REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30 September 2024 |
for |
Express Homebuyers Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 30 September 2024 |
for |
Express Homebuyers Ltd |
Express Homebuyers Ltd (Registered number: SC710146) |
Contents of the Financial Statements |
For The Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 8 |
Express Homebuyers Ltd |
Company Information |
For The Year Ended 30 September 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1 Cambuslang Court |
Cambuslang |
Glasgow |
Strathclyde |
G32 8FH |
Express Homebuyers Ltd (Registered number: SC710146) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Fair value reserve | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges her 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. |
Express Homebuyers Ltd (Registered number: SC710146) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the director and authorised for issue on |
Express Homebuyers Ltd (Registered number: SC710146) |
Notes to the Financial Statements |
For The Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Express Homebuyers Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Debtors |
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. |
Creditors |
Short term trade 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. |
Cash and Bank Balances |
Cash and bank balances are measured at the transaction price. |
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. |
Express Homebuyers Ltd (Registered number: SC710146) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
2. | 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. |
Going concern |
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2024 | 3,180 | 4,453 | 454 | 8,087 |
Cost | 103,180 | - | - | 103,180 |
106,360 | 4,453 | 454 | 111,267 |
Express Homebuyers Ltd (Registered number: SC710146) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold property had not been revalued it would have been included at the following historical cost: |
30.9.24 | 30.9.23 |
£ | £ |
Cost | 103,180 | - |
Freehold property was valued on an open market basis on 30 September 2024 by the director of the business . |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Revaluations | 10,366 |
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 | 10,366 |
Cost | 94,634 |
105,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.9.24 | 30.9.23 |
£ | £ |
Cost | 94,634 | - |
Investment property was valued on an open market basis on 30 September 2024 by The director of the business . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Other creditors |
Express Homebuyers Ltd (Registered number: SC710146) |
Notes to the Financial Statements - continued |
For The Year Ended 30 September 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
Ascot Bridging Finance 2 Ltd hold the following securities: |
1.All and whole the property known as and forming 154 Renfrew Road. |
2.All and whole the subjects known as and forming the southmost dwellinghouse situated on the second floor above the ground floor of the tenement 7 caddlehill street, greenock, PA16 8TU (otherwise 7H Caddlehill Street, Greenock, PA16 8TU. |
10. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
Transfer to fair value reserve | 3,181 | 10,366 | 13,547 |
Depreciation on revaluation | (64 | ) | - | (64 | ) |
At 30 September 2024 |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Express Homebuyers Ltd |
The following reproduces the text of the report prepared for the director 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 Director 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 Express Homebuyers Ltd for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts. |
This report is made solely to the director of Express Homebuyers Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Express Homebuyers Ltd and state those matters that we have agreed to state to the director of Express Homebuyers Ltd in this report in accordance with the requirements of ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Express Homebuyers 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 Express Homebuyers Ltd. You consider that Express Homebuyers 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 Express Homebuyers 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. |
1 Cambuslang Court |
Cambuslang |
Glasgow |
Strathclyde |
G32 8FH |