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Registered number: 14714849
Unlimited Homes Ltd
Unaudited Financial Statements
For the Period 8 March 2023 to 31 March 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 14714849
31 March 2024
Notes £ £
FIXED ASSETS
Investment Properties 4 177,490
177,490
CURRENT ASSETS
Cash at bank and in hand 2,045
2,045
Creditors: Amounts Falling Due Within One Year 5 (207,107 )
NET CURRENT ASSETS (LIABILITIES) (205,062 )
TOTAL ASSETS LESS CURRENT LIABILITIES (27,572 )
NET LIABILITIES (27,572 )
CAPITAL AND RESERVES
Called up share capital 6 1
Profit and Loss Account (27,573 )
SHAREHOLDERS' FUNDS (27,572)
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Daniel Croxen-John
Director
14th November 2024
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Unlimited Homes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14714849 . The registered office is 1 London Road, Ipswich, Suffolk, IP1 2HA.
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. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, 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 period was: 1
1
4. Investment Property
31 March 2024
£
Fair Value
As at 8 March 2023 -
Additions 177,490
As at 31 March 2024 177,490
Page 2
Page 3
5. Creditors: Amounts Falling Due Within One Year
31 March 2024
£
Corporation tax 7
Other creditors (0) 204,000
Accruals and deferred income 1,140
Director's loan account 1,960
207,107
6. Share Capital
31 March 2024
£
Allotted, Called up and fully paid 1
Page 3