Timeless Homes St Albans Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10908658 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Timeless Homes St Albans Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P O'Dwyer

S Flouty

REGISTERED OFFICE:

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

REGISTERED NUMBER:

10908658 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

5 Technology Park

Colindeep Lane

Colindale

London

NW9 6BX

CURRENT ASSETS

Inventories

4

1,846,541

1,845,180

Debtors

5

30,373

30,624

Cash at bank

14,563

20,993

1,891,477

1,896,797

CREDITORS

Amounts falling due within one year

6

(2,089,546

)

(2,075,710

)

NET CURRENT LIABILITIES

(198,069

)

(178,913

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(198,069

)

(178,913

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(198,071

)

(178,915

)

SHAREHOLDERS' FUNDS

(198,069

)

(178,913

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2022 and were signed on its behalf by:

P O'Dwyer - Director

1.	STATUTORY INFORMATION

Timeless Homes St Albans Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis, since in the opinion of the directors, it is appropriate to assume that the company will receive continued support from the lenders for a period in excess of twelve months from the date of approval of these financial statements.

Government grants

The company recognises government grants received relating to the Coronavirus Job Retention Scheme on an accruals basis. The grants are recognised in the Income Statement over the period in which the company recognises the related costs for which the grant is intended to compensate.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, based on weighted average cost, after making due allowance for obsolete and slow moving items.

At each balance sheet date, stocks are assessed for impairment. If stock is 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

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other debtors and creditors, loans from banks and other

third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found,

an impairment loss is recognised in profit or loss.

Debtors

Basic financial assets, including trade and other debtors, are measured at transaction price, less any

impairment.

Cash and cash equivalents

Cash and cash equivalents represented by cash in hand and deposits held at call with financial

institutions, are measured at amortised cost.

Creditors

Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INVENTORIES

2021

2020

£

£

Property for resale

1,846,541

1,845,180

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Amounts owed by related undertakings

28,501

25,598

Other debtors

-

3,078

Value added tax

190

421

Prepayments & accrued income

1,682

1,527

30,373

30,624

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

1,846,907

1,820,000

Trade creditors

2,744

3,100

Amounts owed to related undertakings

12,960

42,295

Social security and other taxes

(2,911

)

1,730

Other creditors

26,067

1,128

Directors' current accounts

101,015

102,143

Accruals & deferred income

102,764

105,314

2,089,546

2,075,710

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

1,846,907

1,820,000

Bank loans are secured by fixed and floating charges dated 18 October 2019 covering all assets held by the company.

8.	RELATED PARTY DISCLOSURES

Amounts owed to and from related companies are short term advances from entities in which a director has a material interest.The balances are interest free and repayable on demand.