3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2 2 2 xbrli:pure xbrli:shares iso4217:GBP 11195649 2023-03-01 2024-02-29 11195649 2024-02-29 11195649 2023-02-28 11195649 2022-03-01 2023-02-28 11195649 2023-02-28 11195649 2022-02-28 11195649 bus:Director1 2023-03-01 2024-02-29 11195649 core:AfterOneYear 2024-02-29 11195649 core:AfterOneYear 2023-02-28 11195649 core:WithinOneYear 2024-02-29 11195649 core:WithinOneYear 2023-02-28 11195649 core:ShareCapital 2024-02-29 11195649 core:ShareCapital 2023-02-28 11195649 core:RetainedEarningsAccumulatedLosses 2024-02-29 11195649 core:RetainedEarningsAccumulatedLosses 2023-02-28 11195649 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 11195649 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 11195649 core:Non-currentFinancialInstruments 2024-02-29 11195649 bus:SmallEntities 2023-03-01 2024-02-29 11195649 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11195649 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11195649 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11195649 bus:FullAccounts 2023-03-01 2024-02-29 11195649 1 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 11195649
Buyyourhomes Ltd
Filleted Unaudited Financial Statements
29 February 2024
Buyyourhomes Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Investments
5
2
Current assets
Stocks
3,102,172
Debtors
6
925,754
Cash at bank and in hand
7,530
9,567
---------
------------
933,284
3,111,739
Creditors: amounts falling due within one year
7
455,120
491,160
---------
------------
Net current assets
478,164
2,620,579
---------
------------
Total assets less current liabilities
478,166
2,620,579
Creditors: amounts falling due after more than one year
8
731,571
2,586,934
---------
------------
Net (liabilities)/assets
( 253,405)
33,645
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 253,505)
33,545
---------
--------
Shareholders (deficit)/funds
( 253,405)
33,645
---------
--------
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 29 February 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 .
Buyyourhomes Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr M Ali
Director
Company registration number: 11195649
Buyyourhomes Ltd
Notes to the Financial Statements
Year ended 29 February 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 Unit 2, 32-34 Station Close, Potters Bar, Herts, EN6 1TL.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rentals and the sale of stock of properties.
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 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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Investments
Shares in group undertakings
£
Cost
At 1 March 2023
Additions
2
----
At 29 February 2024
2
----
Impairment
At 1 March 2023 and 29 February 2024
----
Carrying amount
At 29 February 2024
2
----
At 28 February 2023
----
The investment relates to a 100% shareholding in Buyyourhomes (Leaseholds) Ltd. This company is registered in England and it's principal activity is that of property investment.
6. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
925,754
---------
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
446,466
483,801
Corporation tax
4,959
4,959
Social security and other taxes
1,295
Other creditors
2,400
2,400
---------
---------
455,120
491,160
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,052,707
Other creditors
731,571
534,227
---------
------------
731,571
2,586,934
---------
------------
Bank loans are secured by way of a fixed and floating charge over the the company's assets.
The loans bear an interest rate of between 10.2% pa.
These loans were repaid during the year.
9. Controlling party
The company is under the control of its shareholders, Messrs A Ali, H Emin and F Marazzi.