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Registration number: 11489595

First Rate Homes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

First Rate Homes Limited

Company Information

Director

Lee James Farrell

Company secretary

Lee James Farrell

Registered office

18 St Werburghs Road
Chorlton
Manchester
M21 0TN

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

First Rate Homes Limited

(Registration number: 11489595)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,891

2,521

Investment property

5

240,000

220,000

 

241,891

222,521

Current assets

 

Debtors

6

115

756

Cash at bank and in hand

 

22,828

9,861

 

22,943

10,617

Creditors: Amounts falling due within one year

7

(83,374)

(76,009)

Net current liabilities

 

(60,431)

(65,392)

Total assets less current liabilities

 

181,460

157,129

Creditors: Amounts falling due after more than one year

7

(149,243)

(149,500)

Provisions for liabilities

(4,804)

(1,004)

Net assets

 

27,413

6,625

Capital and reserves

 

Called up share capital

8

1

1

Other reserves

20,480

4,280

Retained earnings

6,932

2,344

Shareholders' funds

 

27,413

6,625

For the financial year ending 31 July 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 March 2025
 

 

First Rate Homes Limited

(Registration number: 11489595)
Balance Sheet as at 31 July 2024 (continued)

.........................................
Lee James Farrell
Director

 

First Rate Homes Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
18 St Werburghs Road
Chorlton
Manchester
M21 0TN

These financial statements were authorised for issue by the director on 15 March 2025.

2

Accounting policies

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

First Rate Homes Limited

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

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property, plant and equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

First Rate Homes Limited

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

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

First Rate Homes Limited

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

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

4,483

4,483

At 31 July 2024

4,483

4,483

Depreciation

At 1 August 2023

1,962

1,962

Charge for the year

630

630

At 31 July 2024

2,592

2,592

Carrying amount

At 31 July 2024

1,891

1,891

At 31 July 2023

2,521

2,521

5

Investment properties

2024
£

At 1 August

220,000

Fair value adjustments

20,000

At 31 July

240,000

Properties purchased during the year are shown at purchase cost. In subsequent years properties are valued at director's best estimate based on comparable properties. An independent valuation will be carried out every three years.

Independent valuations were performed for one property:
1. 40 Bow Street was valued at £90,000 in March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

425

Prepayments

115

331

 

115

756

 

First Rate Homes Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,100

8,100

Taxation and social security

 

1,086

-

Accruals and deferred income

 

600

600

Other creditors

 

70,588

67,309

 

83,374

76,009

Current loans and borrowings

2024
£

2023
£

Other borrowings

11,100

8,100


Creditors include and unsecured loan provided by Right First Time Solutions Ltd, a company controlled by the Director, of £11,100 (2023 - £8,100). The loan is repayable on demand.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

First Rate Homes Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

149,243

149,500

Current loans and borrowings

2024
£

2023
£

Other borrowings

11,100

8,100

Bank borrowings

Loan 1 is denominated in GBP with a nominal interest rate of 5.89%, and the final instalment is due on 28 February 2048. The carrying amount at year end is £52,506 (2023 - £52,500).

Loan 1 is secured against 93 Grafton Street, St Helens, WA10 4HJ.

Loan 2 is denominated in GBP with a nominal interest rate of 5.89%, and the final instalment is due on 31 July 2044. The carrying amount at year end is £53,606 (2023 - £53,875).

Loan 2 is secured against Devon Street, Blackpool, FY4 3BL.

Loan 3 is denominated in GBP with a nominal interest rate of 3.65%, and the final instalment is due on 31 May 2046. The carrying amount at year end is £43,131 (2023 - £43,125).

Loan 3 is secured against 40 Bow Street, Middlesborough, TS1 4BT.

Other borrowings

Right First Time Solutions Ltd loan is denominated in GBP with a nominal interest rate of 0%. The carrying amount at year end is £11,100 (2023 - £8,100).

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

All loans are due after five years.

10

Related party transactions

The Director provided an interest free loan payable on demand to the Company. The balance owing on 31 July 2024 was £70,589 (2023: £67,310).

 

First Rate Homes Limited

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

10

Related party transactions (continued)

Dividends paid to directors

2024
£

2023
£

Lee Taylor

-

-