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COMPANY REGISTRATION NUMBER: 03405255
Houseinn Limited
Filleted Unaudited Financial Statements
31 December 2024
Houseinn Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,199,420
1,199,420
Current assets
Debtors
6
16
1,616
Cash at bank and in hand
112,328
102,915
---------
---------
112,344
104,531
Creditors: amounts falling due within one year
7
51,266
48,678
---------
---------
Net current assets
61,078
55,853
------------
------------
Total assets less current liabilities
1,260,498
1,255,273
------------
------------
Net assets
1,260,498
1,255,273
------------
------------
Capital and reserves
Called up share capital
8
235,510
235,510
Share premium account
245,458
245,458
Revaluation reserve
264,923
264,923
Profit and loss account
514,607
509,382
------------
------------
Shareholders funds
1,260,498
1,255,273
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Houseinn Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 18 June 2025 , and are signed on behalf of the board by:
J Simison
Director
Company registration number: 03405255
Houseinn Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highfield House, Moulsham Street, Chelmsford, Essex, CM2 9AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for rentals of commercial property, net of discounts and Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,199,420
10,000
1,209,420
------------
--------
------------
Depreciation
At 1 January 2024 and 31 December 2024
10,000
10,000
------------
--------
------------
Carrying amount
At 31 December 2024
1,199,420
1,199,420
------------
--------
------------
At 31 December 2023
1,199,420
1,199,420
------------
--------
------------
Tangible assets held at valuation
The investment properties were valued by the directors on an open market value basis based on rental yield.
6. Debtors
2024
2023
£
£
Other debtors
16
1,616
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
23,150
23,036
Corporation tax
22,796
20,322
Other creditors
5,320
5,320
--------
--------
51,266
48,678
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 5 each
17,620
88,100
17,620
88,100
Ordinary 'B' shares of £ 5 each
29,480
147,400
29,480
147,400
Ordinary 'C' shares of £ 0.01 each
1,000
10
1,000
10
--------
---------
--------
---------
48,100
235,510
48,100
235,510
--------
---------
--------
---------
9. Related party transactions
During the year the company received rent amounting to £80,000 (2023: £80,000) from a company in which two of the directors are also directors.