ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

HOMEJUST LIMITED - Company Information

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Registered number: 02440719










HOMEJUST LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021
 
HOMEJUST LIMITED
 
 
COMPANY INFORMATION


Directors
K A Pattinson 
C J Pattinson 




Registered number
02440719



Registered office
Mercantile House
The Silverlink Business Park

Wallsend

NE28 9NY




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditor

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP




 
HOMEJUST LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Profit and Loss Account
9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 38

 
HOMEJUST LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

Introduction
 
The principal activities of the Group continued to be the provision of residential and commercial estate agency services, surveying, rented property management, mortgage consultancy and related financial services. The parent Company does not actively trade on its own account. 

Business review
 
2021 was a year which continued to see challenges as well as opportunities.
The property market was able to operate with limited restrictions whilst the Covid 19 pandemic continued to affect many industries.
Once again, as a group, we owe a huge debt to staff who adapted to working both remotely and from offices to ensure that the business continued to operate.
Shortage of supply of properties coupled with increased demand for properties saw both sale prices and rents increase. 

Principal risks and uncertainties
 
Competitive risk
The Group's core markets remain highly competitive. Competition in estate agency is from Independent ‘high street’ agents and online agents who have invested substantially in marketing to try to obtain market share. 
By maintaining a strong network of high street agents whilst also investing in technology the Group has reduced this risk. Investment in technology, people and adapting the business model has allowed the Group to maintain a competitive advantage.
Legislative risk
The Group operates in an industry subject to various different legislative regimes. The Group takes care so as to ensure that it is able to meet the requirements of the various organisations of which it is a part (e.g. RICS) such that it is not in breach of any of their regulations.
The Group is governed by a wide range of legislation. The Group takes great care to keep up to date with all new legislation and regulations to ensure that it can maintain its position within the industry.
Financial risk
The Group's main area of financial risk is external factors outside of control - significant property price falls and significant interest rate rises would be a potential risk to future growth.  
The Group has no debt and maintains strong cash balances at all times to mitigate financial risk. 

Financial key performance indicators
 
The Group's main Key Performance Indicators are turnover and retained profit for the year. 
During the year, Turnover increased 39% from £9,228,274 to £12,831,757.  Retained Profit for the year (before deductions for non-controlling interests) increased from  £1,331,085  to £2,241,857.

Page 1
 
HOMEJUST LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Other key performance indicators
 
Other non-financial KPI's the Group uses include the size of the Group's branch network, the number of properties listed for sale and the number of properties sold.
The Group maintained position as the largest independent estate agent in the North East of England, with the largest branch network and the highest number of properties sold.  The number of new properties listed for sale increased by 6% (2020 - fell by 8%) and the number of properties sold increased by 28% (2020 - 19%).


This report was approved by the board on 19 December 2022 and signed on its behalf.



................................................
C J Pattinson
Director

Page 2
 
HOMEJUST LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors

The directors who served during the year were:

K A Pattinson 
C J Pattinson 

Results and dividends

The profit for the year, after taxation and non-controlling interests, amounted to £1,141,384 (2020 - £666,139).

No dividends were paid during the year and none are recommended. In the prior year, the company paid a £20,000 interim dividend on both the 'A' and 'B' classes of ordinary shares.

Future developments

The Group plans to maintain its branch network and continue to develop the business in the same manner as during 2021.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3
 
HOMEJUST LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 December 2022 and signed on its behalf.
 





................................................
C J Pattinson
Director

Page 4
 
HOMEJUST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMEJUST LIMITED
 

Opinion


We have audited the financial statements of Homejust Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2021 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5
 
HOMEJUST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMEJUST LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.


Page 6
 
HOMEJUST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMEJUST LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the engagement partner ensured that the engagement team collectively had the appropriate                                competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the Group and Company through discussions with    directors and other management, and from our commercial knowledge and experience of the property    sales and letting sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Group and Company, including the Companies Act    2006,  taxation legislation, data protection, anti-bribery, employment, environmental and health and    safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal expenses, nominal ledgers and invoices; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit. 
We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:  
• making enquiries of management as to where they considered there was susceptibility to fraud and      their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.


