Registration number:
Bomad Homes I Limited
for the Year Ended 30 April 2024
Bomad Homes I Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Bomad Homes I Limited
(Registration number: 12302855)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Revaluation reserve |
892,435 |
396,807 |
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Retained earnings |
88,086 |
47,194 |
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Shareholders' funds |
980,522 |
444,002 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
Bomad Homes I Limited
(Registration number: 12302855)
Balance Sheet as at 30 April 2024
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
Key sources of estimation uncertainty
The carrying value of the property portfolio is based on the director's informed view of the market values of individual properties across the portfolio at the balance sheet date. The carrying amounts are the cumulative revaluation adjustments before tax. The carrying amount is £892,436 (2023 -£529,075).
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.
Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises 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 income 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.
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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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.
nterest 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2024 |
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At 1 May |
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Additions |
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Fair value adjustments |
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At 30 April |
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The investment properties are reported at fair market value as at 30 April 2024.
Debtors |
2024 |
2023 |
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Prepayments |
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Debtors |
2,410 |
1,940 |
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Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
22,495 |
980 |
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Amounts owed to associates |
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Accruals and deferred income |
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Corporation tax |
- |
6,699 |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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2024 |
2023 |
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Due after more than five years |
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After more than five years not by instalments |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary share capital of £1 each |
1 |
1 |
1 |
1 |
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bank borrowings are interest only loans secured against the assets of the company.
Other borrowings relate to amounts advanced by related parties (see Note 10).
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Properties are let under a 5 year lease agreement. At the end of the 5 year term the tenant will potentially receive a rental rebate which is calculated by reference to a share of the appreciation in the value of the property at that time. The right to the rebate only crystallises at the end of 5 year lease agreement. Due to multiple uncertainties including movements in property values and the extent to which leases will run their full term, the aggregate value of the potential rebates can not be calculated with sufficient reliability at this stage to include an estimate of the potential financial effect.
Bomad Homes I Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Loans from related parties
2024 |
Parent |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
( |
Interest transactions |
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- |
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At end of period |
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2023 |
Parent |
Other related parties |
Total |
At start of period |
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Advanced |
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- |
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Repaid |
( |
- |
( |
Interest transactions |
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- |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is