Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3112022-04-01falseNo description of principal activity6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00926440 2022-04-01 2023-03-31 00926440 2021-04-01 2022-03-31 00926440 2023-03-31 00926440 2022-03-31 00926440 1 2022-04-01 2023-03-31 00926440 d:Director1 2022-04-01 2023-03-31 00926440 c:PlantMachinery 2022-04-01 2023-03-31 00926440 c:PlantMachinery 2023-03-31 00926440 c:PlantMachinery 2022-03-31 00926440 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00926440 c:MotorVehicles 2022-04-01 2023-03-31 00926440 c:MotorVehicles 2023-03-31 00926440 c:MotorVehicles 2022-03-31 00926440 c:MotorVehicles c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00926440 c:FurnitureFittings 2022-04-01 2023-03-31 00926440 c:FurnitureFittings 2023-03-31 00926440 c:FurnitureFittings 2022-03-31 00926440 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00926440 c:OfficeEquipment 2022-04-01 2023-03-31 00926440 c:OfficeEquipment 2023-03-31 00926440 c:OfficeEquipment 2022-03-31 00926440 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00926440 c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00926440 c:ComputerSoftware 2023-03-31 00926440 c:ComputerSoftware 2022-03-31 00926440 c:FreeholdInvestmentProperty 2023-03-31 00926440 c:FreeholdInvestmentProperty 2022-03-31 00926440 c:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 00926440 c:CurrentFinancialInstruments 2023-03-31 00926440 c:CurrentFinancialInstruments 2022-03-31 00926440 c:Non-currentFinancialInstruments 2023-03-31 00926440 c:Non-currentFinancialInstruments 2022-03-31 00926440 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 00926440 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 00926440 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 00926440 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 00926440 c:ShareCapital 2023-03-31 00926440 c:ShareCapital 2022-03-31 00926440 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00926440 c:RetainedEarningsAccumulatedLosses 2023-03-31 00926440 c:RetainedEarningsAccumulatedLosses 2022-03-31 00926440 d:FRS102 2022-04-01 2023-03-31 00926440 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00926440 d:FullAccounts 2022-04-01 2023-03-31 00926440 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00926440 4 2022-04-01 2023-03-31 00926440 5 2022-04-01 2023-03-31 00926440 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00926440 c:AcceleratedTaxDepreciationDeferredTax 2022-03-31 00926440 c:TaxLossesCarry-forwardsDeferredTax 2023-03-31 00926440 c:TaxLossesCarry-forwardsDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 00926440










HONE LANDSCAPES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
HONE LANDSCAPES LIMITED
REGISTERED NUMBER: 00926440

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
48,795
55,311

Investment property
 7 
2,476,973
3,095,000

  
2,525,768
3,150,311

Current assets
  

Debtors: amounts falling due within one year
 8 
-
8,995

Cash at bank and in hand
 9 
11,059
-

  
11,059
8,995

Creditors: amounts falling due within one year
 10 
(1,197,125)
(1,212,570)

Net current liabilities
  
 
 
(1,186,066)
 
 
(1,203,575)

Total assets less current liabilities
  
1,339,702
1,946,736

Creditors: amounts falling due after more than one year
 11 
(1,176,374)
(1,132,770)

Provisions for liabilities
  

Deferred tax
 13 
(13,470)
(128,900)

Net assets
  
149,858
685,066


Capital and reserves
  

Called up share capital 
  
2,941
2,941

Profit and loss account
 14 
146,917
682,125

  
149,858
685,066

Page 1

 
HONE LANDSCAPES LIMITED
REGISTERED NUMBER: 00926440
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C J Hone
Director

Date: 17 October 2023

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hone Landscapes Limited (00926440) is a private company limited by shares and incorporated in England and Wales. Its registered office is Suite 1, The Granary, Hone's Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, reducing balance and straight line methods.

Depreciation is provided on the following basis:

Plant and machinery
-
20% on reducing balance
Motor vehicles
-
25% on reducing balance
Fixtures and fittings
-
10% on straight line
Office equipment
-
25% on straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually and derived from the current market value of comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 5

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.15

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 1).


4.


Re-allocation of staff salaries

For the year ended 31 March 2023 staff salaries have been re-allocated from cost of sales to be within administration expenses as this is considered to be more appropriate.

Page 6

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Intangible assets




Computer software

£



Cost


At 1 April 2022
4,346



At 31 March 2023

4,346



Amortisation


At 1 April 2022
4,346



At 31 March 2023

4,346



Net book value



At 31 March 2023
-



At 31 March 2022
-



Page 7

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
10,714
26,780
55,837
25,759
119,090


Additions
-
-
-
5,649
5,649



At 31 March 2023

10,714
26,780
55,837
31,408
124,739



Depreciation


At 1 April 2022
9,943
26,148
15,095
12,593
63,779


Charge for the year on owned assets
154
158
5,584
6,269
12,165



At 31 March 2023

10,097
26,306
20,679
18,862
75,944



Net book value



At 31 March 2023
617
474
35,158
12,546
48,795



At 31 March 2022
771
632
40,742
13,166
55,311
Page 8

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
3,095,000


Surplus on revaluation
(618,027)



At 31 March 2023
2,476,973

The Company obtained an independent valuation of the investment property in November 2022.  The valuation was prepared for the Hones Yard site, on which the investment properties sit, and the value of the investment property owned by the Company has been obtained by apportioning the total Hones Yard value by the square footage of the Company’s investment properties.

The November 2022 valuations were made by by third party valuers, Carter Jonas, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,429,165
2,429,165


8.


Debtors

2023
2022
£
£


Trade debtors
-
7,716

Other debtors
-
1

Prepayments and accrued income
-
1,278

-
8,995


Page 9

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
11,059
-

Less: bank overdrafts
-
(20,876)

11,059
(20,876)



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
20,876

Bank loans
1,157,500
1,157,500

Trade creditors
19,835
12,798

Corporation tax
5,183
11,691

Other taxation and social security
10,096
6,730

Other creditors
533
-

Accruals and deferred income
3,978
2,975

1,197,125
1,212,570



11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
1,176,374
1,132,770



12.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
1,157,500
1,157,500




In September 2017 the company took out a five year interest only loan with Svenska Handelsbanken AB.  In March 2023 the loan was extended until September 2023.  The renegotiated interest only loan is at 3.07% over the Bank of England base rate.

Page 10

 
HONE LANDSCAPES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Deferred taxation




2023


£






At beginning of year
(128,900)


Charged to profit or loss
115,430



At end of year
(13,470)

2023
2022
£
£


Accelerated capital allowances
(12,199)
(10,509)

Capital gains
(1,271)
(118,391)

(13,470)
(128,900)


14.


Reserves

Profit and loss account

This reserve represents both the accumulated distributable reserves of the company and the non-distributable element which arises from the accumulated gains and losses on the fair value adjustment of the investment property.


15.


Related party transactions

Other creditors comprise a director loan of £932,270 (2022 - £878,665).  These arrangements are subordinate in nature, remaining unpaid until the bank loans are settled.  There is no fixed repayment date and bear no interest.  
The remaining balance relates to a loan to the director's son, Robert Hone.  There is no fixed repayment date and bear no interest.  


16.


Post balance sheet events

There has been a significant change in economic climate since 31 March 2023 with resulting negative impacts on property prices.  It is expected that the Investment property valuation reported in the accounts at 31 March 2023 would be lower if that was re-considered today.
The directors have negotiated a 6 month extension with the company’s lenders, Svenska Handelsbanken AB, and are seeking to arrange new term loan facilities for the company during the current financial year.  There are no other material financing arrangements impacting the company within 12 months

 
Page 11