B1 HOME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
B1 Home Limited is a private company, limited by shares, incorporated in England and Wales within the United Kingdom. The registered office address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The company registration number is 14101525.
The financial statements for the current year are prepared for 12 months whereas the prior period comparatives are for the period from 11 May 2022 to 31 March 2023 and so are not entirely comparable.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The directors have prepared the financial statements on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. At the year-end, the Company had net liabilities of £177,036 (2023: £81,494). The directors have agreed to support the business for a period of at least 12 months after the balance sheet date,
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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