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Registration number: 08776504

Supreme Homes Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Supreme Homes Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Supreme Homes Limited

Company Information

Director

R Efeotor

Company secretary

E Efeotor

Registered office

Croftdown
22 Woodfield Hill
Coulsdon
CR5 3EN

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Supreme Homes Limited

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

532,389

565,464

Current assets

 

Debtors

5

662,898

892,353

Cash at bank and in hand

 

444,523

280,138

 

1,107,421

1,172,491

Creditors: Amounts falling due within one year

6

(1,180,562)

(1,105,181)

Net current (liabilities)/assets

 

(73,141)

67,310

Total assets less current liabilities

 

459,248

632,774

Creditors: Amounts falling due after more than one year

6

(120,265)

(133,122)

Provisions for liabilities - deferred tax

(13,008)

(17,018)

Net assets

 

325,975

482,634

Capital and reserves

 

Called up share capital

100

100

Retained earnings

325,875

482,534

Shareholders' funds

 

325,975

482,634

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

 

Supreme Homes Limited

Statement of Financial Position as at 31 May 2024

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 22 May 2025
 

.........................................

R Efeotor

Director

Company registration number: 08776504

 

Supreme Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Croftdown
22 Woodfield Hill
Coulsdon
CR5 3EN

The principal activity of the company is that of providing residential care services.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Going concern

The company had net assets of £325,975 including cash at bank of £444,523 at 31 May 2024.

The company operates in the care sector which has continued to remain in demand and due to the ageing population the care sector is expected to continue to grow in the foreseeable future.

The company has an extensive pipeline of future income and the director is confident that the company will trade profitably in future periods.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of
Value Added Tax. Revenues are recognised in the period to which they relate, as services are performed when
the company has a right to consideration.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably measured. When the outcome cannot be reliably estimated, revenue is recognised only to the extent the expenses recognised are recoverable.

In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

 

Supreme Homes Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.

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 initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Freehold property

5% straight line

Fixtures and fittings

25% straight line

Motor vehicles

20% straight line

Leasehold improvements

Over the term of the lease

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.

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 income statement 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.

 

Supreme Homes Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Tangible assets

Freehold property
£

Fixtures and fittings
 £

Motor vehicles
 £

Leasehold improvements
 £

Total
£

Cost

At 1 June 2023

415,000

8,664

21,849

386,036

831,549

Additions

-

8,357

-

30,975

39,332

At 31 May 2024

415,000

17,021

21,849

417,011

870,881

Depreciation

At 1 June 2023

153,438

4,598

18,049

90,000

266,085

Charge for the year

20,750

2,552

3,800

45,305

72,407

At 31 May 2024

174,188

7,150

21,849

135,305

338,492

Carrying amount

At 31 May 2024

240,812

9,871

-

281,706

532,389

At 31 May 2023

261,562

4,066

3,800

296,036

565,464

 

Supreme Homes Limited

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

5

Debtors

2024
£

2023
£

Trade debtors

268,193

266,582

Other debtors

394,705

625,771

662,898

892,353

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

9,900

9,672

Trade creditors

 

1,557

17,991

Taxation and social security

 

8,139

29,266

Other creditors

 

1,160,966

1,048,252

 

1,180,562

1,105,181

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

120,265

133,122

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,900

9,672

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

120,265

133,122

The bank loan is secured by way of a fixed and floating charge over the assets and undertakings of the company.

 

Supreme Homes Limited

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £225,000 (2023 - £261,000). These commitments relate to property leases.

9

Transactions with directors

At 31 May 2024 an amount of £334,706 was due from the director (2023: £566,807). Advances of £422,899 and repayments of £645,000 were made in the year. Interest has been charged at a rate of 2.25% per annum amounting to £13,299 (2023: £8,921).