Company registration number 06554877 (England and Wales)
GHF DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
GHF DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GHF DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
449,234
426,010
Current assets
Stocks
224,500
170,500
Debtors
4
11,657
7,323
Cash at bank and in hand
42,792
97,693
278,949
275,516
Creditors: amounts falling due within one year
5
(85,205)
(92,523)
Net current assets
193,744
182,993
Total assets less current liabilities
642,978
609,003
Creditors: amounts falling due after more than one year
6
(385,005)
(430,393)
Provisions for liabilities
(40,407)
(18,537)
Net assets
217,566
160,073
Capital and reserves
Called up share capital
7
200,100
200,100
Profit and loss reserves
17,466
(40,027)
Total equity
217,566
160,073
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2022 and are signed on its behalf by:
Mr G P Tuffs
Director
Company Registration No. 06554877
GHF DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
GHF Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O UHY Hacker Young, Lanyon House, Mission Court, Newport, NP20 2DW.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover goods and services net of VAT and trade discounts. represents amounts receivable for goods and services provided in the normal course of business, net of VAT. Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
Revenue from the sale of horses is recognised when the significant risks and rewards of ownership of the horses have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
5% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
25% on cost
Motor vehicles
25% on cost
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
GHF DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.5
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GHF DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
6
GHF DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2021
343,220
40,905
541
3,516
201,994
590,176
Additions
18,398
33,667
18,000
70,065
Disposals
(18,000)
(18,000)
At 31 March 2022
361,618
74,572
541
3,516
201,994
642,241
Depreciation and impairment
At 1 April 2021
92,218
36,151
11
2,263
33,523
164,166
Depreciation charged in the year
17,413
6,789
135
317
22,187
46,841
Eliminated in respect of disposals
(18,000)
(18,000)
At 31 March 2022
109,631
42,940
146
2,580
37,710
193,007
Carrying amount
At 31 March 2022
251,987
31,632
395
936
164,284
449,234
At 31 March 2021
251,002
4,754
530
1,253
168,471
426,010
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
11,457
7,123
Other debtors
200
200
11,657
7,323
GHF DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
48,861
47,194
Trade creditors
12,359
10,933
Taxation and social security
10,455
21,369
Other creditors
13,530
13,027
85,205
92,523
Included in Other creditors falling due within one year are obligations under finance agreement totalling £10,042 (2021: £9,385) secured against the assets to which they have financed.
Loans falling due within one year totalling £38,861 (2021: £38,861) are secured by fixed charges over the company's assets.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
63,765
107,111
Other creditors
321,240
323,282
385,005
430,393
Included in Other creditors falling due after more than one year are obligations under finance agreement totalling £80,573 (2021: £90,615) secured against the assets to which they have financed.
Loans falling due in more than one year totalling £32,099 (2021: £65,444) are secured by fixed charges over the company's assets.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
52,115
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200,100
200,100
200,100
200,100