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COMPANY REGISTRATION NUMBER: 10132214
BOND HOUSING GROUP (LINCOLN) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 April 2024
BOND HOUSING GROUP (LINCOLN) LTD
STATEMENT OF FINANCIAL POSITION
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
349
Investments
6
2,995,851
2,995,851
-------------
-------------
2,996,200
2,995,851
Current assets
Debtors
7
785,898
790,395
Cash at bank and in hand
658,917
525,882
-------------
-------------
1,444,815
1,316,277
Creditors: amounts falling due within one year
8
57,553
29,980
-------------
-------------
Net current assets
1,387,262
1,286,297
-------------
-------------
Total assets less current liabilities
4,383,462
4,282,148
Creditors: amounts falling due after more than one year
9
4,793,756
4,639,611
Provisions
54,658
54,658
-------------
-------------
Net liabilities
( 464,952)
( 412,121)
-------------
-------------
BOND HOUSING GROUP (LINCOLN) LTD
STATEMENT OF FINANCIAL POSITION (continued)
5 April 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 464,953)
( 412,122)
----------
----------
Shareholder deficit
( 464,952)
( 412,121)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
R S Hunter
Director
Company registration number: 10132214
BOND HOUSING GROUP (LINCOLN) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Place Homes Lincoln, Sparkhouse Studios, Ropewalk, Lincoln, Lincolnshire, LN6 7DQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has reported an operating loss for the period and has net liabilities of £464,952 (2023: £412,121). The company does however have extremely strong cash reserves and overall net current assets, on that basis the director is satisfied that the company can continue to meet its liabilities as they fall due for the foreseeable future and as such, continues to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made or other conditions arise. Significant judgements: No judgements have been made which would have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty: Investment property valuations - investment properties are revalued each year end by the director at open market value.
Revenue recognition
Turnover represents gross rental income, net of value added tax where applicable, and is recognised on an accruals basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
33% straight line
Equipment
-
20% reducing balance
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued by the director to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments and are measured at amortised cost. Taxation and social security are not included in the financial instrument disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 6 April 2023
19,530
19,530
Additions
388
388
---------
----
---------
At 5 April 2024
19,530
388
19,918
---------
----
---------
Depreciation
At 6 April 2023
19,530
19,530
Charge for the year
39
39
---------
----
---------
At 5 April 2024
19,530
39
19,569
---------
----
---------
Carrying amount
At 5 April 2024
349
349
---------
----
---------
At 5 April 2023
---------
----
---------
6. Investments
Shares in group undertakings
Investment property
Total
£
£
£
Cost
At 6 April 2023 and 5 April 2024
100
2,995,751
2,995,851
----
-------------
-------------
Impairment
At 6 April 2023 and 5 April 2024
----
-------------
-------------
Carrying amount
At 5 April 2024
100
2,995,751
2,995,851
----
-------------
-------------
At 5 April 2023
100
2,995,751
2,995,851
----
-------------
-------------
Investment properties are revalued each year by the director at open market value. At 5 April 2024 the historical cost of investment properties was £2,717,204 (2023: £2,717,204).
7. Debtors
2024
2023
£
£
Trade debtors
13,205
Amounts owed by group undertakings and undertakings in which the company has a participating interest
145
145
Other debtors
785,753
777,045
----------
----------
785,898
790,395
----------
----------
Included within Other Debtors is amounts the company has loaned to Third Party property investors, these amounts total £461,000 (2023: £742,000). There are set repayment terms and interest is charged.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
26,636
10,038
Social security and other taxes
1,496
Other creditors
19,421
9,942
---------
---------
57,553
29,980
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,717,229
1,825,299
Other creditors
3,076,527
2,814,312
-------------
-------------
4,793,756
4,639,611
-------------
-------------
Bank loans totalling £1,682,623 (2023: £1,785,300) are secured on the investment property portfolio.
Other creditors due in more than one year comprise interest-free director's loans.
10. Related party transactions
The company was under the ownership of the director throughout the current and proceeding period. Included within other debtors is an amount of £295,594 (2023: £25,794), and included within other creditors is an amount of £108,225 (2023: £105,562) owed to and from companies under common control. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 (section 1A).
11. Controlling party
The company was under the control of R S Hunter throughout the current and previous year.