REGISTERED NUMBER: |
Somerlee Homes Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Somerlee Homes Limited |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
Somerlee Homes Limited (Registered number: 00566082) |
Contents of the Financial Statements |
for the year ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Somerlee Homes Limited |
Company Information |
for the year ended 31 May 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Somerlee Homes Limited (Registered number: 00566082) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 3 |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 7 |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Capital redemption reserve | 9 |
Retained earnings | 9 |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Somerlee Homes Limited (Registered number: 00566082) |
Notes to the Financial Statements |
for the year ended 31 May 2024 |
1. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment properties are included in the Balance Sheet at their fair value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
2. | Employees and directors |
The average number of employees during the year was |
Somerlee Homes Limited (Registered number: 00566082) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2024 |
3. | Tangible fixed assets |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 June 2023 |
Additions |
At 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 June 2023 |
and 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
The valuations were made by directors, on an open market value for existing use basis. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other creditors |
7. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Arising on capital gains | 20,919 | 20,919 |
Somerlee Homes Limited (Registered number: 00566082) |
Notes to the Financial Statements - continued |
for the year ended 31 May 2024 |
7. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 June 2023 |
Balance at 31 May 2024 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
100 | Ordinary shares | £1 | 100 | 100 |
20 | Ordinary A shares | £1 | 20 | 20 |
120 | 120 |
9. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | 1,711,461 |
Deficit for the year | ( |
) | - | ( |
) |
Dividends | ( |
) | - | ( |
) |
At 31 May 2024 | 1,578,703 |
Included within retained earnings at the year end, relating to the fair value revaluations of investment property, is £87,681 (2023: £87,681) which is not distributable. |
10. | Related party disclosures |
At the balance sheet date, the company owed £1,315,500 (2023: £736,000) from related companies under common ownership. Management charges of £15,000 (2023: £75,000) were incurred from related companies in the year. |
During the year, directors received dividends totalling £30,000 (2023: £30,000). |