REGISTERED NUMBER: 05020153 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
HOLM OAK ESTATES LIMITED |
REGISTERED NUMBER: 05020153 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
HOLM OAK ESTATES LIMITED |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
HOLM OAK ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Eagle House |
28 Billing Road |
Northampton |
NN1 5AJ |
BANKERS: | HSBC Bank Plc |
9 High Street |
Kettering |
Northamptonshire |
NN16 8ST |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are detailed on the annexed accounts. |
Total turnover on continuing operations increased by £3,416,686 to £23,024,166 whilst maintaining a consistent gross profit of 25.6% of sales. Having strengthened our commercial team last year, the 6% increase in administrative cost during this period was in line with inflationary pressures. |
Continuing investment of £923k in plant and vehicles was made to support our external surfacing operations and the ongoing development of the Traffic Management division. |
The net profit before tax of £2,534,553 represented a net margin of 11%. |
Current trading results are close to the budget to maintain a steady performance year on year in anticipation of a challenging period in the construction Industry. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Economic uncertainty and increased costs of borrowing will inevitably impact our markets. There may be a reduction in housebuilding activity and there will be a significant risk of late and defaulted customer payments. Increased credit checking and vigilant debt collection procedures have been adopted and these will be closely monitored throughout the year. |
FUTURE DEVELOPMENTS |
The company is conscious of its sustainability obligations and with this in mind will continue to take advantage of developing technology both in terms of its operation and management. |
SIGNED BY ORDER OF THE DIRECTORS: |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group during the year under review was that of surfacing contractors and the merchanting of bituminous products. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £600,104 (2022 - £480,000). |
The directors recommend that no final dividend be paid. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
AUDITORS |
The auditors, DNG Dove Naish LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
SIGNED BY ORDER OF THE DIRECTORS: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOLM OAK ESTATES LIMITED |
Opinion |
We have audited the financial statements of Holm Oak Estates Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOLM OAK ESTATES LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOLM OAK ESTATES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant Taxation legislation. |
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing meeting minutes, regulatory correspondence and professional fees, detailed substantive testing on the completeness of income, and reviewing accounting estimates for biases. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Eagle House |
28 Billing Road |
Northampton |
NN1 5AJ |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 23,024,166 | 19,607,480 |
Cost of sales | 17,131,435 | 14,754,045 |
GROSS PROFIT | 5,892,731 | 4,853,435 |
Administrative expenses | 3,959,235 | 3,746,318 |
1,933,496 | 1,107,117 |
Other operating income | 174,816 | 169,084 |
OPERATING PROFIT | 5 | 2,108,312 | 1,276,201 |
Interest receivable and similar income | 26,075 | 5,438 |
2,134,387 | 1,281,639 |
Amounts written off investments | 6 | 25 | - |
Gain/loss on revaluation of assets | (418,171 | ) | (79,429 | ) |
(418,146 | ) | (79,429 | ) |
2,552,533 | 1,361,068 |
Interest payable and similar expenses | 7 | 17,979 | 12,315 |
PROFIT BEFORE TAXATION | 2,534,554 | 1,348,753 |
Tax on profit | 8 | 502,223 | 293,462 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares |
Minority interest adjustment of shares | - | (124,296 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(124,296 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,032,331 |
930,995 |
Profit attributable to: |
Owners of the parent | 1,831,411 | 1,075,988 |
Non-controlling interests | 200,920 | (20,697 | ) |
2,032,331 | 1,055,291 |
Total comprehensive income attributable to: |
Owners of the parent | 1,831,411 | 951,692 |
Non-controlling interests | 200,920 | (20,697 | ) |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
£ | £ |
2,032,331 | 930,995 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 2,428,068 | 2,282,151 |
