Homelife Warehouse Ltd |
Notes to the Accounts |
for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going concern basis |
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The directors believe that not withstanding the accumulated losses to date and net liabilities at the year end, the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support from directors will be adequate to meet the company's needs for the period at least 12 months from the date of approval of these financial statements. |
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Turnover |
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Turnover includes revenue earned from the sale of goods, net of value added tax. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings and equipment |
33⅓% reducing balance basis |
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Stocks |
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Stocks are valued by the director at the lower of cost and net realisable value. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
4 |
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4 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 May 2023 |
7,550 |
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At 30 April 2024 |
7,550 |
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Depreciation |
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At 1 May 2023 |
7,119 |
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Charge for the year |
144 |
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At 30 April 2024 |
7,263 |
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Net book value |
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At 30 April 2024 |
287 |
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At 30 April 2023 |
431 |
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4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
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Trade creditors |
3,634 |
|
4,001 |
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Director's current account |
|
1,584 |
|
92 |
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Taxation and social security costs |
2,564 |
|
3,513 |
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Other creditors |
68,129 |
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47,862 |
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75,911 |
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55,468 |
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Director's current account credit balances attract nil rate of interest and are repayable by the company on demand. |
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5 |
Other information |
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Homelife Warehouse Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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18 Brill Close |
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Maidenhead |
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Berkshire |
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SL6 3EJ |