New Homes Crowd Limited 30/06/2019 iXBRL

New Homes Crowd Limited 30/06/2019 iXBRL

NEW HOMES CROWD LIMITED - Company Information

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30/06/2019 2019-06-30 false false false false true false false false false false false false false true false false true false false false false false true false false No description of principal activities is disclosed 2018-07-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 10577462 2018-07-01 2019-06-30 10577462 2019-06-30 10577462 2018-06-30 10577462 2017-07-01 2018-06-30 10577462 2018-06-30 10577462 bus:RegisteredOffice 2018-07-01 2019-06-30 10577462 bus:OrdinaryShareClass1 2018-07-01 2019-06-30 10577462 bus:OrdinaryShareClass2 2018-07-01 2019-06-30 10577462 bus:LeadAgentIfApplicable 2018-07-01 2019-06-30 10577462 bus:Director1 2018-07-01 2019-06-30 10577462 bus:Director2 2018-07-01 2019-06-30 10577462 bus:Director3 2018-07-01 2019-06-30 10577462 core:FurnitureFittingsToolsEquipment 2018-06-30 10577462 core:FurnitureFittingsToolsEquipment 2019-06-30 10577462 core:ShareCapital 2018-07-01 2019-06-30 10577462 core:RetainedEarningsAccumulatedLosses 2018-07-01 2019-06-30 10577462 core:ShareCapital 2017-07-01 2018-06-30 10577462 core:RetainedEarningsAccumulatedLosses 2017-07-01 2018-06-30 10577462 core:SharePremium 2018-07-01 2019-06-30 10577462 core:WithinOneYear 2019-06-30 10577462 core:WithinOneYear 2018-06-30 10577462 core:ShareCapital 2019-06-30 10577462 core:ShareCapital 2018-06-30 10577462 core:SharePremium 2019-06-30 10577462 core:RetainedEarningsAccumulatedLosses 2019-06-30 10577462 core:RetainedEarningsAccumulatedLosses 2018-06-30 10577462 bus:OrdinaryShareClass1 core:ShareCapital 2019-06-30 10577462 bus:OrdinaryShareClass1 core:ShareCapital 2018-06-30 10577462 bus:OrdinaryShareClass2 core:ShareCapital 2019-06-30 10577462 bus:OrdinaryShareClass2 core:ShareCapital 2018-06-30 10577462 core:FurnitureFittingsToolsEquipment 2018-07-01 2019-06-30 10577462 core:FurnitureFittingsToolsEquipment 2018-06-30 10577462 bus:SmallEntities 2018-07-01 2019-06-30 10577462 bus:Audited 2018-07-01 2019-06-30 10577462 bus:FullAccounts 2018-07-01 2019-06-30 10577462 bus:SmallCompaniesRegimeForAccounts 2018-07-01 2019-06-30 10577462 bus:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 10577462 bus:OrdinaryShareClass2 2017-07-01 2018-06-30
Company registration number: 10577462
New Homes Crowd Limited
Filleted financial statements
Year ended
30 June 2019
New Homes Crowd Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
New Homes Crowd Limited
Directors and other information
Directors Arvid Traaseth Pedersen
Suchit Punnose
Red Ribbon Asset Management Plc
Company number 10577462
Registered office 16 Berkeley Street
London
England
W1J 8DZ
Business address 16 Berkeley Street
London
England
W1J 8DZ
Auditor SRV Delson
Amba house
2nd Floor Delson Suite
15 College Road
Harrow
HA1 1BA
Bankers Barclays Bank UK Plc
48 Regent Street
London
W1B 5RA
New Homes Crowd Limited
Directors responsibilities statement
Year ended 30 June 2019
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 the profit or loss of the company for that period.
In preparing these 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; and
- 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.
New Homes Crowd Limited
Statement of financial position
30 June 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 4,581 6,009
_______ _______
4,581 6,009
Current assets
Debtors 6 33,470 42,702
Cash at bank and in hand 20 83
_______ _______
33,490 42,785
Creditors: amounts falling due
within one year 7 ( 33,858) ( 41,518)
_______ _______
Net current liabilities ( 368) 1,267
_______ _______
Total assets less current liabilities 4,213 7,276
Accruals and deferred income ( 2,500) ( 2,500)
_______ _______
Net assets 1,713 4,776
_______ _______
Capital and reserves
Called up share capital 8 2,202 121,222
Share premium account 9 119,020 -
Profit and loss account 9 ( 119,509) ( 116,446)
_______ _______
Shareholders funds 1,713 4,776
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 February 2020 , and are signed on behalf of the board by:
Arvid Traaseth Pedersen
Director
Company registration number: 10577462
New Homes Crowd Limited
Statement of changes in equity
Year ended 30 June 2019