Investments | 12 | 371,274 | 403,088 |
Investment property | 13 | 4,025,000 | 3,584,000 |
6,824,342 | 6,269,239 |
CURRENT ASSETS |
Stocks | 14 | 200,606 | 197,878 |
Debtors | 15 | 3,211,789 | 3,209,761 |
Investments | 16 | - | 25 |
Cash at bank and in hand | 3,665,914 | 3,037,386 |
7,078,309 | 6,445,050 |
CREDITORS |
Amounts falling due within one year | 17 | 3,696,907 | 3,753,720 |
NET CURRENT ASSETS | 3,381,402 | 2,691,330 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,205,744 |
8,960,569 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(179,447 |
) |
(305,728 |
) |
PROVISIONS FOR LIABILITIES | 21 | (563,427 | ) | (424,198 | ) |
NET ASSETS | 9,462,870 | 8,230,643 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 60,000 | 60,000 |
Investment property reserve | 23 | 916,100 | 585,410 |
Capital redemption reserve | 23 | 90,000 | 90,000 |
Retained earnings | 23 | 7,275,128 | 6,574,511 |
SHAREHOLDERS' FUNDS | 8,341,228 | 7,309,921 |
NON-CONTROLLING INTERESTS | 24 | 1,121,642 | 920,722 |
TOTAL EQUITY | 9,462,870 | 8,230,643 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by: |
A S Lauder - Director |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Investment property reserve | 23 |
Capital redemption reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,028,653 | 950,019 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up | Investment |
share | Retained | property |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 April 2021 | 60,000 | 6,325,665 | 562,564 |
Changes in equity |
Profit for the year | - | 1,075,988 | - |
Other comprehensive income | - | (147,142 | ) | 22,846 |
Total comprehensive income | - | 928,846 | 22,846 |
Dividends | - | (680,000 | ) | - |
60,000 | 6,574,511 | 585,410 |
Increase in non-controlling interest |
- |
- |
- |
Balance at 31 March 2022 | 60,000 | 6,574,511 | 585,410 |
Changes in equity |
Profit for the year | - | 1,831,411 | - |
Other comprehensive income | - | (330,690 | ) | 330,690 |
Total comprehensive income | - | 1,500,721 | 330,690 |
Dividends | - | (800,104 | ) | - |
Balance at 31 March 2023 | 60,000 | 7,275,128 | 916,100 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 | 90,000 | 7,038,229 | 740,123 | 7,778,352 |
Changes in equity |
Profit for the year | - | 1,075,988 | (20,697 | ) | 1,055,291 |
Other comprehensive income | - | (124,296 | ) | - | (124,296 | ) |
Total comprehensive income | - | 951,692 | (20,697 | ) | 930,995 |
Dividends | - | (680,000 | ) | - | (680,000 | ) |
90,000 | 7,309,921 | 719,426 | 8,029,347 |
Increase in non-controlling interest |
- |
- |
201,296 |
201,296 |
Balance at 31 March 2022 | 90,000 | 7,309,921 | 920,722 | 8,230,643 |
Changes in equity |
Profit for the year | - | 1,831,411 | 200,920 | 2,032,331 |
Other comprehensive income | - | - | - | - |
Total comprehensive income | - | 1,831,411 | 200,920 | 2,032,331 |
Dividends | - | (800,104 | ) | - | (800,104 | ) |
Balance at 31 March 2023 | 90,000 | 8,341,228 | 1,121,642 | 9,462,870 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Profit for the year | - | 950,019 | - |
Other comprehensive income | - | (22,846 | ) | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Balance at 31 March 2022 |
Changes in equity |
Profit for the year | - | 1,028,653 | - |
Other comprehensive income | - | (330,690 | ) | - |
Total comprehensive income | - | - |
Dividends | - | ( |
) | - |
Balance at 31 March 2023 |
Investment | Capital |
property | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Profit for the year | - | - | 950,019 |
Other comprehensive income | - |
Total comprehensive income |
Dividends | - | - | ( |
) |
Balance at 31 March 2022 |
Changes in equity |
Profit for the year | - | - | 1,028,653 |
Other comprehensive income | - |
Total comprehensive income |
Dividends | - | - | ( |
) |
Balance at 31 March 2023 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,346,018 | 2,590,713 |
Interest paid | - | (2,381 | ) |
Interest element of hire purchase payments paid |
(17,979 |
) |
(9,934 |
) |
Tax paid | (78,653 | ) | (321,833 | ) |
Net cash from operating activities | 2,249,386 | 2,256,565 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (923,547 | ) | (1,591,981 | ) |
Purchase of fixed asset investments | (30,540 | ) | (50,057 | ) |
Sale of tangible fixed assets | 207,825 | 120,500 |
Sale of fixed asset investments | 32,748 | 47,905 |
Diminution in value of investments | 25 | - |
Investment portfolio cash movement | 5,747 | - |
Interest received | 26,075 | 5,438 |
