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REGISTERED NUMBER: 00566082















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: C N Wimborne
D C Wimborne





Secretary: D C Wimborne





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 00566082





Accountants: Cooper Parry Advisory Limited
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 50,528 61,585
Investment property 4 110,100 110,100
160,628 171,685

Current assets
Debtors 5 1,285,832 929,500
Cash at bank 162,782 829,715
1,448,614 1,759,215
Creditors
Amounts falling due within one year 6 9,500 198,400
Net current assets 1,439,114 1,560,815
Total assets less current liabilities 1,599,742 1,732,500

Provisions for liabilities 7 20,919 20,919
Net assets 1,578,823 1,711,581

Capital and reserves
Called up share capital 8 120 120
Capital redemption reserve 9 500,000 500,000
Retained earnings 9 1,078,703 1,211,461
Shareholders' funds 1,578,823 1,711,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 3 December 2024 and were signed on its behalf by:





C N Wimborne - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance

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 1 (2023 - 1 ) .

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 8,254 89,937 98,191
Additions 1,766 - 1,766
At 31 May 2024 10,020 89,937 99,957
Depreciation
At 1 June 2023 3,270 33,336 36,606
Charge for year 1,503 11,320 12,823
At 31 May 2024 4,773 44,656 49,429
Net book value
At 31 May 2024 5,247 45,281 50,528
At 31 May 2023 4,984 56,601 61,585

4. Investment property
Total
£
Fair value
At 1 June 2023
and 31 May 2024 110,100
Net book value
At 31 May 2024 110,100
At 31 May 2023 110,100

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 1,285,832 929,500

6. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 9,500 198,400

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 20,919
Balance at 31 May 2024 20,919

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 1,211,461 500,000 1,711,461
Deficit for the year (102,758 ) - (102,758 )
Dividends (30,000 ) - (30,000 )
At 31 May 2024 1,078,703 500,000 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).