Registered number
14145753
Home Living Outlet Ltd
Filleted Accounts
for the year ended 31 July 2024
Home Living Outlet Ltd
Registered number: 14145753
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 13,568 15,935
Current assets
Stocks 36,113 40,913
Debtors 4 15,329 1,263
Prepayments 5,000 2,716
Cash at bank and in hand 50,177 11,832
106,619 56,724
Creditors: amounts falling due within one year 5 (73,231) (62,227)
Net current assets/(liabilities) 33,388 (5,503)
Net assets 46,956 10,432
Capital and reserves
Called up share capital 100 100
Profit and loss account 46,856 10,332
Shareholders' funds 46,956 10,432
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B C Gregson
Director
Approved by the board on 15 November 2024
Home Living Outlet Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & machinery 25% straight line
Motor vehicles 25% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery Motor Vehicles Total
£ £ £
Cost
At 1 August 2023 3,247 18,000 21,247
Additions 896 - 896
At 31 July 2024 4,143 18,000 22,143
Depreciation
At 1 August 2023 812 4,500 5,312
Charge for the year 833 2,430 3,263
At 31 July 2024 1,645 6,930 8,575
Net book value
At 31 July 2024 2,498 11,070 13,568
At 31 July 2023 2,435 13,500 15,935
4 Debtors 2024 2023
£ £
Trade debtors 15,329 1,263
5 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans - 6,677
Trade creditors - 1,038
Other creditors 10,000 10,000
Taxation and social security - (264)
Accrual 700 700
Director's account 40,359 39,449
Corporation tax 16,130 2,185
VAT 6,042 2,442
73,231 62,227
6 Profit and loss account 2024
£
At 1 August 2023 10,332
Profit for the year 56,524
Dividends (20,000)
At 31 July 2024 46,856
7 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 20,000 14,000
20,000 14,000
8 Related party transactions
Included within the creditors at the year end is £40,359 (2023: £39,449) due to the company directors. During the period the company paid £58,217 of expenses on behalf of the director and the directors introduced £59,127.
9 Controlling party
The ultimate controlling parties are the directors' and shareholders' Jordan Grogan and Barrie Gregson.
10 Other information
Home Living Outlet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8 Springhill Works
Exchange Street
Accrington
BB5 0LE
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