REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
ERF Homes Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
ERF Homes Ltd |
ERF Homes Ltd (Registered number: 13598172) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
ERF Homes Ltd |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
303 Goring Road |
Worthing |
West Sussex |
BN12 4NX |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
ERF Homes 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 ERF Homes Ltd for the year ended 30 September 2024 which comprise the Income Statement, 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 ERF Homes 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 ERF Homes Ltd and state those matters that we have agreed to state to the Board of Directors of ERF Homes 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 ERF Homes Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that ERF Homes 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 ERF Homes Ltd. You consider that ERF Homes 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 ERF Homes 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. |
303 Goring Road |
Worthing |
West Sussex |
BN12 4NX |
ERF Homes Ltd (Registered number: 13598172) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Retained earnings | ( |
) | ( |
) |
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. |
ERF Homes Ltd (Registered number: 13598172) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ERF Homes Ltd (Registered number: 13598172) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
ERF Homes Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the revenue can be reliably measured. Revenue is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. The following criteria must also be met before revenue is recognised: |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are |
provided in accordance with the stage of completion of the contract when all of the following |
conditions are satisfied: |
„h the amount of revenue can be measured reliably; |
„h it is probable that the Company will receive the consideration due under the contract; |
„h the stage of completion of the contract at the end of the reporting period can be measured |
reliably; and |
„h the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
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. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in ordinary shares. |
ERF Homes Ltd (Registered number: 13598172) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
At 30 September 2024 |
DEPRECIATION |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
ERF Homes Ltd (Registered number: 13598172) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Individual freehold and leasehold properties are carried at current year value at fair value at the date |
of the revaluation less any subsequent accumulated depreciation and subsequent accumulated |
impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying |
amount does not differ materially from that which would be determined using fair value at the balance |
sheet date. |
Fair values are determined from market based evidence normally undertaken by professionally |
qualified valuers. |
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed |
the previously recognised gains or reflect a clear consumption of economic benefits, in which case |
the excess losses are recognised in profit or loss. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Revaluations | 12,328 |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2024 | 12,328 |
Cost | 462,672 |
475,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised |
cost using the effective interest method, less any impairment. |
7. | CASH AT BANK |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known |
amounts of cash with insignificant risk of change in value. |
ERF Homes Ltd (Registered number: 13598172) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 10) |
10. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
A fixed charge has been placed on all freehold investment property owned by the Company. |
11. | RESERVES |
Fair value reserve |
The fair value reserve represents the cumulative effect of the revaluations and deferred tax movement |
arising on the revaluations of investment properties which are revalued at each reporting date. |
Profit and loss account |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other |
adjustments. |