Company Registration No. 11965310 (England and Wales)
ADMIRED HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
PAGES FOR FILING WITH REGISTRAR
ADMIRED HOMES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADMIRED HOMES LIMITED
BALANCE SHEET
AS AT 31 MAY 2021
31 May 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
228,448
153,435
Current assets
Debtors
5
1,902
701
Cash at bank and in hand
101,461
80,309
103,363
81,010
Creditors: amounts falling due within one year
6
(134,442)
(73,109)
Net current (liabilities)/assets
(31,079)
7,901
Total assets less current liabilities
197,369
161,336
Creditors: amounts falling due after more than one year
7
(208,673)
(163,491)
Net liabilities
(11,304)
(2,155)
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
(11,405)
(2,256)
Total equity
(11,304)
(2,155)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADMIRED HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2021
31 May 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 February 2022
Mr G Powell
Director
Company Registration No. 11965310
ADMIRED HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2021
- 3 -
1
Accounting policies
Company information
Admired Homes Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP. The principal place of business is 1 Loansdean Wood, Morpeth, Northumberland, United Kingdom, NE61 2FB.
The company number is 11965310.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
In drawing this conclusion, the director has given due consideration to the impact of the Coronavirus pandemic. The director considers that the impact of the pandemic to the date of approval of these financial statements is not significant enough to create material uncertainty that the company will continue to be a going concern.
1.3
Reporting period
T
he entity’s financial statements
to May 21
are presented for
a period of
one year
. However, the comparative period represented an accounting period longer than one year (13 months) up to May 2
0
, therefore, they are not comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand.
ADMIRED HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans
and
loans from
fellow group companies
,
are
initially recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ADMIRED HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
4
Investment property
2021
£
Fair value
At 1 June 2020
153,435
Additions
75,013
At 31 May 2021
228,448
Investment property
is comprised of a property held for rent to third parties
.
The investment property has been valued by the director of the company. The valuation was made on an open market basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,200
101
Other debtors
702
600
1,902
701
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
4,023
Amounts owed to group undertakings
123,338
71,009
Other creditors
7,081
2,100
134,442
73,109
ADMIRED HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
162,840
113,491
Other creditors
45,833
50,000
208,673
163,491
The bank loan is secured by a legal charge over the company's investment property.