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Company Registration No. SC662724 (Scotland)
No 7 Homes Ltd Unaudited accounts for the year ended 31 March 2024
No 7 Homes Ltd Unaudited accounts Contents
Page
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No 7 Homes Ltd Company Information for the year ended 31 March 2024
Directors
Kevin Graham Preston Noreen Maeve Preston
Company Number
SC662724 (Scotland)
Registered Office
ALEXANDERS BRODICK ISLE OF ARRAN KA27 8AJ SCOTLAND
Accountants
Arran Accountancy Limited Alexanders Brodick Isle of Arran KA27 8HF
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No 7 Homes Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
554,397 
441,893 
Current assets
Debtors
- 
1,708 
Cash at bank and in hand
7,321 
2,240 
7,321 
3,948 
Creditors: amounts falling due within one year
(189,337)
(160,185)
Net current liabilities
(182,016)
(156,237)
Total assets less current liabilities
372,381 
285,656 
Creditors: amounts falling due after more than one year
(385,244)
(287,464)
Net liabilities
(12,863)
(1,808)
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
(12,873)
(1,818)
Shareholders' funds
(12,863)
(1,808)
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 16 December 2024 and were signed on its behalf by
Noreen Maeve Preston Director Company Registration No. SC662724
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No 7 Homes Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
No 7 Homes Ltd is a private company, limited by shares, registered in Scotland, registration number SC662724. The registered office is ALEXANDERS, BRODICK, ISLE OF ARRAN, KA27 8AJ, SCOTLAND.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Going concern
At the 30th June 2022 the balance sheet is in deficit however these accounts have been prepared on a going concern basis, on the understanding that the directors and shareholders will continue to support the company. The directors loan has no fixed repayment date.
4
Investment property
2024 
£ 
Fair value at 1 April 2023
441,893 
Additions
147,237 
Disposals
(34,733)
At 31 March 2024
554,397 
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No 7 Homes Ltd Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
- 
1,708 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
5,403 
1,512 
Other creditors
40,000 
25,000 
Loans from directors
143,394 
133,133 
Accruals
540 
540 
189,337 
160,185 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
385,244 
287,464 
8
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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