Tree House Homes Ltd - Period Ending 2019-10-31

Tree House Homes Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2019

Registration number: 10429670

Tree House Homes Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Tree House Homes Ltd

Balance Sheet

31 October 2019

	Note	2019 £	2018 £
Current assets
Stocks		-	382,023
Debtors	4	66,464	2,833
Cash at bank and in hand		22,828	2,141
		89,292	386,997
Creditors: Amounts falling due within one year	5	(17,867)	(1,050)
Total assets less current liabilities		71,425	385,947
Creditors: Amounts falling due after more than one year	5	-	(392,381)
Net assets/(liabilities)		71,425	(6,434)
Capital and reserves
Called up share capital	7	20	20
Profit and loss account		71,405	(6,454)
Total equity		71,425	(6,434)

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Tree House Homes Ltd

Balance Sheet

31 October 2019

For the financial year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 April 2020 and signed on its behalf by:
 

......................................... Mr S Shaw Director

Company Registration Number: 10429670

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Tree House Homes Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 October 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Newgate Lodge
Hatt
Saltash
Cornwall
PL12 6PT

These financial statements were authorised for issue by the Board on 20 April 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
value added tax, and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Page 3

Tree House Homes Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 October 2019

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

4

Debtors

	2019 £	2018 £
Other debtors	66,464	2,685
Prepayments	-	148
	66,464	2,833

Page 4

Tree House Homes Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 October 2019

5

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018  £
Due within one year
Corporation tax		16,807	-
Accrued expenses		1,060	1,050
		17,867	1,050

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	6	-	392,381

6	Loans and borrowings

	2019 £	2018 £
Loans and borrowings due after one year
Other borrowings	-	392,381

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A of £1 each	10	10	10	10
Ordinary B of £1 each	10	10	10	10
	20	20	20	20

Page 5

Tree House Homes Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 October 2019

8	Related party transactions

Advances to directors

2019	At 1 November 2018 £	Advances to directors £	Repayments by directors £	At 31 October 2019 £
Directors 1 and 2
Directors' loan account - interest charged at 2.5%, repayable on demand	-	66,354	-	66,354

Page 6