 
Page 7
 
HOMEJUST LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOMEJUST LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we:  
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions; and
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:  
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, such as RICS; and the Group's legal     expenditure.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Grahame Maughan (Senior Statutory Auditor)
for and on behalf of
Ryecroft Glenton
Chartered Accountants
Statutory Auditor
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

19 December 2022
Page 8
 
HOMEJUST LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021


2021
2020
Note
£
£

  

Turnover
 4 
12,831,757
9,228,274

Cost of sales
  
(35,540)
(43,901)

Gross profit
  
12,796,217
9,184,373

Administrative expenses
  
(10,285,938)
(8,326,755)

Other operating income
 5 
169,328
795,678

Fair value movements
  
48,573
-

Other operating charges
  
-
(10,987)

Operating profit
 6 
2,728,180
1,642,309

Income from other participating interests
  
40,691
4,477

Income from other fixed asset investments
  
717
-

Interest receivable and similar income
 11 
244
1,495

Interest payable and similar expenses
 12 
(93)
-

Profit before tax
  
2,769,739
1,648,281

Tax on profit
 13 
(527,882)
(317,196)

Profit for the financial year
  
2,241,857
1,331,085

Profit for the year attributable to:
  

Non-controlling interests
  
1,100,473
664,946

Owners of the parent
  
1,141,384
666,139

  
2,241,857
1,331,085

The notes on pages 19 to 38 form part of these financial statements.

Page 9
 
HOMEJUST LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£


Profit for the financial year
  
2,241,857
1,331,085

Total comprehensive income for the year
  
2,241,857
1,331,085

Profit for the year attributable to:
  


Non-controlling interest
  
1,100,473
664,946

Owners of the parent Company
  
1,141,384
666,139

  
2,241,857
1,331,085

Total comprehensive income attributable to:
  


Non-controlling interest
  
1,100,473
664,946

Owners of the parent Company
  
1,141,384
666,139

  
2,241,857
1,331,085

The notes on pages 19 to 38 form part of these financial statements.

Page 10
 
HOMEJUST LIMITED
REGISTERED NUMBER: 02440719

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 16 
608,030
-

Tangible assets
 17 
1,624,460
1,344,118

Investments
 18 
1,549,520
1,815

Investment property
 19 
285,000
285,000

  
4,067,010
1,630,933

Current assets
  

Debtors: amounts falling due within one year
 20 
1,250,923
1,250,173

Cash at bank and in hand
 21 
3,105,850
3,158,265

  
4,356,773
4,408,438

Creditors: amounts falling due within one year
 22 
(1,600,485)
(1,474,588)

Net current assets
  
 
 
2,756,288
 
 
2,933,850

Total assets less current liabilities
  
6,823,298
4,564,783

Provisions for liabilities
  

Deferred taxation
 24 
(34,339)
(17,681)

  
 
 
(34,339)
 
 
(17,681)

Net assets
  
6,788,959
4,547,102


Capital and reserves
  

Called up share capital 
 25 
100
100

Fair value reserve
 26 
63,369
27,527

Profit and loss account
 26 
3,319,676
2,214,134

Equity attributable to owners of the parent Company
  
3,383,145
2,241,761

Non-controlling interests
  
3,405,814
2,305,341

  
6,788,959
4,547,102


Page 11
 
HOMEJUST LIMITED
REGISTERED NUMBER: 02440719
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2022.




................................................
C J Pattinson
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 12
 
HOMEJUST LIMITED
REGISTERED NUMBER: 02440719

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
 18 
1,158,082
550,052

  
1,158,082
550,052

Current assets
  

Cash at bank and in hand
 21 
98
98

  
98
98

Creditors: amounts falling due within one year
 22 
(593,189)
(25,850)

Net current liabilities
  
 
 
(593,091)
 
 
(25,752)

Total assets less current liabilities
  
564,991
524,300

  

  

Net assets
  
564,991
524,300


Capital and reserves
  

Called up share capital 
 25 
100
100

Profit and loss account brought forward
  
524,200
524,200

Profit for the year
  
40,691
20,000

Other changes in the profit and loss account

  

-
(20,000)

Profit and loss account carried forward
  
564,891
524,200

  
564,991
524,300


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2022.


................................................
C J Pattinson
Director

The notes on pages 19 to 38 form part of these financial statements.

Page 13
 

 
HOMEJUST LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021



Called up share capital
Fair value reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£



At 1 January 2020
100
27,723
1,567,799
1,595,622
1,660,395
3,256,017



Comprehensive income for the year


Profit for the year
-
-
666,139
666,139
664,946
1,331,085


Dividends: Equity capital
-
-
(20,000)
(20,000)
(20,000)
(40,000)


Transfer to/from profit and loss account
-
-
196
196
-
196


Transfer between other reserves
-
(196)
-
(196)
-
(196)





At 1 January 2021
100
27,527
2,214,134
2,241,761
2,305,341
4,547,102



Comprehensive income for the year


Profit for the year
-
-
1,141,384
1,141,384
1,100,473
2,241,857


Transfer to/from profit and loss account
-
-
(35,842)
(35,842)
-
(35,842)


Transfer between other reserves
-
35,842
-
35,842
-
35,842



At 31 December 2021
100
63,369
3,319,676
3,383,145
3,405,814
6,788,959



The notes on pages 19 to 38 form part of these financial statements.

