Company Registration No. 05361633 (England and Wales)
HOMEFIELD FINANCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
HOMEFIELD FINANCIAL LIMITED
COMPANY INFORMATION
Directors
Mr M Collins
Mrs S L Collins
Secretary
Mrs S L Collins
Company number
05361633
Registered office
Ladymead House
Pound Lane, Bishops Lydeard
Taunton
Somerset
TA4 3AY
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
HOMEFIELD FINANCIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HOMEFIELD FINANCIAL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
116
197
Current assets
Cash at bank and in hand
211,003
216,321
Creditors: amounts falling due within one year
6
(25,559)
(26,066)
Net current assets
185,444
190,255
Total assets less current liabilities
185,560
190,452
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
185,558
190,450
Total equity
185,560
190,452
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
Mr M Collins
Director
Company Registration No. 05361633
HOMEFIELD FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information
Homefield Financial Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for services.
When the outcome of a transaction can be estimated reliably, turnover from professional services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred as a proportion of total costs.
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation.
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
3 years straight line
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HOMEFIELD FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2024 - 2).
3
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
24,450
17,691
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
98,658
74,595
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 19.00%)
24,665
14,173
Tax effect of expenses that are not deductible in determining taxable profit
321
232
Effect of change in corporation tax rate
(386)
3,435
Depreciation add back
20
16
Capital allowances
(170)
(165)
Taxation for the year
24,450
17,691
HOMEFIELD FINANCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
17,000
Amortisation and impairment
At 1 March 2024 and 28 February 2025
17,000
Carrying amount
At 28 February 2025
At 29 February 2024
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 March 2024 and 28 February 2025
761
6,413
7,174
Depreciation and impairment
At 1 March 2024
691
6,286
6,977
Depreciation charged in the year
18
63
81
At 28 February 2025
709
6,349
7,058
Carrying amount
At 28 February 2025
52
64
116
At 29 February 2024
70
127
197
6
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
24,450
17,691
Other creditors
4
7,270
Accruals and deferred income
1,105
1,105
25,559
26,066
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2