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Registration number: 12302855

Bomad Homes I Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Bomad Homes I Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Bomad Homes I Limited

(Registration number: 12302855)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

9,661,004

6,392,202

Current assets

 

Debtors

5

50,422

98,447

Cash at bank and in hand

 

77,221

29,884

 

127,643

128,331

Creditors: Amounts falling due within one year

6

(222,657)

(182,572)

Net current liabilities

 

(95,014)

(54,241)

Total assets less current liabilities

 

9,565,990

6,337,961

Creditors: Amounts falling due after more than one year

(8,585,468)

(5,761,691)

Provisions for liabilities

-

(132,268)

Net assets

 

980,522

444,002

Capital and reserves

 

Called up share capital

7

1

1

Revaluation reserve

892,435

396,807

Retained earnings

88,086

47,194

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:

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.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Jonathan Potter
Director

 

Bomad Homes I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 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:
8th Floor
100 Bishopsgate
London
EC2N 4AG

These financial statements were authorised for issue by the director on 30 January 2025.

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate by reference to appropriate external benchmarks. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 May

6,392,202

Additions

2,905,441

Fair value adjustments

363,361

At 30 April

9,661,004

The investment properties are reported at fair market value as at 30 April 2024.
 

5

Debtors

2024
£

2023
£

Prepayments

48,012

96,507

Debtors

2,410

1,940

50,422

98,447

 

Bomad Homes I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

22,495

980

Amounts owed to associates

10

192,850

155,575

Accruals and deferred income

 

2,400

2,190

Corporation tax

 

-

6,699

Other creditors

 

4,912

17,128

 

222,657

182,572

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

8,585,468

5,761,691

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

8,585,468

5,761,691

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

5,187,826

3,526,854

Other borrowings

3,397,642

2,234,837

8,585,468

5,761,691

 

Bomad Homes I Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

5,187,826

3,526,854

Other borrowings

3,397,642

2,234,837

8,585,468

5,761,691

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).

9

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

10

Related party transactions

Loans from related parties

2024

Parent
£

Other related parties
£

Total
£

At start of period

2,388,837

1,575

2,390,412

Advanced

1,162,805

6,482

1,169,287

Repaid

(82,000)

(4,065)

(86,065)

Interest transactions

116,858

-

116,858

At end of period

3,586,500

3,992

3,590,492

2023

Parent
£

Other related parties
£

Total
£

At start of period

1,699,716

1,575

1,701,291

Advanced

602,538

-

602,538

Repaid

(12,227)

-

(12,227)

Interest transactions

98,810

-

98,810

At end of period

2,388,837

1,575

2,390,412

Terms of loans from related parties


The company has been advanced loans by its immediate parent (Bomad Investments I Limited) for the purpose of funding its investment in residential property. The amounts are repayable after 5 years (subject to earlier disposal of the related property) and are unsecured. Interest was charged at a rate of 5.75% on the loans until both parties became part of a REIT group on 1 February 2024. From this date, the loans were interest free.
The loans from other related parties relate to advances made by Bomad Investments Limited. The amounts have been advanced in the ordinary course of business and are non interest bearing and repayable on demand.

11

Parent and ultimate parent undertaking

The company's immediate parent is Bomad Investments I Limited, incorporated in England and Wales. Following the creation of the REIT on 1 February 2024, Bomad Investments I Limited and Bomad Homes I Limited are owned via Homenow Investments Limited Partnership, incorporated in England and Wales.