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Honicombe Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Honicombe Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Honicombe Limited

Company Information

Directors

Mr R P E Alexander FCCA

Mr A Gear

Company secretary

Halgabron Management Services Limited

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

07099541 (England & Wales)

Solicitors

Sproull Solicitors LLP
42 Fore Street
Bodmin
Cornwall
PL31 2HW

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Honicombe Limited

(Registration number: 07099541)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

5

 

43,401

 

50,401

Tangible assets

6

 

858,493

 

866,029

   

901,894

 

916,430

Current assets

   

 

Debtors

7

195,058

 

1,640,761

 

Cash at bank and in hand

 

64,876

 

92,184

 

 

259,934

 

1,732,945

 

Creditors: Amounts falling due within one year

8

(293,373)

 

(283,230)

 

Net current (liabilities)/assets

   

(33,439)

 

1,449,715

Total assets less current liabilities

   

868,455

 

2,366,145

Creditors: Amounts falling due after more than one year

8

 

(194,038)

 

(252,271)

Provisions for liabilities

 

(5,727)

 

(7,159)

Net assets

   

668,690

 

2,106,715

Capital and reserves

   

 

Called up share capital

9

828,975

 

2,328,975

 

Profit and loss account

(160,285)

 

(222,260)

 

Total equity

   

668,690

 

2,106,715

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Honicombe Limited

(Registration number: 07099541)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 2 November 2023

and signed on its behalf by:
 

.........................................

Mr R P E Alexander FCCA
Director

.........................................

Mr A Gear
Director

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

Not provided

Plant and machinery

20% on reducing balance

Furniture and fittings

20% on reducing balance

Motor vehicles

25% on cost

Computer equipment

25% on reducing balance

Office equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on cost

Leasehold valuation tribunal

10% on cost

Previous buyout attempts

10% on cost

Contractual customer relationships

Not provided

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 7).

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

17,153

-

Deferred taxation

Arising from changes in tax rates and laws

(1,432)

15,443

Tax expense in the income statement

15,721

15,443

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Goodwill
 £

Leasehold valuation tribunal
£

Contractual customer relationships
 £

Previous buy-out attempts
 £

Cost or valuation

At 1 April 2022

140,000

88,194

1

13,852

At 31 March 2023

140,000

88,194

1

13,852

Amortisation

At 1 April 2022

89,600

88,194

-

13,852

Amortisation charge

7,000

-

-

-

At 31 March 2023

96,600

88,194

-

13,852

Carrying amount

At 31 March 2023

43,400

-

1

-

At 31 March 2022

50,400

-

1

-

Total
£

Cost or valuation

At 1 April 2022

242,047

At 31 March 2023

242,047

Amortisation

At 1 April 2022

191,646

Amortisation charge

7,000

At 31 March 2023

198,646

Carrying amount

At 31 March 2023

43,401

At 31 March 2022

50,401

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2022

828,349

35,482

67,395

5,947

At 31 March 2023

828,349

35,482

67,395

5,947

Depreciation

At 1 April 2022

-

22,121

43,506

5,517

Charge for the year

-

2,672

4,778

86

At 31 March 2023

-

24,793

48,284

5,603

Carrying amount

At 31 March 2023

828,349

10,689

19,111

344

At 31 March 2022

828,349

13,361

23,889

430

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

2,917

940,090

At 31 March 2023

2,917

940,090

Depreciation

At 1 April 2022

2,917

74,061

Charge for the year

-

7,536

At 31 March 2023

2,917

81,597

Carrying amount

At 31 March 2023

-

858,493

At 31 March 2022

-

866,029

7

Debtors

Current

2023
£

2022
£

Trade debtors

54,268

11,449

Prepayments

121,661

98,499

Other debtors

19,129

1,530,813

 

195,058

1,640,761

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

12

60,176

59,788

Trade creditors

 

122,237

141,792

Taxation and social security

 

64,594

2,233

Accruals and deferred income

 

37,004

72,767

Other creditors

 

9,362

6,650

 

293,373

283,230

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

194,038

252,271

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

617,533

617,533

617,533

617,533

Redeemable preference shares of £1 each

211,442

211,442

211,442

211,442

 

828,975

828,975

828,975

828,975

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary subscriber shares of £15,000 each

-

-

100

1,500,000

         

Subscriber shares

In accordance with article 24 of the articles of association, the company issued a notice of forfeiture in respect of all unpaid subscriber shares during the year. In accordance with article 28, these shares were surrendered on 4th January 2023.

 

Honicombe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Terms of preference shares

The preference shares carry a cumulative interest rate of 4.5% and were redeemable in August 2019 at the absolute discretion of the board. It was not possible to repay the capital sum due, and the board consider this is unlikely to be repaid in full or in part in the foreseeable future.

As at the balance sheet date the sum of £101,067, (2022, £91,552) is due on these shares for the period since 17th August 2012. This sum has not been provided for in the accounts and it is not anticipated to be payable within the foreseeable future.

 

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

11,001

The amount of non-cancellable operating lease payments recognised as an expense during the year was £11,001 (2022 - £11,001).

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

31,425

27,300

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

194,038

252,271

2023
£

2022
£

Current loans and borrowings

Bank borrowings

60,176

59,788

The bank borrowings are secured by a legal mortgage on the company's freehold property and by a fixed and floating charge over the company's assets.