Home Masons Limited Filleted accounts for Companies House (small and micro)

HOME MASONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11782443

Home Masons Limited

Filleted Unaudited Financial Statements

31 January 2023

Home Masons Limited

Statement of Financial Position

31 January 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	511,434	511,687

Current assets

Cash at bank and in hand	8,616	6,701

Creditors: amounts falling due within one year	6	105,685	103,327
		---------	---------
Net current liabilities		97,069	96,626
		---------	---------
Total assets less current liabilities		414,365	415,061

Creditors: amounts falling due after more than one year	7	345,597	345,687
		---------	---------
Net assets		68,768	69,374
		---------	---------

Capital and reserves

Called up share capital	75	75
Revaluation reserve	101,729	101,729
Profit and loss account	( 33,036)	( 32,430)
	---------	---------
Shareholders funds	68,768	69,374
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Home Masons Limited

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 18 October 2023 , and are signed on behalf of the board by:

Mr C Cooper

Director

Company registration number: 11782443

Home Masons Limited

Notes to the Financial Statements

Year ended 31 January 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Lumiere, Elstree Way, Borehamwood, WD6 1JH, Herts.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	15% reducing balance

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 February 2022 and 31 January 2023	510,000	2,335	512,335
	---------	-------	---------
Depreciation
At 1 February 2022	–	648	648
Charge for the year	–	253	253
	---------	-------	---------
At 31 January 2023	–	901	901
	---------	-------	---------
Carrying amount
At 31 January 2023	510,000	1,434	511,434
	---------	-------	---------
At 31 January 2022	510,000	1,687	511,687
	---------	-------	---------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	12,964	12,964
Trade creditors	1,213	1,212
Other creditors	91,508	89,151
	---------	---------
	105,685	103,327
	---------	---------

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	345,597	345,687
	---------	---------