Page 14
 

 
HOMEJUST LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2020
100
524,200
524,300



Comprehensive income for the year


Profit for the year
-
20,000
20,000


Dividends: Equity capital
-
(20,000)
(20,000)





At 1 January 2021
100
524,200
524,300



Comprehensive income for the year


Profit for the year
-
40,691
40,691



At 31 December 2021
100
564,891
564,991



The notes on pages 19 to 38 form part of these financial statements.

Page 15
 
HOMEJUST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

2021
2020
£
£

Cash flows from operating activities

Profit for the financial year
2,241,857
1,331,085

Adjustments for:

Amortisation of intangible assets
-
23,333

Depreciation of tangible assets
144,637
176,108

Impairments of fixed assets
-
56,988

Loss on disposal of tangible assets
(9,111)
(2,194)

Government grants
(11,787)
(727,302)

Interest paid
93
-

Interest received
(41,651)
(1,495)

Taxation charge
527,882
317,196

(Increase) in debtors
(752)
(127,625)

Increase/(decrease) in creditors
104,108
(731,606)

Increase in amounts owed to join ventures
5,273
-

Net fair value (gains) recognised in P&L
(48,573)
-

Share of operating profit in joint ventures
-
(4,477)

Corporation tax (paid)
(494,707)
-

Net cash generated from operating activities

2,417,269
310,011


Cash flows from investing activities

Purchase of intangible fixed assets
(608,030)
-

Purchase of tangible fixed assets
(455,071)
(298,401)

Sale of tangible fixed assets
39,203
47,431

Purchase of listed investments
(1,500,717)
-

Sale of listed investments
1,585
-

Government grants received
11,787
727,302

Interest received
244
1,495

Income from investments
717
-

Income from investments in related companies
40,691
-

Net cash from investing activities

(2,469,591)
477,827
Page 16
 
HOMEJUST LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021


2021
2020

£
£



Cash flows from financing activities

Dividends paid
-
(20,000)

Interest paid
(93)
-

Dividends paid to non-controlling interests
-
(20,000)

Net cash used in financing activities
(93)
(40,000)

Net (decrease)/increase in cash and cash equivalents
(52,415)
747,838

Cash and cash equivalents at beginning of year
3,158,265
2,410,427

Cash and cash equivalents at the end of year
3,105,850
3,158,265


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,105,850
3,158,265

3,105,850
3,158,265


The notes on pages 19 to 38 form part of these financial statements.

Page 17
 
HOMEJUST LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021




At 1 January 2021
Cash flows
At 31 December 2021
£

£

£

Cash at bank and in hand

3,158,265

(52,415)

3,105,850

Debt due within 1 year

(129,679)

29,915

(99,764)


3,028,586
(22,500)
3,006,086

The notes on pages 19 to 38 form part of these financial statements.

Page 18
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The Company is a private limited company, which is incorporated and registered in England and Wales (company number: 02440719). The address of the registered office is Mercantile House, Silverlink, Wallsend, NE28 9NY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling, which is the functional currency of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

 
2.3

Going concern

The directors have assessed the risk to the Group of COVID-19 and have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. 
They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

Page 19
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 21
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years
Other intangible fixed assets
-
2
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the basis listed below.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Property improvements
-
10%
straight line
Computer equipment
-
25%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 22
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers 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. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Profit and Loss Account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 23
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.21

Financial instruments

The Group only enters into basic financial instrument 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, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the Consolidated Profit and Loss Account if the shares are publicly traded or their fair value can otherwise be measured reliably;
Page 24
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.21
Financial instruments (continued)

∙at cost less impairment for all other investments.

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 the Consolidated Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider matters such as future market conditions, the remaining estimated life of the asset and the discount required to apply to cash flows on estimated disposal values to calculate their net present values.
Recoverability of trade debtors is subject to assessment at the year end by the directors and management, based on their experience and knowledge of the customer base. This assessment necessarily involves the exercise of judgement and an element of estimation.

Page 25
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Turnover

An analysis of turnover by class of business is as follows:


2021
2020
£
£

Estate agency income
12,831,757
9,228,274

12,831,757
9,228,274


All turnover arose within the United Kingdom.


5.