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 July 2017 - - - -
Loss for the year ( 116,446) ( 116,446)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 116,446) ( 116,446)
Issue of shares 121,222 - 121,222
_______ _______ _______ _______
Total investments by and distributions to owners 121,222 - - 121,222
_______ _______ _______ _______
At 30 June 2018 and 1 July 2018 121,222 - ( 116,446) 4,776
Loss for the year ( 3,063) ( 3,063)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 3,063) ( 3,063)
Issue of shares - 119,020 119,020
Cancellation of subscribed capital ( 119,020) - ( 119,020)
_______ _______ _______ _______
Total investments by and distributions to owners ( 119,020) 119,020 - -
_______ _______ _______ _______
At 30 June 2019 2,202 119,020 ( 119,509) 1,713
_______ _______ _______ _______
New Homes Crowd Limited
Notes to the financial statements
Year ended 30 June 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 16 Berkeley Street, London, England, W1J 8DZ.
The principal activities of the company is that of buying and selling of own real estate and real estate agencies.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
Going concern
In preparing the financial statements the directors have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the shareholders.The company is dependent on the availability of the facilities and the current economic conditions are having significant impact upon the world of credit market and raising finance remains challenging. This fact indicates the existence of material uncertainty which may cast significant doubt upon the company's ability to continue trading as a going concern should these facilities be made unavailable and may therefore be unable to realise assets and discharge its liabilities in the ordinary course of business.Despite the uncertainty, the shareholders have signified their intention to make finance available to the company.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern. The financial statements do not include any adjustments that would result from this basis being inappropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tax on loss
No provision for corporation tax liabilities has been made in these financial statements due to tax losses incurred during the year.
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 July 2018 and 30 June 2019 7,139 7,139
_______ _______
Depreciation
At 1 July 2018 1,130 1,130
Charge for the year 1,428 1,428
_______ _______
At 30 June 2019 2,558 2,558
_______ _______
Carrying amount
At 30 June 2019 4,581 4,581
_______ _______
At 30 June 2018 6,009 6,009
_______ _______
6. Debtors
£ £
Other debtors 33,470 42,702
_______ _______
At the year end there were unpaid ordinary and preference share capital of £33,230No money have been called for the unpaid share capital and the directors are confident when the calls are made the amounts will be received.
7. Creditors: amounts falling due within one year
£ £
Trade creditors 32,062 30,218
Other creditors 1,796 11,300
_______ _______
33,858 41,518
_______ _______
8. Called up share capital
Issued, called up and fully paid
No £ No £
Ordinary Shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
Preference Shares shares of £ 0.01 each (2018: £ 1.00 ) 120,222 1,202 120,222 120,222
_______ _______ _______ _______
121,222 2,202 121,222 121,222
_______ _______ _______ _______
There were no issue of shares during the year.
Called-up share capital represents the nominal value of shares that have been issued.
9. Reserves
The profit & loss reserve includes all current and prior year's retained profits and losses
10. Summary audit opinion
The auditor's report for the year dated 04 February 2020 was unqualified, however, the auditor drew attention to the following by way of emphasis.
In forming our opinion on the financial statements which are not qualified, we have considered the adequacy of disclosure made in these financial statements regarding the company's ability to continue trading as a going concern. The company depends on the available credit facilities and continued support of the shareholders to continue trading.These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
The senior statutory auditor was Sailesh Rameshchandra Vaghjee for and on behalf of SRV Delson