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REGISTERED NUMBER: 03584548 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

HOMELETS LTD

HOMELETS LTD (REGISTERED NUMBER: 03584548)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

HOMELETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D E Dyche
Mrs C A Dyche
D E Dyche
C A C Smith





SECRETARY: D E Dyche





REGISTERED OFFICE: 58 Pennard Road
Kittle
Swansea
SA3 3JY





REGISTERED NUMBER: 03584548 (England and Wales)





ACCOUNTANTS: John F. Harvey
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA

HOMELETS LTD (REGISTERED NUMBER: 03584548)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 424 639
Investment property 5 1,105,000 1,480,000
1,105,424 1,480,639

CURRENT ASSETS
Debtors 6 150 -
Cash at bank 2,410 6,440
2,560 6,440
CREDITORS
Amounts falling due within one year 7 190,403 584,759
NET CURRENT LIABILITIES (187,843 ) (578,319 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

917,581

902,320

CREDITORS
Amounts falling due after more than one
year

8

(200,000

)

(200,000

)

PROVISIONS FOR LIABILITIES 9 (89,908 ) (88,098 )
NET ASSETS 627,673 614,222

HOMELETS LTD (REGISTERED NUMBER: 03584548)

BALANCE SHEET - continued
30 JUNE 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 526,602 523,445
Retained earnings 11 100,971 90,677
SHAREHOLDERS' FUNDS 627,673 614,222

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2025 and were signed on its behalf by:




D E Dyche - Director



Mrs C A Dyche - Director


HOMELETS LTD (REGISTERED NUMBER: 03584548)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Homelets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
The turnover of the company consists of rental income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 20% on cost

Investment property
It is considered that all the land and buildings under this heading are "investment properties" within the terms of Financial Reporting Standard 102 section 16 ('Accounting for Investment Properties').

In accordance with FRS 102 s.16, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the Fair Value Reserve.

As investment properties are revalued annually, they are not depreciated and are included in the balance sheet at their year end valuation. The directors consider that this policy results in the accounts giving a true and fair view.

This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.

On disposal of an investment property, any revaluation adjustment previously taken to the Fair Value Reserve for the property is transferred to Retained Earnings. The gain or loss reported in the Statement of Profit, Loss and Other Comprehensive Income for the year is the difference between the disposed properties' net proceeds and their carrying values.


HOMELETS LTD (REGISTERED NUMBER: 03584548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

An adjustment is made between the Retained Earnings and the Fair Value Reserve to reflect the deferred tax impact upon the revaluation made in the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 July 2023
and 30 June 2024 1,683
DEPRECIATION
At 1 July 2023 1,044
Charge for year 215
At 30 June 2024 1,259
NET BOOK VALUE
At 30 June 2024 424
At 30 June 2023 639

HOMELETS LTD (REGISTERED NUMBER: 03584548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 1,480,000
Disposals (410,000 )
Revaluations 35,000
At 30 June 2024 1,105,000
NET BOOK VALUE
At 30 June 2024 1,105,000
At 30 June 2023 1,480,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2024 616,511
Cost 488,489
1,105,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 488,489 868,457

The four investment properties are each revalued annually by the directors of the company in accordance with the current property market.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 150 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Social security and other taxes - 4,056
Directors loan interest - 15,200
Directors' current accounts 187,754 562,891
Accrued expenses 2,649 2,612
190,403 584,759

HOMELETS LTD (REGISTERED NUMBER: 03584548)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Directors' loan accounts 200,000 200,000

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 89,908 88,098

Deferred
tax
£   
Balance at 1 July 2023 88,098
provided on revaluation gains 6,650
released on property disposals (4,840 )
Balance at 30 June 2024 89,908

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2023 90,677 523,445 614,122
Profit for the year 45,484 45,484
Dividends (2,000 ) (2,000 )
Revaluation (35,000 ) 4,967 (30,033 )
Deferred tax movement 1,810 (1,810 ) -
At 30 June 2024 100,971 526,602 627,573

12. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HOMELETS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Homelets Ltd for the year ended 30 June 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Homelets Ltd, as a body, in accordance with the terms of our engagement letter dated 5 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Homelets Ltd and state those matters that we have agreed to state to the Board of Directors of Homelets Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Homelets Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Homelets Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Homelets Ltd. You consider that Homelets Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Homelets Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






John F. Harvey
Dynevor House
5-6 De La Beche Street
Swansea
SA1 3HA


21 March 2025