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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)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 2

(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

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

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)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

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.

Page 5

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).

Page 6

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