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Homerite Bathrooms Ltd

Financial Statements for the Year Ended 30 June 2024






Homerite Bathrooms Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G John
M G Tumelty
A L Hanlon





REGISTERED OFFICE: Unit D3
West Point Industrial Estate
Penarth Road
Cardiff
CF11 8JQ





REGISTERED NUMBER: 12135620 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Homerite Bathrooms 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 Homerite Bathrooms Ltd for the year ended 30 June 2024 which comprise the Profit & 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 Homerite Bathrooms Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Homerite Bathrooms Ltd and state those matters that we have agreed to state to the Board of Directors of Homerite Bathrooms 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 Homerite Bathrooms Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Homerite Bathrooms 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 Homerite Bathrooms Ltd. You consider that Homerite Bathrooms 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 Homerite Bathrooms 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.






BPU Limited
Chartered Accountants


25 March 2025

Homerite Bathrooms Ltd (Registered number: 12135620)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 62,387 56,787
62,387 56,787

CURRENT ASSETS
Stocks 106,000 65,000
Debtors 5 58,564 53,952
Cash at bank 188,481 155,712
353,045 274,664
CREDITORS
Amounts falling due within one year 6 338,873 273,503
NET CURRENT ASSETS 14,172 1,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

76,559

57,948

CREDITORS
Amounts falling due after more than
one year

7

(43,921

)

(53,629

)

PROVISIONS FOR LIABILITIES (2,100 ) -
NET ASSETS 30,538 4,319

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 30,438 4,219
30,538 4,319

Homerite Bathrooms Ltd (Registered number: 12135620)

Balance Sheet - continued
30 June 2024


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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





G John - Director


Homerite Bathrooms Ltd (Registered number: 12135620)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of three years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% straight line
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.


Homerite Bathrooms Ltd (Registered number: 12135620)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


1. ACCOUNTING POLICIES - continued
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.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 5,000
AMORTISATION
At 1 July 2023
and 30 June 2024 5,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Homerite Bathrooms Ltd (Registered number: 12135620)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023 1,519 80,151 81,670
Additions - 31,068 31,068
Disposals - (26,718 ) (26,718 )
At 30 June 2024 1,519 84,501 86,020
DEPRECIATION
At 1 July 2023 572 24,311 24,883
Charge for year 304 11,935 12,239
Eliminated on disposal - (13,489 ) (13,489 )
At 30 June 2024 876 22,757 23,633
NET BOOK VALUE
At 30 June 2024 643 61,744 62,387
At 30 June 2023 947 55,840 56,787

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 54,796 43,664
Other debtors & prepayments 3,768 10,288
58,564 53,952

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,034 5,885
Hire purchase contracts 13,711 11,830
Trade creditors 129,833 125,064
Taxes & social security costs 16,111 28,762
Other creditors & accruals 173,184 101,962
338,873 273,503

Homerite Bathrooms Ltd (Registered number: 12135620)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 10,929 16,962
Hire purchase contracts 32,992 36,667
43,921 53,629

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 16,963 22,847
Hire purchase contracts 46,703 48,497
63,666 71,344

The bank has fixed and floating charges over all assets held by the company. The hire purchase contracts are secured over the assets to which they relate.