Company registration number 11793916 (England and Wales)
ANOTHER NEW HOME LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ANOTHER NEW HOME LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ANOTHER NEW HOME LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
30 April 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
421,000
402,882
Current assets
Debtors
4
3,510
Cash at bank and in hand
344
436
3,854
436
Creditors: amounts falling due within one year
5
(7,225)
(4,400)
Net current liabilities
(3,371)
(3,964)
Total assets less current liabilities
417,629
398,918
Creditors: amounts falling due after more than one year
6
(379,091)
(371,602)
Provisions for liabilities
(11,380)
Net assets
27,158
27,316
Capital and reserves
Called up share capital
7
600
4
Revaluation reserve
65,961
69,830
Profit and loss reserves
(39,403)
(42,518)
Total equity
27,158
27,316
For the financial period ended 30 April 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 of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr J A Lane
Director
Company registration number 11793916 (England and Wales)
ANOTHER NEW HOME LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Another New Home Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 12 Corporation Road, Newport, Gwent, Wales, NP19 0AR.
1.1
Reporting period
The reporting period is longer than one year and covers a period of 15 months, and therefore the comparative amounts presented in these financial statements are not entirely comparable. The reporting period changed for commercial reasons.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with stated interest rate and receivable or payable within one year are recorded at transaction price. Any loses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ANOTHER NEW HOME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
4
5
3
Investment property
2024
£
Fair value
At 1 February 2023
402,882
Revaluations
18,118
At 30 April 2024
421,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2024 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
ANOTHER NEW HOME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,510
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
7,225
4,400
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
379,091
371,602
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
379,091
371,602
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
4
600
4
8
Related party transactions
Included in the amounts owed from other debtors is an amount of £3,460 (2023 - £Nil) which is owed from Our New Home Limited, a company which shares a common director. This is included in debtors; amounts falling due within one year.
Included in the amounts owed from other debtors is an amount of £50 (2023 - £Nil) which is owed from K&R Construction Limited, a company which shares a common director. This is included in debtors; amounts falling due within one year.
9
Directors' transactions
The directors operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the period end the amount outstanding to the director was £4,084 (2023 - £2,800); this amount being included in creditors: amounts falling due within one year.