Net cash from investing activities | (681,667 | ) | (1,468,195 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (234,936 | ) |
New hire purchase in the year | - | 561,250 |
Capital repayments in year | (139,087 | ) | (195,873 | ) |
Share issue | - | 77,000 |
Equity dividends paid | (800,104 | ) | (680,000 | ) |
Net cash from financing activities | (939,191 | ) | (472,559 | ) |
Increase in cash and cash equivalents | 628,528 | 315,811 |
Cash and cash equivalents at beginning of year |
2 |
3,037,386 |
2,721,575 |
Cash and cash equivalents at end of year |
2 |
3,665,914 |
3,037,386 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,534,554 | 1,348,753 |
Depreciation charges | 752,391 | 721,101 |
Profit on disposal of fixed assets | (181,554 | ) | (65,698 | ) |
Gain on revaluation of fixed assets | (418,171 | ) | (77,997 | ) |
Finance costs | 17,979 | 12,315 |
Finance income | (26,075 | ) | (5,438 | ) |
2,679,124 | 1,933,036 |
(Increase)/decrease in stocks | (2,728 | ) | 27,496 |
(Increase)/decrease in trade and other debtors | (122,028 | ) | 674,989 |
Decrease in trade and other creditors | (208,350 | ) | (44,808 | ) |
Cash generated from operations | 2,346,018 | 2,590,713 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 3,665,914 | 3,037,386 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 3,037,386 | 2,721,575 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,037,386 | 628,528 | 3,665,914 |
3,037,386 | 628,528 | 3,665,914 |
Liquid resources |
Current asset investments | 25 | (25 | ) | - |
25 | (25 | ) | - |
Debt |
Finance leases | (444,815 | ) | 139,087 | (305,728 | ) |
(444,815 | ) | 139,087 | (305,728 | ) |
Total | 2,592,596 | 767,590 | 3,360,186 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Holm Oak Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries) made up to 31 March 2021 each period. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
Subsidiaries |
Subsidiaries are fully consolidated from the date on which control is transferred to the group and de-consolidated from the date that control ceases. |
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. |
The consolidated financial statements incorporate the assets, liabilities and results of the following entities in accordance with the accounting policy described above: |
Name of entity |
Registered office |
Country of incorporation |
Class of shares held |
Equity holding % |
Kettering Bituminous Products Limited | As group | UK | Ordinary | 100 |
Phoenix Surfacing Limited | As group | UK | Ordinary | 75 |
Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts. |
Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have been transferred to the buyer. |
Revenue from services provided is recognised when the company has performed its obligations and in exchange obtained the right to consideration. |
In respect of incomplete contracts, and to the extent that a right to consideration arises, the amount of revenue recognised reflects the accrual of the right to this consideration by reference to the value of work performed to date. Revenue not billed to clients is included in debtors and payments received on account in excess of the relevant amount of revenue are included in creditors. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Office equipment | - |
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. |
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use. |
Investment property |
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the investment property reserve. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress |
Work in progress is valued on the basis of direct cost. Provision is made for any foreseeable losses, where appropriate. No element of profit is included in the valuation of work in progress. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
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 statement of comprehensive income under administrative expenses. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Rental income |
Rental income is the total amount receivable by the company during the accounting period. |
Listed investments |
Listed investments are shown at fair value. Any aggregate surplus or deficit arising from changes in market value is recognised in the profit or loss. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Rendering of services | 23,024,166 | 19,607,480 |
23,024,166 | 19,607,480 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,981,299 | 2,849,982 |
Social security costs | 324,345 | 291,760 |
