Company Registration No. 06155224 (England and Wales)
Ihomes (London) Limited
Unaudited accounts
for the year ended 31 March 2024
Ihomes (London) Limited
Unaudited accounts
Contents
Ihomes (London) Limited
Company Information
for the year ended 31 March 2024
Directors
Mr I Rosenthal
Mr C Naughton
Company Number
06155224 (England and Wales)
Registered Office
Unit 5 Swaker Yard
2b Theobald Street
Herts
WD6 4SE
United Kingdom
Accountants
Platts
Unit 5 Swaker Yard
2b Theobald Street
Herts
WD6 4SE
Ihomes (London) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
12,527
6,072
Inventories
579,333
3,172,120
Cash at bank and in hand
77,083
13,596
Creditors: amounts falling due within one year
(1,301,059)
(2,368,766)
Net current assets
413,935
1,387,038
Total assets less current liabilities
426,662
1,393,310
Creditors: amounts falling due after more than one year
-
(882,141)
Net assets
426,662
511,169
Called up share capital
100
100
Profit and loss account
426,562
511,069
Shareholders' funds
426,662
511,169
For the year 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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by
Mr I Rosenthal
Director
Company Registration No. 06155224
Ihomes (London) Limited
Notes to the Accounts
for the year ended 31 March 2024
Ihomes (London) Limited is a private company, limited by shares, registered in England and Wales, registration number 06155224. The registered office is Unit 5 Swaker Yard, 2b Theobald Street, Herts, WD6 4SE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Reducing Balance
Computer equipment
20% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment in a subsidiary company is held at cost less accumulated impairment losses.
Ihomes (London) Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
6,050
19,494
25,544
Additions
9,940
916
10,856
Disposals
(6,050)
-
(6,050)
At 31 March 2024
9,940
20,410
30,350
At 1 April 2023
4,781
14,691
19,472
Charge for the year
1,988
1,144
3,132
On disposals
(4,781)
-
(4,781)
At 31 March 2024
1,988
15,835
17,823
At 31 March 2024
7,952
4,575
12,527
At 31 March 2023
1,269
4,803
6,072
5
Investments
Subsidiary undertakings
Valuation at 1 April 2023
200
Valuation at 31 March 2024
200
Amounts falling due within one year
Amounts due from group undertakings etc.
1,049,470
546,914
Accrued income and prepayments
-
14,180
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,152,192
1,400,804
Taxes and social security
-
251
Other creditors
122,818
574,917
Loans from directors
24,049
295,677
Ihomes (London) Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
The bank loans were repaid during the year.
The other creditors are secured by a second legal charge over the company's property trading stock.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
The directors own the company's entire issued ordinary share capital.
As detailed in note 8, the amounts due from group undertakings are represented by iHomes (Enfield) Limited in the sum of £4,000 (2023 - £100) and iHomes (Hendon) Limited in the sum of £1,045,470 (2023 - £546,814), both being a wholly owned subsidiaries, which have common directors and which are interest free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 5 (2023: 5).