8 false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 100,000 70,000 10,000 80,000 20,000 30,000 xbrli:pure xbrli:shares iso4217:GBP 09304808 2023-06-01 2024-05-31 09304808 2024-05-31 09304808 2023-05-31 09304808 2022-06-01 2023-05-31 09304808 2023-05-31 09304808 2022-05-31 09304808 core:NetGoodwill 2023-06-01 2024-05-31 09304808 core:PlantMachinery 2023-06-01 2024-05-31 09304808 core:FurnitureFittings 2023-06-01 2024-05-31 09304808 core:MotorVehicles 2023-06-01 2024-05-31 09304808 bus:Director1 2023-06-01 2024-05-31 09304808 core:NetGoodwill 2023-05-31 09304808 core:NetGoodwill 2024-05-31 09304808 core:LandBuildings 2023-05-31 09304808 core:PlantMachinery 2023-05-31 09304808 core:FurnitureFittings 2023-05-31 09304808 core:MotorVehicles 2023-05-31 09304808 core:LandBuildings 2024-05-31 09304808 core:PlantMachinery 2024-05-31 09304808 core:FurnitureFittings 2024-05-31 09304808 core:MotorVehicles 2024-05-31 09304808 core:LandBuildings 2023-06-01 2024-05-31 09304808 core:WithinOneYear 2024-05-31 09304808 core:WithinOneYear 2023-05-31 09304808 core:AfterOneYear 2024-05-31 09304808 core:AfterOneYear 2023-05-31 09304808 core:ShareCapital 2024-05-31 09304808 core:ShareCapital 2023-05-31 09304808 core:RevaluationReserve 2024-05-31 09304808 core:RevaluationReserve 2023-05-31 09304808 core:RetainedEarningsAccumulatedLosses 2024-05-31 09304808 core:RetainedEarningsAccumulatedLosses 2023-05-31 09304808 core:NetGoodwill 2023-05-31 09304808 core:LandBuildings 2023-05-31 09304808 core:PlantMachinery 2023-05-31 09304808 core:FurnitureFittings 2023-05-31 09304808 core:MotorVehicles 2023-05-31 09304808 bus:Director1 2023-05-31 09304808 bus:Director1 2024-05-31 09304808 bus:Director1 2022-05-31 09304808 bus:Director1 2023-05-31 09304808 bus:Director1 2022-06-01 2023-05-31 09304808 bus:SmallEntities 2023-06-01 2024-05-31 09304808 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09304808 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09304808 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09304808 bus:FullAccounts 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 09304808
Houserack Ltd
Filleted Unaudited Financial Statements
31 May 2024
Houserack Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
20,000
30,000
Tangible assets
6
605,033
535,226
---------
---------
625,033
565,226
Current assets
Stocks
7,425
6,870
Debtors
7
122,829
59,385
Cash at bank and in hand
79,036
72,521
---------
---------
209,290
138,776
Creditors: amounts falling due within one year
8
411,186
361,347
---------
---------
Net current liabilities
201,896
222,571
---------
---------
Total assets less current liabilities
423,137
342,655
Creditors: amounts falling due after more than one year
9
250,499
256,816
Provisions
Taxation including deferred tax
44,313
20,051
---------
---------
Net assets
128,325
65,788
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
132,940
85,478
Profit and loss account
( 4,715)
( 19,790)
---------
--------
Shareholders funds
128,325
65,788
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Houserack Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
J Derham Esq
Director
Company registration number: 09304808
Houserack Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixture and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
100,000
---------
Amortisation
At 1 June 2023
70,000
Charge for the year
10,000
---------
At 31 May 2024
80,000
---------
Carrying amount
At 31 May 2024
20,000
---------
At 31 May 2023
30,000
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 Jun 2023
518,275
6,207
21,876
1,073
5,080
552,511
Additions
1,315
1,138
2,453
Disposals
( 933)
( 2,435)
( 3,368)
Revaluations
71,725
71,725
---------
-------
--------
-------
-------
---------
At 31 May 2024
590,000
5,274
23,191
1,073
3,783
623,321
---------
-------
--------
-------
-------
---------
Depreciation
At 1 Jun 2023
3,245
10,833
470
2,737
17,285
Charge for the year
681
1,854
151
678
3,364
Disposals
( 696)
( 1,665)
( 2,361)
---------
-------
--------
-------
-------
---------
At 31 May 2024
3,230
12,687
621
1,750
18,288
---------
-------
--------
-------
-------
---------
Carrying amount
At 31 May 2024
590,000
2,044
10,504
452
2,033
605,033
---------
-------
--------
-------
-------
---------
At 31 May 2023
518,275
2,962
11,043
603
2,343
535,226
---------
-------
--------
-------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
121,197
58,335
Other debtors
1,632
1,050
---------
--------
122,829
59,385
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,569
7,271
Trade creditors
103,750
65,454
Corporation tax
7,813
Social security and other taxes
60,851
57,483
Other creditors
231,203
231,139
---------
---------
411,186
361,347
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
250,499
256,816
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J Derham Esq
( 129)
( 1,575)
( 1,704)
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
J Derham Esq
( 10,125)
9,996
( 129)
--------
-------
----
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Southernbrook Limited
(6,415)
(19,000)
( 162,205)
( 155,790)
Southernbrook Lettings Limited
(50,000)
( 51,050)
( 51,050)
Resifix Limited
8,175
( 8,175)
Southernbrook (Gosport) Limited
(13,500)
( 13,500)
( 13,500)
-------
--------
---------
---------
J Derham Esq is the managing director and sole shareholder of Southernbrook Limited and Houserack Ltd . Southernbrook Limited owns one hundred percent of the issued share capital in Southernbrook Lettings limited and Southernbrook (Gosport) Limited J Derham Esq owns eighty percent of the issued share capital in Houserack Ltd , with the reaming twenty percent owned by Southernbrook Limited