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COMPANY REGISTRATION NUMBER: 05150121
IMPERIAL HOMES TONBRIDGE LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
IMPERIAL HOMES TONBRIDGE LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
IMPERIAL HOMES TONBRIDGE LTD
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
Current assets
Stocks
4,000,750
4,000,750
Debtors
5
25,627
5,898
Cash at bank and in hand
234,845
288,883
------------
------------
4,261,222
4,295,531
Creditors: amounts falling due within one year
6
4,153,539
4,174,143
------------
------------
Net current assets
107,683
121,388
---------
---------
Total assets less current liabilities
107,683
121,388
---------
---------
Net assets
107,683
121,388
---------
---------
Capital and reserves
Called up share capital
7
1,500
1,500
Profit and loss account
106,183
119,888
---------
---------
Shareholders funds
107,683
121,388
---------
---------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
R M Stone
Director
Company registration number: 05150121
IMPERIAL HOMES TONBRIDGE 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 Numeric House, 98 Station Road, Sidcup, Kent, DA15 7BY, United Kingdom. The principal activities of the company are property investment, management and development.
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.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each reporting date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
Statement of cashflows
The company has taken advantage of the small companies exemption and not prepared a statement of cash flows.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year .
Revenue recognition
Revenue refers to the amounts earned from the company's property investment activities. The turnover shown in the Statement of Comprehensive Income represents amounts invoiced during the year for the sale of redeveloped property. During the year the company also received rental and service charge income from the letting of it's Investment Property. This income is disclosed on the Statement of Comprehensive Income as Other Operating Income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income. 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.
Stocks
The company's stock and work-in-progress consists of expenditure incurred on the acquisition and development of property that the company has acquired with the intention to resell. 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. Where stock meets the definition of a qualifying asset as per IAS 23 the cost of of borrowing funds to develop the asset in order to resell, if any, will be included in stock in respect of that asset.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
5. Debtors
2024
2023
£
£
Trade debtors
20,000
Other debtors
5,627
5,898
--------
-------
25,627
5,898
--------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,960
11,903
Accruals and deferred income
6,176
16,837
Social security and other taxes
100
100
Director loan accounts
1,028,986
1,028,986
Other creditors
3,116,317
3,116,317
------------
------------
4,153,539
4,174,143
------------
------------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
1,000
1,000
1,000
1,000
Ordinary B Shares shares of £ 1 each
500
500
500
500
-------
-------
-------
-------
1,500
1,500
1,500
1,500
-------
-------
-------
-------