Homes 4 Rent Limited 31/03/2021 iXBRL

Homes 4 Rent Limited 31/03/2021 iXBRL

HOMES 4 RENT LIMITED - Company Information

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Company registration number: 06194992
Homes 4 Rent Limited
Unaudited filleted financial statements
31 March 2021
Homes 4 Rent Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Homes 4 Rent Limited
Directors and other information
Directors Mr Colin Mountain
Mrs Kirsty Samra
Mr Craig Benjamin Mountain
Secretary Bridgette Mountain
Company number 06194992
Registered office Station Road
Old Leake Commonside
Boston
Lincs
PE22 9QJ
Business address Station Road
Old Leake Commonside
Boston
Lincs
PE22 9QJ
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Homes 4 Rent Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Homes 4 Rent Limited
Year ended 31 March 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Homes 4 Rent Limited for the year ended 31 March 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Homes 4 Rent Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Homes 4 Rent Limited and state those matters that we have agreed to state to the board of directors of Homes 4 Rent Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Homes 4 Rent Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Homes 4 Rent Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Homes 4 Rent Limited. You consider that Homes 4 Rent Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Homes 4 Rent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
9 June 2021
Homes 4 Rent Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 710,000 561,440
_______ _______
710,000 561,440
Current assets
Debtors 6 43,829 -
Cash at bank and in hand 14,137 10,141
_______ _______
57,966 10,141
Creditors: amounts falling due
within one year 7 ( 68,790) ( 253,140)
_______ _______
Net current liabilities ( 10,824) ( 242,999)
_______ _______
Total assets less current liabilities 699,176 318,441
Creditors: amounts falling due
after more than one year 8 ( 463,991) ( 228,412)
Provisions for liabilities ( 21,125) -
_______ _______
Net assets 214,060 90,029
_______ _______
Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 192,717 57,091
Profit and loss account 21,243 32,838
_______ _______
Shareholders funds 214,060 90,029
_______ _______
For the year ending 31 March 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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 09 June 2021 , and are signed on behalf of the board by:
Mr Colin Mountain
Director
Company registration number: 06194992
Homes 4 Rent Limited
Statement of changes in equity
Year ended 31 March 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2019 100 57,091 21,556 78,747
(Loss)/profit for the year 11,282 11,282
_______ _______ _______ _______
Total comprehensive income for the year - - 11,282 11,282
_______ _______ _______ _______
At 31 March 2020 and 1 April 2020 100 57,091 32,838 90,029
(Loss)/profit for the year ( 11,595) ( 11,595)
Other comprehensive income for the year:
Revaluation of tangible assets 135,626 135,626
_______ _______ _______ _______
Total comprehensive income for the year - 135,626 ( 11,595) 124,031
_______ _______ _______ _______
At 31 March 2021 100 192,717 21,243 214,060
_______ _______ _______ _______
Homes 4 Rent Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Homes 4 Rent Ltd, Station Road, Old Leake Commonside, Boston, Lincs, PE22 9QJ.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. All income is in respect of property rental activity and adjusted for cut-off to reflect the accounting period.
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).
5. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 April 2020 561,440 561,440
Additions 12,934 12,934
Revaluation 135,626 135,626
_______ _______
At 31 March 2021 710,000 710,000
_______ _______
Depreciation
At 1 April 2020 and 31 March 2021 - -
_______ _______
Carrying amount
At 31 March 2021 710,000 710,000
_______ _______
At 31 March 2020 561,440 561,440
_______ _______
Investment property
The property was revalued by the directors at the end of the financial year on a fair value basis.
6. Debtors
2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 43,829 -
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 4,300 -
Accruals and deferred income 2,653 1,699
Corporation tax 2,236 2,647
Director loan accounts 59,601 59,421
Other creditors - 189,373
_______ _______
68,790 253,140
_______ _______
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 463,991 228,412
_______ _______
Included in creditors is a bank loan of £228,417 which is secured against 2 Union Place, Boston. There is also a bank loan of £239874 secured against 6 Threadneedle Street, Boston.
Included within creditors: amounts falling due after more than one year is an amount of £ 445,991 (2020 £ 228,412 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary A shares shares of £ 1.00 each 90 90 90 90
Ordinary B shares shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______