Homestead Properties Limited - Period Ending 2022-10-31
Homestead Properties Limited - Period Ending 2022-10-31
Registration number:
Homestead Properties Limited
for the Year Ended 31 October 2022
Homestead Properties Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Homestead Properties Limited
Company Information
Director |
Mr Lewis Adams |
Company secretary |
Miss Danielle Adams |
Registered office |
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Accountants |
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Homestead Properties Limited
Director's Report for the Year Ended 31 October 2022
The director presents his report and the financial statements for the year ended 31 October 2022.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Property Investment & Letting
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Homestead Properties Limited
for the Year Ended 31 October 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Homestead Properties Limited for the year ended 31 October 2022 as set out on pages 4 to 11 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Homestead Properties 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 accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, 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/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Homestead Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Homestead Properties 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 accounts of the Company. 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 accounts.
......................................
Chartered Certified Accountants
Leigh-On-Sea
Essex
SS9 3JY
Date:.............................
Homestead Properties Limited
Profit and Loss Account for the Year Ended 31 October 2022
Note |
2022 |
2021 |
|
Turnover |
- |
- |
|
Gross profit/(loss) |
- |
- |
|
Administrative expenses |
|
- |
|
Operating profit |
24,769 |
- |
|
Profit before tax |
|
- |
|
Tax on profit |
( |
- |
|
Profit for the financial year |
|
- |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Homestead Properties Limited
Statement of Comprehensive Income for the Year Ended 31 October 2022
2022 |
2021 |
|
Profit for the year |
|
- |
Total comprehensive income for the year |
|
- |
Homestead Properties Limited
(Registration number: 04095383)
Balance Sheet as at 31 October 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Cash at bank and in hand |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
4 |
4 |
|
Retained earnings |
19,656 |
(460) |
|
Shareholders' funds/(deficit) |
19,660 |
(456) |
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Homestead Properties Limited
Statement of Changes in Equity for the Year Ended 31 October 2022
Share capital |
Retained earnings |
Total |
|
At 1 November 2021 |
|
( |
( |
Profit for the year |
- |
|
|
At 31 October 2022 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 November 2020 |
|
( |
( |
At 31 October 2021 |
|
( |
( |
Homestead Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Homestead Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
Reducing balance 20% |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Homestead Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
|
Depreciation expense |
|
- |
Tangible assets |
Motor vehicles |
Total |
|
Cost or valuation |
||
Additions |
|
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At 31 October 2022 |
|
|
Depreciation |
||
Charge for the year |
|
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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Investment properties |
2022 |
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At 1 November |
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Additions |
|
Disposals |
( |
At 31 October |
|
There has been no valuation of investment property by an independent valuer.
Homestead Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
|
Due within one year |
||
Taxation and social security |
|
- |
Other creditors |
|
|
|
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
|||
Loans and borrowings |
|
- |
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
4 |
|
4 |
Loans and borrowings |
2022 |
2021 |
|
Non-current loans and borrowings |
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Other borrowings |
|
- |