Registration number:
Hearne Homes Limited
for the Year Ended 31 May 2024
Hearne Homes Limited
(Registration number: 12025099)
Balance Sheet as at 31 May 2024
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2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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.
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Mr W C Hearne
Director
Hearne Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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)
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Accounting policies (continued) |
Investment properties
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hearne Homes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Investment properties |
2024 |
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Valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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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).
Creditors |
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2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Director's loan account |
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The bank loan is secured by a charge over the company's assets.
2024 |
2023 |
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Due after more than five years |
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After more than five years not by instalments |
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