0 28/02/2023 2023-02-28 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01506483 2022-03-01 2023-02-28 01506483 2023-02-28 01506483 2022-02-28 01506483 2022-02-28 01506483 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 01506483 bus:Director1 2022-03-01 2023-02-28 01506483 core:FurnitureFittingsToolsEquipment 2022-02-28 01506483 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 01506483 core:FurnitureFittingsToolsEquipment 2023-02-28 01506483 core:WithinOneYear 2023-02-28 01506483 core:WithinOneYear 2022-02-28 01506483 core:ShareCapital 2023-02-28 01506483 core:ShareCapital 2022-02-28 01506483 core:OtherReservesSubtotal 2023-02-28 01506483 core:OtherReservesSubtotal 2022-02-28 01506483 core:RetainedEarningsAccumulatedLosses 2023-02-28 01506483 core:RetainedEarningsAccumulatedLosses 2022-02-28 01506483 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 01506483 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 01506483 core:FurnitureFittingsToolsEquipment 2022-02-28 01506483 bus:Director1 2022-02-28 01506483 bus:Director1 2023-02-28 01506483 bus:Director1 2021-02-28 01506483 bus:Director1 2022-02-28 01506483 bus:Director1 2021-03-01 2022-02-28 01506483 bus:SmallEntities 2022-03-01 2023-02-28 01506483 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 01506483 bus:FullAccounts 2022-03-01 2023-02-28 01506483 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 01506483 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 01506483 1 2022-03-01 2023-02-28
Company registration number: 01506483
R L Habgood & Co Limited
Unaudited filleted financial statements
28 February 2023
R L Habgood & Co Limited
Contents
Statement of financial position
Notes to the financial statements
R L Habgood & Co Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 1,000,086 1,000,115
_______ _______
1,000,086 1,000,115
Current assets
Debtors 5 270,000 270,000
Cash at bank and in hand 84,736 89,993
_______ _______
354,736 359,993
Creditors: amounts falling due
within one year 6 ( 278,028) ( 266,550)
_______ _______
Net current assets 76,708 93,443
_______ _______
Total assets less current liabilities 1,076,794 1,093,558
Provisions for liabilities ( 116,295) ( 116,295)
_______ _______
Net assets 960,499 977,263
_______ _______
Capital and reserves
Called up share capital 100 100
Other reserves 612,078 612,078
Profit and loss account 348,321 365,085
_______ _______
Shareholders funds 960,499 977,263
_______ _______
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 September 2023 , and are signed on behalf of the board by:
Mr R L Habgood
Director
Company registration number: 01506483
R L Habgood & Co Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation charged
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Investment Property
Investment property is measured initially at cost, which includes purchase price and any directly attributable purchase costs. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
4. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2022 and 28 February 2023 1,000,000 2,629 1,002,629
_______ _______ _______
Depreciation
At 1 March 2022 - 2,514 2,514
Charge for the year - 29 29
_______ _______ _______
At 28 February 2023 - 2,543 2,543
_______ _______ _______
Carrying amount
At 28 February 2023 1,000,000 86 1,000,086
_______ _______ _______
At 28 February 2022 1,000,000 115 1,000,115
_______ _______ _______
The director has assessed that at the year end the market value for the company's freehold land and buildings is £1,000,000. A fair value reserve has been created in order to reflect this value in the accounts.
5. Debtors
2023 2022
£ £
Other debtors 270,000 270,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 12,494 12,303
Other creditors 265,534 254,247
_______ _______
278,028 266,550
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R L Habgood ( 252,477) ( 11,287) ( 263,764)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R L Habgood ( 230,241) ( 22,236) ( 252,477)
_______ _______ _______
8. Controlling party
The company is under the control of the directors.