Homie Limited - Period Ending 2017-05-31

Homie Limited - Period Ending 2017-05-31


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Registration number: 09588744

Homie Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2017

Balance Accounts Limited
Chartered Certified Accountants
28 Brock Street
Bath
BA1 2LN

 

Company Information

Director

Mr Alex Faisal Zahawi Eid

Registered office

Vicarage House
58-60 Kensington Church Street
London
W8 4DB

Accountants

Balance Accounts Limited
Chartered Certified Accountants
28 Brock Street
Bath
BA1 2LN

 

Statement of Comprehensive Income for the Year Ended 31 May 2017

Note

2017
£

2016
£

Loss for the year

 

(390,266)

(126,500)

Total comprehensive income for the year

 

(390,266)

(126,500)

 

(Registration number: 09588744)
Balance Sheet as at 31 May 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

6,808

651

Current assets

 

Debtors

5

232,742

40,747

Cash at bank and in hand

 

245,598

2,739

 

478,340

43,486

Creditors: Amounts falling due within one year

6

(201,709)

(170,543)

Net current assets/(liabilities)

 

276,631

(127,057)

Net assets/(liabilities)

 

283,439

(126,406)

Capital and reserves

 

Called up share capital

123

94

Share premium reserve

800,082

-

Profit and loss account

(516,766)

(126,500)

Total equity

 

283,439

(126,406)

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 September 2017
 

.........................................

Mr Alex Faisal Zahawi Eid

Director

 

Statement of Changes in Equity for the Year Ended 31 May 2017

Share capital
£

Share premium
£

Profit and loss account
£

Total
£

At 1 June 2016

94

-

(126,500)

(126,406)

Loss for the year

-

-

(390,266)

(390,266)

Total comprehensive income

-

-

(390,266)

(390,266)

New share capital subscribed

16

800,082

-

800,098

Other share capital movements

13

-

-

13

At 31 May 2017

123

800,082

(516,766)

283,439

Share capital
£

Profit and loss account
£

Total
£

Loss for the year

-

(126,500)

(126,500)

Total comprehensive income

-

(126,500)

(126,500)

New share capital subscribed

94

-

94

At 31 May 2016

94

(126,500)

(126,406)

 

Notes to the Financial Statements for the Year Ended 31 May 2017

1

General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Vicarage House
58-60 Kensington Church Street
London
W8 4DB

These financial statements were authorised for issue by the director on 27 September 2017.

2

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.

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.

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

Office equipment

Straight line over 3 years

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.

 

Notes to the Financial Statements for the Year Ended 31 May 2017

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2016 - 5).

 

Notes to the Financial Statements for the Year Ended 31 May 2017

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2016

839

839

Additions

8,676

8,676

Disposals

(908)

(908)

At 31 May 2017

8,607

8,607

Depreciation

At 1 June 2016

188

188

Charge for the period

1,611

1,611

At 31 May 2017

1,799

1,799

Carrying amount

At 31 May 2017

6,808

6,808

At 31 May 2016

651

651

5

Debtors

2017
£

2016
£

Trade debtors

27,889

6,053

Other debtors

204,853

34,694

Total current trade and other debtors

232,742

40,747

6

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

16,780

11,772

Amounts owed to group undertakings and undertakings in which the company has a participating interest

146,912

147,867

Taxation and social security

 

16,057

2,939

Other creditors

 

21,960

7,965

 

201,709

170,543

7

Transition to FRS 102

 

Notes to the Financial Statements for the Year Ended 31 May 2017

Balance Sheet at 31 May 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

651

-

-

651

Current assets

 

Debtors

 

9,122

31,625

-

40,747

Cash at bank and in hand

 

2,738

-

-

2,738

 

11,860

31,625

-

43,485

Creditors: Amounts falling due within one year

 

(170,542)

-

-

(170,542)

Net current (liabilities)/assets

 

(158,682)

31,625

-

(127,057)

Total assets less current liabilities

 

(158,031)

31,625

-

(126,406)

Provisions for liabilities

 

31,625

(31,625)

-

-

Net liabilities

 

(126,406)

-

-

(126,406)

Capital and reserves

 

Called up share capital

 

94

-

-

94

Profit and loss account

 

(126,500)

-

-

(126,500)

Total equity

 

(126,406)

-

-

(126,406)