Other pension costs | 117,549 | 116,400 |
3,423,193 | 3,258,142 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Number of staff |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration | 690,253 | 735,591 |
Directors' pension contributions to money purchase schemes | 39,115 | 32,082 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 220,530 | 234,181 |
Pension contributions to money purchase schemes | 10,558 | 10,558 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 976 | 1,004 |
Other operating leases | 10,674 | - |
Depreciation - owned assets | 620,576 | 630,733 |
Depreciation - assets on hire purchase contracts | 131,814 | 90,368 |
Profit on disposal of fixed assets | (181,554 | ) | (65,748 | ) |
Auditors' remuneration | 21,972 | 19,370 |
Auditors' remuneration for non audit work | 51,436 | 6,305 |
Foreign exchange differences | 2,636 | (1,735 | ) |
6. | AMOUNTS WRITTEN OFF INVESTMENTS |
2023 | 2022 |
£ | £ |
Amounts w/o invs | 25 | - |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest payable | - | 2,381 |
Hire purchase | 17,979 | 9,934 |
17,979 | 12,315 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 362,994 | (5,106 | ) |
Deferred tax | 139,229 | 298,568 |
Tax on profit | 502,223 | 293,462 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,534,554 | 1,348,753 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
481,565 |
256,263 |
Effects of: |
Expenses not deductible for tax purposes | 10,074 | 12,244 |
Investment income FII | (1,341 | ) | (1,035 | ) |
Super deduction allowance | (22,207 | ) | (80,935 | ) |
Change in deferred tax on gains/losses on investments | 22,087 | 3,675 |
SBA | (145 | ) | (75 | ) |
Deferred tax change in tax rate | 10,095 | 101,806 |
Depreciation on assets where no capital allowances claimed | 2,095 | 1,519 |
Total tax charge | 502,223 | 293,462 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 March 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares |
Minority interest adjustment of shares | (124,296 | ) | - | (124,296 | ) |
(124,296 | ) | - | (124,296 | ) |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 710,104 | 680,000 |
Ordinary B shares shares of £1 each |
Interim | 90,000 | - |
800,104 | 680,000 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and | Motor | Office |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 451,200 | 2,107,223 | 2,103,691 | 103,508 | 4,765,622 |
Additions | - | 374,680 | 539,113 | 9,754 | 923,547 |
Disposals | - | (213,425 | ) | (230,250 | ) | (675 | ) | (444,350 | ) |
At 31 March 2023 | 451,200 | 2,268,478 | 2,412,554 | 112,587 | 5,244,819 |
DEPRECIATION |
At 1 April 2022 | 75,868 | 1,175,823 | 1,175,549 | 56,231 | 2,483,471 |
Charge for year | 5,836 | 378,475 | 352,988 | 15,091 | 752,390 |
Eliminated on disposal | - | (188,416 | ) | (230,250 | ) | (444 | ) | (419,110 | ) |
At 31 March 2023 | 81,704 | 1,365,882 | 1,298,287 | 70,878 | 2,816,751 |
NET BOOK VALUE |
At 31 March 2023 | 369,496 | 902,596 | 1,114,267 | 41,709 | 2,428,068 |
At 31 March 2022 | 375,332 | 931,400 | 928,142 | 47,277 | 2,282,151 |
The net book value of tangible fixed assets includes £ 285,176 (2022 - £ 425,149 ) in respect of assets held under hire purchase contracts. |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold |
property |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Included in cost of land and buildings is freehold land of £ 159,375 (2022 - £ 159,375 ) which is not depreciated. |
12. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 April 2022 | 403,088 |
Additions | 30,540 |
Disposals | (32,748 | ) |
Revaluations | (29,606 | ) |
At 31 March 2023 | 371,274 |
NET BOOK VALUE |
At 31 March 2023 | 371,274 |
At 31 March 2022 | 403,088 |
Cost or valuation at 31 March 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2020 | (11,604 | ) |
Valuation in 2021 | 57,199 |
Valuation in 2022 | 28,306 |
Valuation in 2023 | (50,045 | ) |
Cost | 347,418 |
371,274 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 2,345,037 |
Additions | 30,540 |
Disposals | ( |
) | (32,748 | ) |
Revaluations | ( |
) | (29,606 | ) |
At 31 March 2023 | 2,313,223 |
NET BOOK VALUE |
At 31 March 2023 | 2,313,223 |
At 31 March 2022 | 2,345,037 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2020 | - | (11,604 | ) | (11,604 | ) |
Valuation in 2021 | - | 57,217 | 57,217 |
Valuation in 2022 | - | 15,093 | 15,093 |
Valuation in 2023 | - | (36,850 | ) | (36,850 | ) |
Cost | 1,941,949 | 347,418 | 2,289,367 |
