Company Registration No. 11081905 (England and Wales)
EUREKA HOUSING SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
EUREKA HOUSING SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EUREKA HOUSING SOLUTIONS LIMITED
Company Registration No. 11081905
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
505
1,010
Investment properties
4
193,554
193,554
194,059
194,564
Current assets
Debtors
5
9,667
9,011
Cash at bank and in hand
19,827
4,095
29,494
13,106
Creditors: amounts falling due within one year
6
(187,666)
(199,116)
Net current liabilities
(158,172)
(186,010)
Total assets less current liabilities
35,887
8,554
Creditors: amounts falling due after more than one year
7
(6,042)
(7,575)
Net assets
29,845
979
Capital and reserves
Called up share capital
8
10,000
10,000
Profit and loss reserves
19,845
(9,021)
Total equity
29,845
979

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

EUREKA HOUSING SOLUTIONS LIMITED
Company Registration No. 11081905
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
H Luqman
Director
EUREKA HOUSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Eureka Housing Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, England, KT13 8DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company had net current liabilities of £1true58,172 at the balance sheet date. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property rental and capital consultancy in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

EUREKA HOUSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
EUREKA HOUSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
5,321
Depreciation and impairment
At 1 March 2023
4,311
Depreciation charged in the year
505
At 29 February 2024
4,816
Carrying amount
At 29 February 2024
505
At 28 February 2023
1,010
4
Investment property
2024
£
Fair value
At 1 March 2023 and 29 February 2024
193,554

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 29 February 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,580
7,939
Other debtors
2,087
1,072
9,667
9,011
EUREKA HOUSING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
3,833
3,833
Trade creditors
193
200
Corporation tax
7,328
7,348
Taxation and social security
894
911
Other creditors
175,418
186,824
187,666
199,116

 

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,042
7,575

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £10 each
1,000
1,000
10,000
10,000
9
Related party transactions

At the balance sheet date the company owed the directors £23,099 (2023 - £40,130). This loan is interest free and repayable on demand.

 

At the balance sheet date the company owed £149,332 (2023 - £142,596) to close family of the directors. This loan is interest free and repayable on demand.

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