Homeglade Limited 03694358 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of commercial property management Digita Accounts Production Advanced 6.30.9574.0 true 03694358 2023-02-01 2024-01-31 03694358 2024-01-31 03694358 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 03694358 core:OfficeEquipment 2024-01-31 03694358 bus:SmallEntities 2023-02-01 2024-01-31 03694358 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 03694358 bus:FullAccounts 2023-02-01 2024-01-31 03694358 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 03694358 bus:RegisteredOffice 2023-02-01 2024-01-31 03694358 bus:CompanySecretaryDirector1 2023-02-01 2024-01-31 03694358 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03694358 core:OfficeEquipment 2023-02-01 2024-01-31 03694358 countries:AllCountries 2023-02-01 2024-01-31 03694358 2023-01-31 03694358 core:OfficeEquipment 2023-01-31 03694358 2022-02-01 2023-01-31 03694358 2023-01-31 03694358 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 03694358 core:OfficeEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 03694358

Homeglade Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024
 

 

Homeglade Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Homeglade Limited

(Registration number: 03694358)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

24

37

Investment property

4

350,000

350,000

 

350,024

350,037

Current assets

 

Cash at bank and in hand

 

16,648

26,301

Creditors: Amounts falling due within one year

5

(602)

(8,160)

Net current assets

 

16,046

18,141

Total assets less current liabilities

 

366,070

368,178

Provisions for liabilities

(39,460)

(39,460)

Net assets

 

326,610

328,718

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

128,329

128,329

Retained earnings

198,181

200,289

Shareholders' funds

 

326,610

328,718

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 8 March 2024
 

.........................................
Mrs P Riding
Company secretary and director

   
     
 

Homeglade Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4-6 Silver Street
Bury
Lancashire
BL9 0EX
United Kingdom

These financial statements were authorised for issue by the director on 8 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except where disclosed in the accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property in the ordinary course of the company’s activities. Turnover is shown net of rents, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the country where the company operates and generates taxable income.

 

Homeglade Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Homeglade Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

20,211

20,211

At 31 January 2024

20,211

20,211

Depreciation

At 1 February 2023

20,174

20,174

Charge for the year

13

13

At 31 January 2024

20,187

20,187

Carrying amount

At 31 January 2024

24

24

At 31 January 2023

37

37

4

Investment properties

2024
£

At 1 February

350,000

At 31 January

350,000

The fair value of the company's Investment property was revalued on 31 January 2017 by the director. The value has been adopted as the deemed cost of the asset concerned on transition to FRS 102. Had this class of asset been measured on a historical basis, the carrying amount would have been £140,585.

There has been no change in valuation at 31 January 2024.

 

Homeglade Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

7,010

Accruals and deferred income

601

1,150

Other creditors

1

-

602

8,160

6

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).