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Registration number: 10137746

Homesnag Inspections Limited

Unaudited Financial Statements

for the Year Ended 29 April 2024

 

Homesnag Inspections Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Homesnag Inspections Limited

(Registration number: 10137746)
Balance Sheet as at 29 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,925

-

Tangible assets

5

21,934

1,061

Investments

6

20,719

-

 

45,578

1,061

Current assets

 

Debtors

7

136,645

72,120

Cash at bank and in hand

 

96,107

41,811

 

232,752

113,931

Creditors: Amounts falling due within one year

8

(237,453)

(88,290)

Net current (liabilities)/assets

 

(4,701)

25,641

Total assets less current liabilities

 

40,877

26,702

Creditors: Amounts falling due after more than one year

8

(17,001)

(20,833)

Provisions for liabilities

(4,723)

(246)

Net assets

 

19,153

5,623

Capital and reserves

 

Called up share capital

1

1

Retained earnings

19,152

5,622

Shareholders' funds

 

19,153

5,623

 

Homesnag Inspections Limited

(Registration number: 10137746)
Balance Sheet as at 29 April 2024

For the financial year ending 29 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 January 2025
 

.........................................
T J Britton
Director

 

Homesnag Inspections Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Office 1
Izabella House
24-26 Regent Place
Birmingham
B1 3NJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Homesnag Inspections Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Computer equipment

15% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and
subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

15% straight line basis

 

Homesnag Inspections Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 2).

 

Homesnag Inspections Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

4

Intangible assets

Website costs
£

Total
£

Cost or valuation

Additions acquired separately

3,000

3,000

At 29 April 2024

3,000

3,000

Amortisation

Amortisation charge

75

75

At 29 April 2024

75

75

Carrying amount

At 29 April 2024

2,925

2,925

5

Tangible assets

Plant and Machinery
 £

Total
£

Cost or valuation

At 30 April 2023

24,736

24,736

Additions

25,471

25,471

At 29 April 2024

50,207

50,207

Depreciation

At 30 April 2023

23,674

23,674

Charge for the year

4,599

4,599

At 29 April 2024

28,273

28,273

Carrying amount

At 29 April 2024

21,934

21,934

At 29 April 2023

1,061

1,061

 

Homesnag Inspections Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

6

Investments

2024
£

2023
£

Investments in associates

20,719

-

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

33,384

23,400

Amounts owed by related parties

-

7,984

Prepayments

 

4,046

40,736

Other debtors

 

99,215

-

   

136,645

72,120

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

9,997

6,226

Amounts owed to related parties

94,929

44,360

Taxation and social security

 

99,995

22,270

Accruals and deferred income

 

19,731

1,800

Other creditors

 

2,801

3,634

 

237,453

88,290

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

17,001

20,833