General Information
Firmhome Ltd is a private company, limited by shares, registered in England and Wales, registration number 11131771, registration address 7 Magnolia Way, Cheshunt , Waltham Cross, EN8 0FD.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The financial statements have been prepared on going concern basis, not withstanding net current liabilities of £70,898, the director of the company has provided the company with an undertaking that he will continue to support the company financially for the foreseeable future and he will not seek repayment of the amount currently owing to him in the twelve months from the date of signing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover from 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.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
33.33% Reducing Balance
|
| Fixtures and Fittings |
25% Straight Line
|
| Computer Equipment |
25% Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average No. of Employees
Average number of employees during the year was 6 (2024 : 5).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 February 2024 |
47,500 |
|
1,112 |
|
3,980 |
|
52,592 |
| Additions |
- |
|
- |
|
2,120 |
|
2,120 |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 January 2025 |
47,500 |
|
1,112 |
|
6,100 |
|
54,712 |
| Depreciation |
| At 01 February 2024 |
17,603 |
|
1,112 |
|
1,224 |
|
19,939 |
| Charge for year |
9,965 |
|
- |
|
1,275 |
|
11,240 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 January 2025 |
27,568 |
|
1,112 |
|
2,499 |
|
31,179 |
| Net book values |
| Closing balance as at 31 January 2025 |
19,932 |
|
- |
|
3,601 |
|
23,533 |
| Opening balance as at 01 February 2024 |
29,897 |
|
- |
|
2,756 |
|
32,653 |
|
| 4. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
0 |
|
95 |
| Other Debtors |
162,530 |
|
3,271 |
|
162,530 |
|
3,366 |
|
| 5. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
0 |
|
1,696 |
| Bank Loans & Overdrafts |
54,588 |
|
23,362 |
| Taxation and Social Security |
1,576 |
|
20,851 |
| Other Creditors |
182,664 |
|
27,935 |
|
238,828 |
|
73,844 |
|
| 6. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
3,333 |
|
13,333 |
|
3,333 |
|
13,333 |
|
| 7. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
5,883 |
|
6,204 |
|
5,883 |
|
6,204 |
|
| 8. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
2
Ordinary shares of £1.00 each |
2 |
|
2 |
|
2 |
|
2 |
|
| 9. |
Related party disclosure
The director of company is also a director of Lavitalia Ltd. As at the balance sheet date, included in other debtors is a sum of £3,145 that was owed from Lavitalia Ltd. The loan is interest free and receivable on demand.
The company owed a sum of £180,124 (2024 - £13,912) to its director as of the balance sheet date.
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2
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