Registration number:
Invisible Homes Limited
for the Year Ended 30 June 2024
Invisible Homes Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Invisible Homes Limited
Company Information
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Directors |
M Wells Elisabeth Hindocha Mr Kyle Ferguson Mr Charles Robert Winston Aram |
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Registered office |
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Accountants |
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Invisible Homes Limited
(Registration number: 10844027)
Balance Sheet as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
271 |
241 |
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Share premium reserve |
2,240,867 |
1,672,652 |
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Retained earnings |
(2,259,862) |
(1,697,654) |
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Shareholders' deficit |
(18,724) |
(24,761) |
Invisible Homes Limited
(Registration number: 10844027)
Balance Sheet as at 30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Invisible Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the Company is the provision of services as a private estate agent.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has made a loss in the period and has net current liabilities at the balance sheet date. Detailed financial forecasts have been prepared giving details of the expected resources required and the expected costs required to provide those resources. These forecasts show that the company expects to start to generate profits in April 2026. The financial statements have therefore been prepared on a going concern basis that assumes its shareholders will continue to support the company until then, and beyond that point if still necessary.
Changes in accounting estimate
Change to depreciation method
The depreciation method for office equipment has been changed from 25% straight line to 3 years straight line. No changes are required to the financial statements for the current or prior periods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Invisible Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tax
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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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:
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Asset class |
Depreciation method and rate |
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Office equipment |
3 years straight line |
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 related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Invisible Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 profit and loss account 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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Invisible Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Significant judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and
the amounts reported for revenues and expenses during the year. However, the nature of estimation
means that actual outcomes could differ from those estimates. In the Director's opinion there are no
significant judgements or key sources of estimation uncertainty
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Staff numbers |
The average number of persons employed by the Company (including directors) during the year, was
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Tangible assets |
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Office equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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Disposals |
( |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Invisible Homes Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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271 |
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241 |
During the year 2,990 ordinary £0.01 shares were issued for an aggregate value of £568,245 (including share premium).
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Dividends |
There were no dividends paid or proposed in the current or previous year.
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Related party transactions |
During the year the director paid expenses on behalf of the company totalling £Nil (2023: £2,560) and received payments totalling £Nil (2023: £150). At the balance sheet date the amount owed by the company totalled £6,239 (2023: £2,386), which included (2024) £3,853 in unpaid salary.
During the year, the company was charged fees of £11,664 (2023: £30,751) by Mrs Christine M Ansell Wells. At the year end, the company owed Mrs Christine M Ansell Wells £Nil (2023: £Nil) in this regard.