Home Minders (London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07527867 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

HOME MINDERS (LONDON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

P Ruocco

Mrs C W Ruocco

REGISTERED OFFICE:

East Wing Goffs Oak House

Goffs Lane

Waltham Cross

Hertfordshire

EN7 5BW

BUSINESS ADDRESS:

North London Business Park

Oakleigh Road South

New Southgate

London

N11 1GN

REGISTERED NUMBER:

07527867 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Intangible assets

4

179,914

223,990

Tangible assets

5

3,466

6,888

183,380

230,878

CURRENT ASSETS

Debtors

6

442,257

175,193

Cash at bank and in hand

90,901

265,665

533,158

440,858

CREDITORS

Amounts falling due within one year

7

166,023

126,907

NET CURRENT ASSETS

367,135

313,951

TOTAL ASSETS LESS CURRENT LIABILITIES

550,515

544,829

CREDITORS

Amounts falling due after more than one year

8

(48,921

)

(78,882

)

PROVISIONS FOR LIABILITIES

(659

)

(1,309

)

NET ASSETS

500,935

464,638

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

500,933

464,636

SHAREHOLDERS' FUNDS

500,935

464,638

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2021 and were signed on its behalf by:

P Ruocco - Director

1.	STATUTORY INFORMATION

Home Minders (London) 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 (£).

The financial statements have been rounded to the nearest £.

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.

Turnover

Turnover represents property management fees and commissions received, excluding value added tax.

Goodwill

Goodwill consists of amounts paid in connection with the acquisition of three businesses.

The first business was purchased in 2011 for £159,209 and is being amortised over its estimated useful life of ten years.

The second business was purchased in December 2014 for £261,650. The goodwill associated with the purchase of this business is being amortised over its estimated useful economic life of five years and is now fully written off.

The third business was purchased in October 2016 for £281,550. The goodwill associated with the purchase of this business is being amortised over its estimated useful economic life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Exclusion of client monies

The company collects tenants deposits and monies on behalf of landlords. It holds the deposits on a separate bank account until such time the tenant leaves at which point it is refunded net of any repair costs. The monies collected on behalf of landlords re rents and other property expenses are paid over net of fees.

The balance sheet excludes all assets and liabilities in relation to these client monies and tenants deposits. Trade debtors is the fees due to the company only.

Going concern

Trading conditions have been adversely affected by the coronavirus outbreak and the subsequent lockdowns in the UK. The company has not needed additional funding at this stage and the Directors believe that this will not be necessary. On this basis, as there are not material uncertainties, the financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

702,409

AMORTISATION

At 1 April 2020

478,419

Charge for year

44,076

At 31 March 2021

522,495

NET BOOK VALUE

At 31 March 2021

179,914

At 31 March 2020

223,990

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

23,438

Additions

329

At 31 March 2021

23,767

DEPRECIATION

At 1 April 2020

16,550

Charge for year

3,751

At 31 March 2021

20,301

NET BOOK VALUE

At 31 March 2021

3,466

At 31 March 2020

6,888

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

83,433

118,798

Other debtors

358,824

56,395

442,257

175,193

Other debtors includes a prepayment of £280,750 which is in respect of consideration paid in advance for the purchase of the entire share capital of Alan Goldin Estates Ltd and Blessward Limited on 1st April 2021.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

30,205

29,306

Trade creditors

16,460

8,307

Taxation and social security

61,932

30,539

Other creditors

57,426

58,755

166,023

126,907

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

48,921

78,882

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

25,571

19,173

Between one and five years

12,478

29,114

38,049

48,287

Included in the operating lease obligations shown within one year, are the rental of office space and garage rental. The office space lease is on an indefinite rolling contract. The contract can be terminated with one month's notice and so the obligation has been calculated on this basis.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

79,126

108,188

Lloyds Bank Plc has a fixed and floating charge over the undertaking and all the property and the assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

2

Ordinary

£1

2

2

12.	RELATED PARTY DISCLOSURES

The following loan from/(to) the director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

P Ruocco

Balance outstanding at start of year

(5,906

)

7,041

Balance outstanding at end of year

6,167

(5,906

)

Maximum balance outstanding during year

(44,127

)

8,655

Interest is payable to the director at a rate of 6.50% on the loan made by P Ruocco to the company.The loan made from the company to P Ruocco is an interest free loan which is repayable on demand.

13.	POST BALANCE SHEET EVENTS

On 1st April 2021, Home Minders (London) Limited purchased the entire share capital of Alan Goldin Estates Limited and Blessward Limited. The consideration that was paid before the year end is shown in prepayments.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Home Minders (London) Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Home Minders (London) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Home Minders (London) Limited and state those matters that we have agreed to state to the Board of Directors of Home Minders (London) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Home Minders (London) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Home Minders (London) 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 profit of Home Minders (London) Limited. You consider that Home Minders (London) 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 Home Minders (London) 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.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

1 December 2021