Company Registration No. 02624815 (England and Wales)
HOME & FINANCE (GENERAL) LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
HOME & FINANCE (GENERAL) LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 7
HOME & FINANCE (GENERAL) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HOME & FINANCE (GENERAL) LIMITED FOR THE YEAR ENDED 30 APRIL 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Home & Finance (General) Limited for the year ended 30 April 2015 set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Home & Finance (General) Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Home & Finance (General) Limited and state those matters that we have agreed to state to the Board of Directors of Home & Finance (General) Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Home & Finance (General) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Home & Finance (General) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Home & Finance (General) Limited. You consider that Home & Finance (General) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Home & Finance (General) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
19 October 2015
HOME & FINANCE (GENERAL) LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2015
30 April 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
3,944
5,908
Tangible assets
2
144,716
186,873
Investments
2
129,948
129,948
278,608
322,729
Current assets
Debtors
36,137
58,370
Cash at bank and in hand
18,723
17,008
54,860
75,378
Creditors: amounts falling due within one year
3
(120,664)
(101,653)
Net current liabilities
(65,804)
(26,275)
Total assets less current liabilities
212,804
296,454
Creditors: amounts falling due after more than one year
(57,874)
(110,853)
Provisions for liabilities
(12,789)
(13,029)
142,141
172,572
Capital and reserves
Called up share capital
4
2,000
2,000
Share premium account
127,872
127,872
Profit and loss account
12,269
42,700
Shareholders' funds
142,141
172,572
HOME & FINANCE (GENERAL) LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2015
30 April 2015
- 3 -
For the financial year ended 30 April 2015 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 28 September 2015
Mr K B Walsh
Mr P Waddington
Director
Director
Company Registration No. 02624815
HOME & FINANCE (GENERAL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover in the main is the total amount of commission received and receivable by the company from insurance companies in respect of policies written during the year and fees raised in respect of estate agency, lettings and accounting services.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: 5% straight line
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
5% straight line
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
15 years straight line
Fixtures, fittings & equipment
15% reducing balance / 20% straight line
Motor vehicles
25% reducing balance
1.6
Leasing and hire purchase commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
1.7
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.8
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
HOME & FINANCE (GENERAL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
1
Accounting policies
(Continued)
- 5 -
1.9
Deferred taxation
Deferred taxation is provided in full at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the Director there is a reasonable probability that a liability or asset will crystallise is the foreseeable future.
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
1.11
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.12
The company supplies both standard rated and exempt services and consequently suffers irrecoverable input VAT. Any material input VAT in respect of expenditure on fixed assets is capitalised as part of the relevant asset. All other irrecoverable input VAT is written off to the profit and loss account.
HOME & FINANCE (GENERAL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 6 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 May 2014
39,276
330,430
129,948
499,654
Additions
6,045
-
6,045
Disposals
(42,380)
-
(42,380)
At 30 April 2015
39,276
294,095
129,948
463,319
Depreciation
At 1 May 2014
33,368
143,557
-
176,925
On disposals
(17,030)
-
(17,030)
Charge for the year
1,964
22,852
-
24,816
At 30 April 2015
35,332
149,379
-
184,711
Net book value
At 30 April 2015
3,944
144,716
129,948
278,608
At 30 April 2014
5,908
186,873
129,948
322,729
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Home & Finance IFA Limited
England
Ordinary
100.00
Home & Business Limited
England
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2015
2015
Principal activity
£
£
Home & Finance IFA Limited
Independent investment adviser
102,500
94,741
Home & Business Limited
Supply of IT equipment and internet cafe
16,149
32,488
HOME & FINANCE (GENERAL) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2015
- 7 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £23,791 (2014 - £79,000).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
2,000 Ordinary of £1 each
2,000
2,000
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