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REGISTERED NUMBER: 06843422 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HOMES 2 LET UK LIMITED

HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 102,064 131,041

CURRENT ASSETS
Debtors 5 534,956 399,189
Cash at bank and in hand 256,167 100,505
791,123 499,694
CREDITORS
Amounts falling due within one year 6 626,004 304,039
NET CURRENT ASSETS 165,119 195,655
TOTAL ASSETS LESS CURRENT
LIABILITIES

267,183

326,696

CREDITORS
Amounts falling due after more than one year 7 (99,134 ) (153,924 )

PROVISIONS FOR LIABILITIES 8 (25,516 ) -
NET ASSETS 142,533 172,772

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 142,532 172,771
142,533 172,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 January 2025 and were signed by:




Mr R Moledina - Director


HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Homes 2 Let UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06843422

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention unless otherwise stated in these accounting policies.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue represents amounts receivable for rent and commission net of trade discounts.

Rental income is recognised over the period of the rental agreement. Revenue on account of commission is recognised when services are rendered to the customer.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and machinery - 25% reducing balance
Furniture and fixtures - 25% reducing balance
Motor vehicles - 20% reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.


HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 17,874 230 144,390 162,494
Additions - 3,783 - 3,783
At 31 March 2024 17,874 4,013 144,390 166,277
DEPRECIATION
At 1 April 2023 10,277 101 21,075 31,453
Charge for year 1,899 32 30,829 32,760
At 31 March 2024 12,176 133 51,904 64,213
NET BOOK VALUE
At 31 March 2024 5,698 3,880 92,486 102,064
At 31 March 2023 7,597 129 123,315 131,041

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 84,300
DEPRECIATION
At 1 April 2023 21,075
Charge for year 15,806
At 31 March 2024 36,881
NET BOOK VALUE
At 31 March 2024 47,419
At 31 March 2023 63,225

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 388,738 240,485
Amounts owed by group undertakings 132,436 145,324
Other debtors 13,782 13,380
534,956 399,189

HOMES 2 LET UK LIMITED (REGISTERED NUMBER: 06843422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,000 45,000
Hire purchase contracts 11,906 11,906
Trade creditors 221,295 25,542
Amounts owed to group undertakings 3,678 419
Taxation and social security 94,378 75,140
Other creditors 249,747 146,032
626,004 304,039

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 58,638 101,413
Hire purchase contracts 40,496 52,511
99,134 153,924

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,516 -

Deferred
tax
£   
Provided during year 25,516
Balance at 31 March 2024 25,516

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other creditors due within one year is an amount of £211,681 (2023 £103,513) due to the connected companies with common control. The loan remains interest free and repayable on demand.