Other operating income

2021
2020
£
£

Net rents receivable
148,375
62,433

Government grants receivable
11,787
727,302

Sundry income
9,166
5,943

169,328
795,678



6.


Operating profit

The operating profit is stated after charging:

2021
2020
£
£

Other operating lease rentals
331,453
330,381

Depreciation
144,637
176,108

Amortisation
-
23,333

Page 26
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Auditors' remuneration

2021
2020
£
£


Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
17,500
19,000


Fees payable to the Group's auditor and its associates in respect of:


Taxation compliance services
4,925
4,725

Other services relating to taxation
950
2,700

All other services
11,900
10,575

17,775
18,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£


Wages and salaries
6,063,223
4,848,825
-
-

Social security costs
569,296
417,254
-
-

Cost of defined contribution scheme
215,360
111,423
-
-

6,847,879
5,377,502
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2021
        2020
        2021
        2020
            No.
            No.
            No.
            No.









Directors
5
5
2
2



Administration, sales, marketing and survey
203
193
-
-

208
198
2
2

Page 27
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


Directors' remuneration

2021
2020
£
£

Directors' emoluments
372,239
255,516

Group contributions to defined contribution pension schemes
8,004
5,321

380,243
260,837


The highest paid director received remuneration of £319,434 (2020 - £216,862).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £8,004 (2020 - £5,321).


10.


Income from investments

2021
2020
£
£

Income from fixed asset investments
717
-

717
-







11.


Interest receivable

2021
2020
£
£


Other interest receivable
244
1,495

244
1,495


12.


Interest payable and similar expenses

2021
2020
£
£


Other interest payable
93
-

93
-

Page 28
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

13.


Taxation


2021
2020
£
£

Corporation tax


Current tax on profits for the year
511,214
244,698

Adjustments in respect of previous periods
9
-

Share of joint venture taxation
-
2,712


511,223
247,410


Total current tax
511,223
247,410

Deferred tax


Origination and reversal of timing differences
10,550
69,590

Changes to tax rates
6,109
196

Total deferred tax
16,659
69,786


Taxation on profit on ordinary activities
527,882
317,196
Page 29
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:

2021
2020
£
£


Profit on ordinary activities before tax
2,769,739
1,648,281


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)
526,250
313,173

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,805
3,037

Capital allowances for year in excess of depreciation
(17,726)
14,403

Utilisation of tax losses
-
(85,065)

Adjustments to tax charge in respect of prior periods
9
-

Short-term timing difference leading to an increase (decrease) in taxation
16,981
-

Movements in deferred tax provision
16,659
69,786

Other timing difference leading to an increase (decrease) in taxation
(9,229)
-

Dividends from UK companies
(7,867)
-

Special factors affecting joint-ventures and associates leading to an increase in the tax charge
-
1,862

Total tax charge for the year
527,882
317,196


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


14.


Dividends

2021
2020
£
£


Ordinary shares - interim dividend
-
20,000

-
20,000

Page 30
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

15.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £40,691 (2020 - £20,000).


16.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2021
70,000
708,539
778,539


Additions
-
608,030
608,030



At 31 December 2021

70,000
1,316,569
1,386,569



Amortisation


At 1 January 2021
70,000
708,539
778,539



At 31 December 2021

70,000
708,539
778,539



Net book value



At 31 December 2021
-
608,030
608,030



At 31 December 2020
-
-
-



All of the Group's intangible fixed assets are held in the subsidiary Company, other than goodwill arising on consolidation, which is only included in the Group figures and not those of the parent individually. 

Page 31
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

17.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2021
869,078
352,039
193,784
739,586
955,783
3,110,270


Additions
-
-
9,645
335,135
110,291
455,071


Disposals
-
-
-
(147,122)
-
(147,122)



At 31 December 2021

869,078
352,039
203,429
927,599
1,066,074
3,418,219



Depreciation


At 1 January 2021
-
330,134
165,824
407,187
863,007
1,766,152


Charge for the year on owned assets
-
2,970
12,993
99,935
28,739
144,637


Disposals
-
-
-
(117,030)
-
(117,030)



At 31 December 2021

-
333,104
178,817
390,092
891,746
1,793,759



Net book value



At 31 December 2021
869,078
18,935
24,612
537,507
174,328
1,624,460



At 31 December 2020
869,078
21,905
27,960
332,399
92,776
1,344,118




The net book value of land and buildings may be further analysed as follows:


2021
2020
£
£

Freehold
869,078
869,078

Long leasehold
18,935
21,904

888,013
890,982


Page 32
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

18.


