Resolve Home Improvements Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13678768 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

RESOLVE HOME IMPROVEMENTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr T G Pook

Mrs L R Pook

REGISTERED OFFICE:

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

REGISTERED NUMBER:

13678768 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

BANKERS:

HSBC

4 Strand

Torquay

Devon

TQ1 2AB

FIXED ASSETS

Intangible assets

4

8,000

9,000

Tangible assets

5

3

3

8,003

9,003

CURRENT ASSETS

Stocks

6

-

950

Debtors

7

19,468

37,222

Cash at bank

14,988

23,907

34,456

62,079

CREDITORS

Amounts falling due within one year

8

41,410

70,375

NET CURRENT LIABILITIES

(6,954

)

(8,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,049

707

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

949

607

SHAREHOLDERS' FUNDS

1,049

707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2024 and were signed on its behalf by:

Mr T G Pook - Director

1.	STATUTORY INFORMATION

Resolve Home Improvements Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful 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

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2022

and 31 October 2023

10,000

AMORTISATION

At 1 November 2022

1,000

Charge for year

1,000

At 31 October 2023

2,000

NET BOOK VALUE

At 31 October 2023

8,000

At 31 October 2022

9,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2022

and 31 October 2023

1

1

1

3

NET BOOK VALUE

At 31 October 2023

1

1

1

3

At 31 October 2022

1

1

1

3

6.

STOCKS

2023

2022

£

£

Stocks

-

950

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

9,537

23,198

Amounts recoverable on contract

-

9,236

Other debtors

2,434

2,675

Directors' current accounts

5,706

-

Prepayments

1,791

2,113

19,468

37,222

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

1

1

Trade creditors

27,582

41,448

Tax

7,845

9,760

Social security and other taxes

338

4,877

VAT

639

3,224

Other creditors

2,500

-

Directors' current accounts

-

9,282

Accrued expenses

2,505

1,783

41,410

70,375

9.	OTHER FINANCIAL COMMITMENTS

At 31 October 2023, the company had total commitments under non cancellable operating leases over the remaining life of those leases of £7,792 (2022: £11,132).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 October 2023 and the period ended 31 October 2022:

2023

2022

£

£

Mr T G Pook and Mrs L R Pook

Balance outstanding at start of year

(9,281

)

-

Amounts advanced

77,965

112,260

Amounts repaid

(62,978

)

(121,541

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,706

(9,281

)

Loans are unsecured, interest free and repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2022 - £40,000) were paid to the directors .