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Registered number: 03831872
HOMEPOINT LIMITED
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2024
Ascot Sinclair Associates Ltd
Chartered Certified Accountants
Avondale House
262 Uxbridge Road
Hatch End
Middlesex
HA5 4HS
Contents
Page
Company Information 1
Directors' Report 2
Accountant's Report 3
Profit and Loss Account 4
Balance Sheet 5
Notes to the Financial Statements 6—8
Page 1
Company Information
Directors Mr Kyriacos Theodorou
Miss Maria Theodorou
Company Number 03831872
Registered Office Avondale House
262 Uxbridge Road
Pinner
HA5 4HS
Accountants Ascot Sinclair Associates Ltd
Chartered Certified Accountants
Avondale House
262 Uxbridge Road
Hatch End
Middlesex
HA5 4HS
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors
The directors who held office during the year were as follows:
Mr Kyriacos Theodorou
Miss Maria Theodorou
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
Mr Kyriacos Theodorou
Director
02/07/2025
Page 2
Page 3
Accountant's Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
02/07/2025
Ascot Sinclair Associates Ltd
Chartered Certified Accountants
Avondale House
262 Uxbridge Road
Hatch End
Middlesex
HA5 4HS
Page 3
Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 459,380 437,040
GROSS PROFIT 459,380 437,040
Administrative expenses (120,733 ) (117,442 )
Other operating income 200 -
OPERATING PROFIT 338,847 319,598
Interest payable and similar charges (407,453 ) (343,239 )
LOSS BEFORE TAXATION (68,606 ) (23,641 )
Tax on Loss - (2,466 )
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (68,606 ) (26,107 )
The notes on pages 6 to 8 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 46,183 51,313
Investment Properties 5 8,612,971 8,612,971
8,659,154 8,664,284
CURRENT ASSETS
Debtors 6 56,979 53,179
Cash at bank and in hand 116,146 210,947
173,125 264,126
Creditors: Amounts Falling Due Within One Year 7 (586,254 ) (500,758 )
NET CURRENT ASSETS (LIABILITIES) (413,129 ) (236,632 )
TOTAL ASSETS LESS CURRENT LIABILITIES 8,246,025 8,427,652
Creditors: Amounts Falling Due After More Than One Year 8 (4,762,409 ) (4,861,930 )
NET ASSETS 3,483,616 3,565,722
CAPITAL AND RESERVES
Called up share capital 9 100 100
Fair value reserve 10 2,312,805 2,312,805
Profit and Loss Account 1,170,711 1,252,817
SHAREHOLDERS' FUNDS 3,483,616 3,565,722
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mr Kyriacos Theodorou
Director
02/07/2025
The notes on pages 6 to 8 form part of these financial statements.
Page 5
Page 6
Notes to the Financial Statements
1. General Information
HOMEPOINT LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03831872 . The registered office is Avondale House, 262 Uxbridge Road, Pinner, HA5 4HS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance basis
Fixtures & Fittings 10% reducing balance basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 6
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2024 23,023 76,047 99,070
As at 31 December 2024 23,023 76,047 99,070
Depreciation
As at 1 January 2024 4,374 43,383 47,757
Provided during the period 1,864 3,266 5,130
As at 31 December 2024 6,238 46,649 52,887
Net Book Value
As at 31 December 2024 16,785 29,398 46,183
As at 1 January 2024 18,649 32,664 51,313
5. Investment Property
2024
£
Fair Value
As at 1 January 2024 and 31 December 2024 8,612,971
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,150 3,350
Other debtors 31,437 49,829
Other debtors - sundry 18,392 -
56,979 53,179
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3 -
Bank loans and overdrafts 97,948 50,400
Other taxes and social security 1,140 1,216
Net wages - 2,631
Other creditors 182 -
Other creditors - rent deposits and rent paid in advance 7,900 7,900
Other creditors - pension liability 307 307
Other creditors - Meatland Supplies Ltd 403,150 403,150
...CONTINUED
Page 7
Page 8
Other creditors - Kikis Quality Meats Ltd 10,000 10,000
Other creditors - Yiandora Investments Ltd 30,000 -
Directors' loan accounts 35,624 25,154
586,254 500,758
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,762,409 4,861,930
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Fair Value Reserve
£
As at 1 January 2024 2,312,805
As at 31 December 2024 2,312,805
Page 8