Homeneed Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Homeneed Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01923626 . The registered office is Flat 2 Lawn Manor, Barnet Lane, Elstree, Hertfordshire, WD6 3FT.

2. Accounting Policies

2.1. Early Adoption of Amendments to FRS 102 (Periodic Review 2024)

The company has early adopted the amendments to FRS 102, arising from the Financial Reporting Council's Periodic Review 2024, issued in March 2024. These amendments are effective for accounting periods beginning on or after 1 January 2026, but the company has elected to apply them in these financial statements for the year ended 31 July 2026.

The amendments primarily affect the company's accounting for leases. The company's motor vehicle lease, previously an off-balance-sheet operating lease, is now recognised as a right-of-use asset and corresponding lease liability, with depreciation and interest charged to profit or loss in place of the operating lease rental that would previously have arisen.

As the lease commenced during the year, there is no prior period impact.

2.2. Basis of Preparation of Financial Statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

2.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

In assessing whether the going concern assumption is appropriate, the directors have considered all available information about the future, which is at least, but is not limited to, 12 months from the date when the financial statements are authorised for issue.

2.4. Turnover

Turnover represents gross rental income and profits on sale of properties.

2.5. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent 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:

Freehold	N/A
Plant and machinery	20% reducing balance
Fixtures and fittings	15% reducing balance
Computer equipment	33% straight line

2.6. Investment Properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

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.

2.7. Stocks and Work in Progress

Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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Homeneed Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

2.8. Financial Instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2.9. Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.

2.10. Right of Use Assets and Lease Liabilities

At the commencement date of a lease, the company recognises a right-of-use asset and a corresponding lease liability, measured at the present value of the lease payments not yet paid, discounted using the interest rate implicit in the lease or, where this cannot be readily determined, the company's incremental/obtainable borrowing rate. The right-of-use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset, and is subject to impairment review under Section 27. The lease liability is subsequently increased by interest and reduced by lease payments made, with interest charged to profit or loss.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2025: 2)

4. Tangible Assets

	Land & Property
	Freehold	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£
Cost or Valuation
As at 1 August 2025	18,750	150	28,666	1,078	48,644
Disposals	-	(150 )	-	(749 )	(899 )

As at 31 July 2026	18,750	-	28,666	329	47,745

Depreciation
As at 1 August 2025	-	132	23,531	859	24,522
Provided during the period	-	4	771	109	884
Disposals	-	(136 )	-	(749 )	(885 )

As at 31 July 2026	-	-	24,302	219	24,521

Net Book Value
As at 31 July 2026	18,750	-	4,364	110	23,224

As at 1 August 2025	18,750	18	5,135	219	24,122

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Homeneed Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

5. Right-of-use Assets

	Motor Vehicles
	£
Cost
As at 1 August 2025	-
Additions	12,463

As at 31 July 2026	12,463

Depreciation
As at 1 August 2025	-
Provided during the period	1,731

As at 31 July 2026	1,731

Net Book Value
As at 31 July 2026	10,732

As at 1 August 2025	-

The right-of-use asset relates to a motor vehicle leased by the company. The lease was recognised on commencement using an incremental borrowing rate of 6% per annum, reflecting the rate the company would have to pay to borrow over a similar term with similar security. The right-of-use asset is depreciated on a straight-line basis over the lease term of 3 years, being shorter than the useful life of the underlying asset.

6. Investment Property

	2026
	£
Fair Value
As at 1 August 2025 and 31 July 2026	470,385

If investment property had been accounted for under historical cost accounting rules, the amounts would be:

	2026	2025 as restated
	£	£
Cost	567,079	567,079

The directors have valued the investment properties on an open market basis as at the reporting date, which they consider accurately reflects their fair value.

7. Debtors

	2026	2025 as restated
	£	£
Due within one year
Due after more than one year
Other debtors	3,805	3,002

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Homeneed Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

8. Creditors: Amounts Falling Due Within One Year

	2026	2025 as restated
	£	£
Lease liabilities	2,977	-
Trade creditors	-	204
Bank loans and overdrafts	3,600	3,600
Other creditors	219,613	31,395
Taxation and social security	3,368	-

	229,558	35,199

9. Creditors: Amounts Falling Due After More Than One Year

	2026	2025 as restated
	£	£
Lease liabilities	5,054	-
Bank loans	111,449	202,157

	116,503	202,157

10. Secured Creditors

Of the creditors falling due within and after more than one year the following amounts are secured on the company's assets and by directors personal guarantees.

The creditors falling due within and after more than one year include a bounce back loan which is 100% secured via the government-backed scheme.

	2026		2025 as restated
	£		£
Bank loans and overdrafts	-		87,013

11. Lease Liabilities

	2026	2025 as restated
	£	£
Not later than one year	2,977	-
Later than one year and not later than five years	5,054	-

	8,031	-

12. Share Capital

	2026	2025 as restated
	£	£
Allotted, Called up and fully paid	100	100

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Homeneed Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2026

13. Reserves

	Profit and Loss Account
	£
As at 1 August 2025	400,988
Profit for the year and total comprehensive income	13,864

As at 31 July 2026	414,852

The profit and loss reserve account records retained earnings and accumulated losses, including the revaluation reserve which records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The profit and loss reserve account includes both distributable and non distributable as follows:

Profit and (loss) distributable

As at 31/07/2026 £414,852

As at 31/07/2025 £400,988 (As restated)

Profit and (loss) non-distributable

As at 31/07/2026 £Nil

As at 31/07/2025 £Nil (As restated)

The analysis of the profit and loss reserve as at 31 July 2025 has been restated. In the accounts as previously reported, the non-distributable reserve included an unrealised gain on a property that was sold during the year, and unrealised losses on two other properties that, under TECH 02/17BL, are treated as realised losses. These amounts have accordingly been reclassified to distributable reserves.

14. Related Party Transactions

The following related party transactions were undertaken during the year:

The directors withdrew amounts totalling £8,046 (2025: £17,283) and introduced amounts totalling £204,839 (2025: £15,066). At the balance sheet date the amount payable from the directors was £203,749 (2025: £3,044).

Dividends were paid to the director in respect of their shareholdings totalling £Nil (2025: £10,000)

A company under common control had a brought forward balance of £21,200 owed by Homeneed Limited. At the period end, there was a balance of £12,450 owed by Homeneed Limited.

No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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		2026		2025 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		23,224		24,122
Right-of-use Assets	5		10,732		-
Investment Properties	6		470,385		470,385
Investments			61,445		-

			565,786		494,507
CURRENT ASSETS
Stocks		139,025		139,025
Debtors	7	3,805		3,002
Cash at bank and in hand		52,397		1,910

		195,227		143,937
Creditors: Amounts Falling Due Within One Year	8	(229,558 )		(35,199 )

NET CURRENT ASSETS (LIABILITIES)			(34,331 )		108,738

TOTAL ASSETS LESS CURRENT LIABILITIES			531,455		603,245

Creditors: Amounts Falling Due After More Than One Year	9		(116,503 )		(202,157 )

NET ASSETS			414,952		401,088

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			414,852		400,988

SHAREHOLDERS' FUNDS			414,952		401,088