These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

Homecome Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 321 Aikman Avenue, Leicester, LE3 9PY.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

For properties managed on behalf of Leicester City Council and private landlords where HomeCome Limited do not have the risks and rewards of ownership and consequently act as an agent, the repayments of the rents are net from the rents received, therefore, income represents the commission HomeCome receive for collecting the rents on behalf of Leicester City Council and the private landlords.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

All borrowing costs are recognised in surplus or deficit in the period in which they are incurred.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors obtain an external valuation on a regular basis and value the investment property in the interim periods based on their knowledge and expertise of the business by reference to House Price Indices (HPIs) for properties in the same area.

The average monthly number of persons (including directors) employed by the company during the year was:

The fair value of the investment properties were arrived at on the basis of a valuation carried out by the directors of the company. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties.

Bank loans amounting to £279,658 (2024 - £246,969) are secured by way of fixed and floating charges over the assets of the company.

Included in the above are loans repayable by instalments after more than 5 years. The interest charges on these loans are fixed and range between 5% and 7%.

The bank loans are secured by a fixed and floating charge over the assets of the company.

Bank loans amounting to £2,126,494 (2024 - £2,422,036) are secured by way of fixed and floating charges over the assets of the company.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its surplus for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Affordable rent grants have in the past been received from Leicester City Council to facilitate the purchase of housing properties for rent. Should any of these properties be sold, or cease to be used to generate rental income, the company may be liable to repay the original grant. The grants received from Leicester City Council to date total £7,504,076 (2024: £7,504,076).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year the company made the following related party transactions:

Leicester City Council

(a member of the company)

During the year the company incurred property rent, management and maintenance costs of £638,871 (2024: £447,111) from Leicester City Council.

Valfor Ltd

(a company in which Mr M J Forrester is a director and major shareholder of the company)

During the year the company incurred company secretarial charges of £14,400 (2024: £14,400) from Valfor Ltd.