1,941,949 | 371,274 | 2,313,223 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 12 Henson Close, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8PX |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Kettering Bituminous Products Limited |
Registered office: 12 Henson Close, Telford Way Industrial Estate, Kettering, Northampton,NN16 8PX |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | - | 50,000 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 3,584,000 |
Revaluations | 441,000 |
At 31 March 2023 | 4,025,000 |
NET BOOK VALUE |
At 31 March 2023 | 4,025,000 |
At 31 March 2022 | 3,584,000 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2007 | 45,031 |
Valuation in 2019 | 241,692 |
Valuation in 2021 | 305,086 |
Valuation in 2022 | 53,000 |
Valuation in 2023 | 441,000 |
Cost | 2,939,191 |
4,025,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,939,191 | 2,939,191 |
Investment property was valued on an open market value basis on 31 March 2023 by Carter and King Estates Agents . |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Revaluations | 441,000 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2007 | 45,031 |
Valuation in 2019 | 241,692 |
Valuation in 2021 | 305,086 |
Valuation in 2022 | 53,000 |
Valuation in 2023 | 441,000 |
Cost | 2,939,191 |
4,025,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,939,191 | 2,939,191 |
Investment property was valued on an open market basis on 31 March 2023 by Carter and King Estate Agents . |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 130,072 | 133,162 |
Work-in-progress | 70,534 | 64,716 |
200,606 | 197,878 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 3,018,370 | 3,017,143 |
Other debtors | 1,758 | 12,532 |
Tax | 30,758 | 150,758 |
VAT | 139,633 | 12,979 |
Prepayments and accrued income | 21,270 | 16,349 |
3,211,789 | 3,209,761 |
16. | CURRENT ASSET INVESTMENTS |
Group |
2023 | 2022 |
£ | £ |
Investments | - | 25 |
The short term investments had a fair value of £nil at 31 March 2023 (2022 - £25). |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | - |
Hire purchase contracts (see note 19) | 126,281 | 139,087 |
Trade creditors | 2,301,581 | 2,409,808 |
Amounts owed to group undertakings | - | - |
Tax | 189,993 | 25,652 |
Social security and other taxes | 102,231 | 99,276 |
VAT | - | - |
Other creditors | 259,381 | 98,825 |
Wages control | 37,440 | - | - | - |
Accruals and deferred income | 680,000 | 981,072 |
3,696,907 | 3,753,720 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 19) | 179,447 | 305,728 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 126,281 | 139,087 |
Between one and five years | 179,447 | 305,728 |
305,728 | 444,815 |
Group |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year | 60,000 | 60,000 |
Between one and five years | 240,000 | 240,000 |
In more than five years | - | 60,000 |
300,000 | 360,000 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 305,728 | 444,815 |
Net obligations under hire purchase contracts are secured on the assets concerned. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 563,427 | 424,198 | 175,674 | 74,330 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2022 | 424,198 |
Accelerated capital allowances | 139,229 |
Balance at 31 March 2023 | 563,427 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 59,280 | 59,280 |
Ordinary B shares | £1 | 720 | 720 |
60,000 | 60,000 |
720 Ordinary shares were reclassified in 2022 as Ordinary B shares. |
23. | RESERVES |
Group |
Investment | Capital |
Retained | property | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 6,574,511 | 585,410 | 90,000 | 7,249,921 |
Profit for the year | 1,831,411 | 1,831,411 |
Dividends | (800,104 | ) | (800,104 | ) |
Reserves transfer | (330,690 | ) | 330,690 | - | - |
At 31 March 2023 | 7,275,128 | 916,100 | 90,000 | 8,281,228 |
Company |
Investment | Capital |
Retained | Share | property | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 6,429,703 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Reserves transfer | (330,690 | ) | - | 330,690 | - | - |
At 31 March 2023 | 6,858,252 |
HOLM OAK ESTATES LIMITED (REGISTERED NUMBER: 05020153) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
24. | NON-CONTROLLING INTERESTS |
The minority interests' share of the net assets in the subsidiary undertaking are: |
Phoenix Surfacing Limited: £1,121,642 (2022: £920,722). |
25. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £824,161 (2022: £813,263) was paid. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the directors by virtue of their shareholding. |