Fixed asset investments

Group





Listed investments
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2021
-
1,815
1,815


Additions
1,500,717
-
1,500,717


Disposals
(1,585)
-
(1,585)


Revaluations
48,573
-
48,573



At 31 December 2021
1,547,705
1,815
1,549,520




Company





Investments in subsidiary companies
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 January 2021
550,002
50
550,052


Additions
608,030
-
608,030



At 31 December 2021
1,158,032
50
1,158,082




The Group purchased 70% of the issued share capital of Thought Consultancy Limited on 24 December 2021.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Keith Pattinson Limited
As per Homejust Limited
B Ordinary
50.001%
Thought Consultancy Limited
As per Homejust Limited
Ordinary
70%
Embrace Law Limited
As per Homejust Limited
Ordinary
100%
Homejust Properties Limited
As per Homejust Limited
Ordinary
100%

Page 33
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

Three Rivers Financial Limited
Swallow House, Parsons Road, Washington, Tyne and Wear, NE37 1EZ
50%

Three Rivers Financial Limited ("TRF") prepares financial statements to 31 October each year, hence the figures included in these consolidated financial statements relating to TRF represent the Group's share of profits and tax liability for the period from 1 November 2020 to 31 October 2021. 
TRF is considered a joint venture by virtue of Homejust Limited's ownership of 50% of the issued share capital.


19.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2021
285,000



At 31 December 2021
285,000

The 2021 valuations were made by Keith Pattinson RICS, registered Estate Agent, a director of the company, on an open market value for existing use basis.






Page 34
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

20.


Debtors

Group
Group
2021
2020
£
£


Trade debtors
213,523
193,754

Other debtors
408,074
331,552

Prepayments and accrued income
629,326
724,867

1,250,923
1,250,173



21.


Cash and cash equivalents

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Cash at bank and in hand
3,105,850
3,158,265
98
98

3,105,850
3,158,265
98
98



22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Trade creditors
87,348
102,887
-
-

Amounts owed to group undertakings
-
-
587,866
25,800

Amounts owed to joint ventures
5,323
50
5,323
50

Corporation tax
261,214
244,698
-
-

Other taxation and social security
671,800
560,915
-
-

Other creditors
133,619
188,225
-
-

Accruals and deferred income
441,181
377,813
-
-

1,600,485
1,474,588
593,189
25,850


Page 35
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

23.


Financial instruments

Group
Group
Company
Company
2021
2020
2021
2020
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,547,705
-
-
-

Financial assets measured at amortised cost
3,727,545
3,683,669
98
98


Financial liabilities

Financial liabilities measured at amortised cost
662,147
576,923
-
-


Financial assets measured at fair value through profit or loss comprise listed investments.

Financial assets measured at amortised cost comprise cash at bank, trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise accruals, trade creditors, directors loans and other creditors.

Page 36
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

24.


Deferred taxation


Group



2021


£






At beginning of year
(17,681)


Charged to profit or loss
(16,658)



At end of year
(34,339)

Group
Group
2021
2020
£
£

Accelerated capital allowances
(34,339)
(17,681)

(34,339)
(17,681)


25.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100



26.


Reserves

Fair value reserve

This reserve represents the cumulative total of previous fair value adjustments to investment property and listed investments.

Profit and loss account

This reserve represents accumulated historic profits and losses.


27.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund, this totalled £215,360 (2020: £111,423). At the year end £33,855 (2020: £58,545) was owed to the fund. 

Page 37
 
HOMEJUST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

28.


Commitments under operating leases

At 31 December 2021 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2021
2020
£
£

Not later than 1 year
230,673
226,320

Later than 1 year and not later than 5 years
844,173
846,013

Later than 5 years
334,640
519,060

1,409,486
1,591,393

29.


Related party transactions

During the year rent of £153,110 (2020: £163,360) was paid to a director by a subsidiary of the Group. 
At the year end £99,764 (2020: £129,679) was owed by the Group to K A Pattinson, this amount is included within other creditors. This amount is interest free and repayable on demand. 
Key management personnel are considered to be the Directors, whose remuneration is already disclosed separately in these financial statements. 
At the year end the Group was owed £250,116 (2020: £240,199) by Pattinson Holiday Lets Limited, a
company in which K A Pattinson is also a director. During the year the Group received management
charges totalling £9,166 (2020: £5,943) from Pattinson Holiday Lets Limited.
During the year the Group made payments totalling £157,530 (2020: £109,387) to Thought Consultancy Limited, a subsidiary of Homejust Ltd, for services provided. There was £nil outstanding at the year end (2020: £nil). 


30.


Controlling party

The Company is controlled by K A Pattison, who owns a majority of the issued share capital.

Page 38