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Registered number: 11160848














HOUSE COLLECTIVE LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
HOUSE COLLECTIVE LIMITED
REGISTERED NUMBER:11160848

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,416
47,358

  
33,416
47,358

Current assets
  

Debtors: amounts falling due after more than one year
 5 
94,500
75,750

Debtors: amounts falling due within one year
 5 
133,858
167,851

Cash at bank and in hand
 6 
59,110
3,729

  
287,468
247,330

Creditors: amounts falling due within one year
 7 
(140,430)
(149,025)

Net current assets
  
 
 
147,038
 
 
98,305

Total assets less current liabilities
  
180,454
145,663

Provisions for liabilities
  

Deferred tax
  
(8,056)
-

  
 
 
(8,056)
 
 
-

Net assets
  
172,398
145,663


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
172,397
145,662

  
172,398
145,663


1

 
HOUSE COLLECTIVE LIMITED
REGISTERED NUMBER:11160848
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 January 2025.




J P Brandling-Harris
Director

The notes on pages 3 to 8 form part of these financial statements.

2

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

The company is a private company limited by shares and is registered in England and Wales, the
company registration number is 11160848. The address of its registered office is 31 Oval Road, House Collective, London, England, NW1 7EA.
The principal activity of the company continued to be that of a real estate agency and management of real estate on a fee or contract basis.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue from commissions and other relvent fees is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue from commissions and other relvent fees is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from commissions and other relvent fees from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

5

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.14

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
20,404
50,277
3,452
74,133


Additions
-
-
1,023
1,023



At 31 January 2024

20,404
50,277
4,475
75,156



Depreciation


At 1 February 2023
11,573
13,716
1,487
26,776


Charge for the year on owned assets
4,081
10,056
827
14,964



At 31 January 2024

15,654
23,772
2,314
41,740



Net book value



At 31 January 2024
4,750
26,505
2,161
33,416



At 31 January 2023
8,832
36,561
1,965
47,358

6

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Due from participating interests
94,500
75,750

94,500
75,750


2024
2023
£
£

Due within one year

Trade debtors
114,021
167,851

Prepayments and accrued income
19,837
-

133,858
167,851



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
59,110
3,729

59,110
3,729



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,441
11,764

Corporation tax
50,331
25,921

Other taxation and social security
50,090
49,754

Other creditors
16,068
61,586

Accruals and deferred income
4,500
-

140,430
149,025



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,946 (2023 - £3,246). Contributions totalling £372 (2023 - £471) were payable to the fund at the balance sheet date and are included in creditors.

7

 
HOUSE COLLECTIVE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Related party transactions

Debtors includes a loan of £94,500 (2023 - £75,750) to Lettings Collective Limited (a company under common control). Interest was charged at the market rate and the loan is repayable in 2027.
Dividends of £100,000 (2023 - £100,000) were paid to directors.
At the year end an amount of £11,528 (2023 - £24,060) was due to a director.

 
8