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No description of principal activity
2023-04-06
Sage Accounts Production Advanced 2023 - FRS102_2023
2,161
2,161
680,000
309,963
989,963
989,963
680,000
xbrli:pure
xbrli:shares
iso4217:GBP
10186932
2023-04-06
2024-04-05
10186932
2024-04-05
10186932
2023-04-05
10186932
2022-04-06
2023-04-05
10186932
2023-04-05
10186932
2022-04-05
10186932
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2023-04-06
2024-04-05
10186932
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2023-04-06
2024-04-05
10186932
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2024-04-05
10186932
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2024-04-05
10186932
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2023-04-05
10186932
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2024-04-05
10186932
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2023-04-05
10186932
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2024-04-05
10186932
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2023-04-05
10186932
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2024-04-05
10186932
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2023-04-05
10186932
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2023-04-05
10186932
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10186932
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2024-04-05
10186932
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2024-04-05
10186932
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2023-04-05
10186932
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2023-04-06
2024-04-05
10186932
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2023-04-06
2024-04-05
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2023-04-06
2024-04-05
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10186932
1
2023-04-06
2024-04-05
COMPANY REGISTRATION NUMBER:
10186932
BOND HOUSING GROUP (ABC CO-LIVING) LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
BOND HOUSING GROUP (ABC CO-LIVING) LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
5 April 2024
Fixed assets
Investment property |
5 |
989,963 |
680,000 |
|
|
|
|
Current assets
Debtors |
6 |
– |
17,337 |
Cash at bank and in hand |
8,359 |
24,109 |
|
-------- |
--------- |
|
8,359 |
41,446 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
338,420 |
72,100 |
|
----------- |
--------- |
Net current liabilities |
330,061 |
30,654 |
|
----------- |
----------- |
Total assets less current liabilities |
659,902 |
649,346 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
584,978 |
585,878 |
|
|
|
|
Provisions |
– |
17,685 |
|
----------- |
----------- |
Net assets |
74,924 |
45,783 |
|
----------- |
----------- |
|
|
|
BOND HOUSING GROUP (ABC CO-LIVING) LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
5 April 2024
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
74,824 |
45,683 |
|
--------- |
--------- |
Shareholders funds |
74,924 |
45,783 |
|
--------- |
--------- |
|
|
|
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 income and retained earnings 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 members have 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:
Company registration number:
10186932
BOND HOUSING GROUP (ABC CO-LIVING) LIMITED |
|
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.
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 rents receivable and is recognised over the period in which the right to income arises.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Fixtures and fittings |
- |
33% straight line |
|
|
|
|
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.
4.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 6 April 2023 and 5 April 2024 |
2,161 |
|
-------- |
Depreciation |
|
At 6 April 2023 and 5 April 2024 |
2,161 |
|
-------- |
Carrying amount |
|
At 5 April 2024 |
– |
|
-------- |
At 5 April 2023 |
– |
|
-------- |
|
|
5.
Investment property
|
Investment property |
|
£ |
Cost |
|
At 6 April 2023 |
680,000 |
Additions |
309,963 |
|
----------- |
At 5 April 2024 |
989,963 |
|
----------- |
Impairment |
|
At 6 April 2023 and 5 April 2024 |
– |
|
----------- |
|
|
Carrying amount |
|
At 5 April 2024 |
989,963 |
|
----------- |
At 5 April 2023 |
680,000 |
|
----------- |
|
|
Investment properties are revalued each year by the director at open market value. At 5 April 2024 the historical cost of investment properties was £896,882 (2023: £586,919).
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
– |
17,337 |
|
----- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
338,420 |
72,100 |
|
----------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
445,396 |
446,296 |
Other creditors |
139,582 |
139,582 |
|
----------- |
----------- |
|
584,978 |
585,878 |
|
----------- |
----------- |
|
|
|
Bank loans totalling £438,796 (2023: £438,796) are secured on the investment property portfolio.
Other creditors due in more than one year comprise interest-free director's loans.
9.
Related party transactions
The director of Bond Housing Group (ABC Co-Living) Limited is also director of Bond Housing Group (Lincoln) Limited, company number 10132214. Included within debtors is an amount of £Nil (2023: £17,337) owed from Bond Housing Group (Lincoln) Limited. Included within creditors is an amount of £266,520 (2023: £Nil) owed to Bond Housing Group (Lincoln) Limited. No other transactions with related parties were undertaken such as are required to be disclosed under FRS102 (section 1A).
10.
Controlling party
The company was under the control of the R Hunter throughout the current and previous year.