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Registration number: 12025099

Hearne Homes Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Hearne Homes Limited

(Registration number: 12025099)

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

472,458

472,458

Current assets

 

Cash at bank and in hand

 

307

474

Creditors: Amounts falling due within one year

4

(4,002)

(4,571)

Net current liabilities

 

(3,695)

(4,097)

Total assets less current liabilities

 

468,763

468,361

Creditors: Amounts falling due after more than one year

4

(459,065)

(462,329)

Net assets

 

9,698

6,032

Capital and reserves

 

Called up share capital

100

100

Retained earnings

9,598

5,932

Shareholders' funds

 

9,698

6,032

For the financial 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 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 26 February 2025
 

.........................................

Mr W C Hearne

Director

 

Hearne Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

Accounting policies

Statutory information

Hearne Homes Limited is a private company, limited by shares, domiciled in England and Wales, company number 12025099. The registered office is at Churchford Grange, Capel St Mary, Ipswich, IP9 2LA.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, he continues to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises current 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.

 

Hearne Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

1

Accounting policies (continued)

Investment properties

Certain of the company’s properties are held for long-term investment. Investment properties are accounted for as follows:

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the profit and loss account and accumulated in the profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

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.

Interest 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Hearne Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

3

Investment properties

2024
£

Valuation

At 1 June 2023

472,458

At 31 May 2024

472,458

Investment properties are carried at fair value. The fair value of investment properties is subject to annual review by the director of the company, taking into account advice from external valuers and after consideration of prevailing market conditions. At the year end the director values the properties at £472,458 (2023 - £472,458). The historical cost of the investment properties is £472,458 (2023 - £472,458).

4

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

977

1,821

Accruals and deferred income

3,025

2,750

4,002

4,571


 

2024
£

2023
£

Due after one year

Loans and borrowings

253,880

208,125

Director's loan account

205,185

254,204

459,065

462,329

The bank loan is secured by a charge over the company's assets.

2024
£

2023
£

Due after more than five years

After more than five years not by instalments

253,880

208,125