Registration number:
HOUSETEAM LIMITED
trading as
for the Year Ended 30 November 2017
Tudors Business Centre
Waterhouse Lane
Kingswood
Surrey
KT20 6EN
HOUSETEAM LIMITED
trading as Houseteam Ltd
Contents
Company Information |
|
Directors' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Company Information
Directors |
AJ Duggan Mrs Rachel Duggan |
Company secretary |
R Duggan |
Registered office |
|
Solicitors |
|
Bankers |
|
Accountants |
|
Page 1 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Directors' Report for the Year Ended 30 November 2017
The directors present their report and the financial statements for the year ended 30 November 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the development of properties, property refurbishment, sale and rental.
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 by the Board on
.........................................
R Duggan
Company secretary
Page 2 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Profit and Loss Account for the Year Ended 30 November 2017
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar expenses |
- |
( |
|
- |
(125) |
||
Profit/(loss) before tax |
|
( |
|
Profit/(loss) 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.
Page 3 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Statement of Comprehensive Income for the Year Ended 30 November 2017
Note |
2017 |
2016 |
|
Profit/(loss) for the year |
|
( |
|
Total comprehensive income for the year |
|
( |
Page 4 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
(Registration number: 03121724)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 5 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
(Registration number: 03121724)
Balance Sheet as at 30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their 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
.........................................
AJ Duggan
Director
Page 6 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Statement of Changes in Equity for the Year Ended 30 November 2017
Share capital |
Profit and loss account |
Total |
|
At 1 December 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 30 November 2017 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 December 2015 |
|
|
|
Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 30 November 2016 |
|
|
|
Page 7 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
Little Oaks
Hawks Hill Close
Fetcham
Surrey
KT22 9DL
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Page 8 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
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 |
F&F |
15% reducing balance |
Plant&amchinery |
25% reducing balance |
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Page 9 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
Tangible assets |
Land and buildings |
Total |
|
Cost or valuation |
||
At 1 December 2016 |
|
|
At 30 November 2017 |
|
|
Depreciation |
||
Carrying amount |
||
At 30 November 2017 |
|
|
At 30 November 2016 |
|
|
Included within the net book value of land and buildings above is £1,147,163 (2016 - £1,147,163) in respect of freehold land and buildings.
Debtors |
2017 |
2016 |
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Page 10 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Notes to the Financial Statements for the Year Ended 30 November 2017
Note |
2017 |
2016 |
|
Due within one year |
|||
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
2017 |
2016 |
|
Current loans and borrowings |
Page 11 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Detailed Profit and Loss Account for the Year Ended 30 November 2017
2017 |
2016 |
|
Turnover (analysed below) |
142,063 |
135,440 |
Cost of sales (analysed below) |
(24,912) |
(58,337) |
Gross profit |
117,151 |
77,103 |
Gross profit (%) |
82.46% |
56.93% |
Administrative expenses |
||
Employment costs (analysed below) |
(38,630) |
(46,272) |
Establishment costs (analysed below) |
(225) |
(5,186) |
General administrative expenses (analysed below) |
(20,368) |
(26,272) |
Finance charges (analysed below) |
(483) |
(614) |
(59,706) |
(78,344) |
|
Operating profit/(loss) |
57,445 |
(1,241) |
Interest payable and similar expenses (analysed below) |
- |
(125) |
Profit/(loss) before tax |
57,445 |
(1,366) |
Page 12 |
HOUSETEAM LIMITED
trading as Houseteam Ltd
Detailed Profit and Loss Account for the Year Ended 30 November 2017
2017 |
2016 |
Turnover |
||
Rent receivable |
142,063 |
135,440 |
Cost of sales |
||
Materials |
5,984 |
16,919 |
Direct costs |
2,680 |
2,680 |
Light, heat and power |
1,951 |
1,964 |
Insurance |
4,670 |
4,196 |
Repairs and maintenance |
9,627 |
32,578 |
24,912 |
58,337 |
Employment costs |
||
Wages and salaries |
(7,764) |
(7,764) |
Directors remuneration |
(25,200) |
(25,200) |
Directors NIC (Employers) |
- |
(2,358) |
Private health insurance |
(1,702) |
(7,682) |
Travelling |
(3,964) |
(3,268) |
(38,630) |
(46,272) |
Establishment costs |
||
Rates |
(3) |
(15) |
Water rates |
- |
(44) |
Equipment repairs and renewals |
(222) |
(5,127) |
(225) |
(5,186) |
General administrative expenses |
||
Telephone and fax |
(3,938) |
(4,002) |
Printing, postage and stationery |
(1,202) |
(432) |
Trade subscriptions |
(180) |
(175) |
Charitable donations |
(50) |
(65) |
Cleaning |
(2,296) |
(1,265) |
Motor expenses |
(2,098) |
(5,541) |
Parking charges |
(176) |
(54) |
Customer entertaining (disallowable for tax) |
(4,294) |
(4,557) |
Accountancy fees |
(1,200) |
(3,312) |
Legal and professional fees |
(4,934) |
(6,869) |
(20,368) |
(26,272) |
Finance charges |
||
Bank charges |
(483) |
(614) |
Page 13 |