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Registration number: 14319111

Family First Homes Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Family First Homes Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Family First Homes Ltd

Company Information

Director

Mr D J Davison

Registered office

17-21 Castle Street
Pontcanna
Cardiff
CF10 1BT

 

Family First Homes Ltd

(Registration number: 14319111)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

26,137

7,956

Investment property

6

474,547

474,547

 

500,684

482,503

Current assets

 

Debtors

7

628

378

Cash at bank and in hand

 

9,008

9,416

 

9,636

9,794

Creditors: Amounts falling due within one year

8

(202,525)

(195,515)

Net current liabilities

 

(192,889)

(185,721)

Total assets less current liabilities

 

307,795

296,782

Creditors: Amounts falling due after more than one year

8

(319,945)

(319,945)

Net liabilities

 

(12,150)

(23,163)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(12,151)

(23,164)

Total equity

 

(12,150)

(23,163)

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

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the director on 3 July 2025

.........................................
Mr D J Davison
Director

   
     
 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
17-21 Castle Street
Pontcanna
Cardiff
CF10 1BT

These financial statements were authorised for issue by the director on 3 July 2025.

2

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 financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

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

 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

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:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

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 (including the director) during the year, was 1 (2023 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

6,534

-

 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 September 2023

7,956

7,956

Additions

24,715

24,715

At 31 August 2024

32,671

32,671

Depreciation

Charge for the year

6,534

6,534

At 31 August 2024

6,534

6,534

Carrying amount

At 31 August 2024

26,137

26,137

At 31 August 2023

7,956

7,956

6

Investment properties

2024
£

At 1 September

474,547

There has been no valuation of investment property by an independent valuer.

7

Debtors

2024
£

2023
£

Other debtors

628

378

628

378

 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

900

-

Taxation and social security

 

2,002

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

171,354

140,000

Directors' loan accounts

11

27,321

50,186

Corporation tax liability

 

-

4,429

Other creditors

 

948

900

 

202,525

195,515

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

319,945

319,945

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

319,945

319,945

 

Family First Homes Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

11

Related party transactions

Other transactions with directors

As at the balance sheet date, the director was owed £27,321.01 (2023: £50,185.91) from the company. The loan is interest free and repayable on demand.

Summary of transactions with other related parties

Family First Professional Ltd (FFP Ltd) is a related party to the Company by virtue of common control held by Mr D Davison.

As at the balance sheet date, the Company owed FFP Ltd £147,376. As at the 31st August 2023, the Company owed FFP Ltd £140,000.