year 7 (140,000 ) (155,000 )
NET ASSETS 36,984 17,217
Income and Expenditure Account 36,984 17,217
MEMBERS' FUNDS 36,984 17,217
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Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Ms Anita Funmilayo Faloye
Director
Mr Phillip Olawale Adeniran
Director
24/09/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
MOREMI HOUSING LTD. is a private company, limited by guarantee, incorporated in England & Wales, registered number 11848774 . The registered office is 132 Dursley Road, London, SE3 8PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 25% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 5)
7 5
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 9,999 16,255 3,624 29,878
As at 28 February 2024 9,999 16,255 3,624 29,878
Depreciation
As at 1 March 2023 5,000 9,509 2,897 17,406
Provided during the period 2,500 3,251 906 6,657
As at 28 February 2024 7,500 12,760 3,803 24,063
Net Book Value
As at 28 February 2024 2,499 3,495 (179 ) 5,815
As at 1 March 2023 4,999 6,746 727 12,472
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 88,540 5,934
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 6,198 4,392
Other taxes and social security 5,301 13,824
Other creditors 8,219 65,280
Directors' loan accounts 35,000 55,000
54,718 138,496
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 140,000 155,000
8. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £2.
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