Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01truetruefalseThe principal activities of the company throughout the year were the holding and rental of property.00 07571775 2022-04-01 2023-03-31 07571775 2021-04-01 2022-03-31 07571775 2023-03-31 07571775 2022-03-31 07571775 2021-04-01 07571775 c:Director4 2022-04-01 2023-03-31 07571775 d:FurnitureFittings 2022-04-01 2023-03-31 07571775 d:FurnitureFittings 2023-03-31 07571775 d:FurnitureFittings 2022-03-31 07571775 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07571775 d:OfficeEquipment 2022-04-01 2023-03-31 07571775 d:OfficeEquipment 2023-03-31 07571775 d:OfficeEquipment 2022-03-31 07571775 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07571775 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 07571775 d:FreeholdInvestmentProperty 2023-03-31 07571775 d:FreeholdInvestmentProperty 2022-03-31 07571775 d:CurrentFinancialInstruments 2023-03-31 07571775 d:CurrentFinancialInstruments 2022-03-31 07571775 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07571775 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07571775 d:ShareCapital 2023-03-31 07571775 d:ShareCapital 2022-03-31 07571775 d:ShareCapital 2021-04-01 07571775 d:CapitalRedemptionReserve 2023-03-31 07571775 d:CapitalRedemptionReserve 2022-03-31 07571775 d:CapitalRedemptionReserve 2021-04-01 07571775 d:OtherMiscellaneousReserve 2023-03-31 07571775 d:OtherMiscellaneousReserve 2022-03-31 07571775 d:OtherMiscellaneousReserve 2021-04-01 07571775 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07571775 d:RetainedEarningsAccumulatedLosses 2023-03-31 07571775 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 07571775 d:RetainedEarningsAccumulatedLosses 2022-03-31 07571775 d:RetainedEarningsAccumulatedLosses 2021-04-01 07571775 c:OrdinaryShareClass1 2022-04-01 2023-03-31 07571775 c:OrdinaryShareClass1 2023-03-31 07571775 c:OrdinaryShareClass1 2022-03-31 07571775 c:OrdinaryShareClass2 2022-04-01 2023-03-31 07571775 c:OrdinaryShareClass2 2023-03-31 07571775 c:OrdinaryShareClass2 2022-03-31 07571775 c:FRS102 2022-04-01 2023-03-31 07571775 c:Audited 2022-04-01 2023-03-31 07571775 c:FullAccounts 2022-04-01 2023-03-31 07571775 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07571775 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07571775










HOULTS ENTERPRISES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
HOULTS ENTERPRISES LIMITED
REGISTERED NUMBER: 07571775

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,146
41,349

Investment property
 5 
1,458,300
1,458,300

  
1,491,446
1,499,649

Current assets
  

Debtors: amounts falling due within one year
 6 
38,505
44,429

Cash at bank and in hand
 7 
1,443,662
1,432,187

  
1,482,167
1,476,616

Creditors: amounts falling due within one year
 8 
(117,788)
(189,842)

Net current assets
  
 
 
1,364,379
 
 
1,286,774

Total assets less current liabilities
  
2,855,825
2,786,423

Provisions for liabilities
  

Deferred tax
  
(155,277)
(155,277)

  
 
 
(155,277)
 
 
(155,277)

Net assets
  
2,700,548
2,631,146


Capital and reserves
  

Called up share capital 
 9 
1,800
1,800

Capital redemption reserve
  
500
500

Other reserves
  
619,548
619,548

Profit and loss account
  
2,078,700
2,009,298

  
2,700,548
2,631,146


Page 1

 
HOULTS ENTERPRISES LIMITED
REGISTERED NUMBER: 07571775
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 comprehensive income 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 on 2 November 2023.




A K Hoult
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
HOULTS ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2021
1,800
500
619,548
1,937,777
2,559,625



Profit for the year
-
-
-
161,521
161,521

Dividends: Equity capital
-
-
-
(90,000)
(90,000)



At 1 April 2022
1,800
500
619,548
2,009,298
2,631,146



Profit for the year
-
-
-
114,402
114,402

Dividends: Equity capital
-
-
-
(45,000)
(45,000)


At 31 March 2023
1,800
500
619,548
2,078,700
2,700,548


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hoults Enterprises Limited is a private company limited by shares incorporated in England and Wales. The company's registered office is Maling Exchange, Hoults Yard, Walker Road, Newcastle upon Tyne, NE6 2HL. The company number is 07571775. 

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company had net assets of £2,700,548 as at 31 March 2023.
The Directors have prepared cash flow forecasts covering a period of 14 months from the date of the approval of these financial statements which indicate that, the Company will have sufficient funds to meet its liabilities as they fall due for that period. 
The annual budgets and forecasts take account of the expected changes in the trading performance due to the COVID-19 risk and inherent uncertainty around the impact of the pandemic on the UK society and economy. These budgets and forecasts demonstrate that the Company expects to be able to operate within its current facilities. 
The Directors having assessed the risk to the firm and concluded that it is not significantly exposed and it is well placed to continue to operate and manage the situation.
Consequently, the Directors are confident they will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on the going concern basis.

Page 4

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
5 year straight line basis
Office equipment
-
15 year straight line basis

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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for 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 profit or loss.

Page 5

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 6

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 7

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

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.

 
2.10

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.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

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 8

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

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.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 9

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
194,969
38,845
233,814



At 31 March 2023

194,969
38,845
233,814



Depreciation


At 1 April 2022
184,929
7,536
192,465


Charge for the year on owned assets
5,612
2,591
8,203



At 31 March 2023

190,541
10,127
200,668



Net book value



At 31 March 2023
4,428
28,718
33,146



At 31 March 2022
10,040
31,309
41,349

Page 10

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,458,300



At 31 March 2023
1,458,300




Comprising


Cost
833,329

Annual revaluation surplus/(deficit):


2018
624,971

At 31 March 2023
1,458,300

The 2023 valuations were made by the directors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
32,827
41,276

Called up share capital not paid
1,300
1,300

Prepayments and accrued income
4,378
1,853

38,505
44,429



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,443,662
1,432,187

1,443,662
1,432,187


Page 11

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
14,709
6,135

Corporation tax
26,942
106,525

Other taxation and social security
10,637
8,669

Other creditors
25,387
25,387

Accruals and deferred income
40,113
43,126

117,788
189,842



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5,000 (2022 - 5,000) A Ordinary shares of £0.10 each
500
500

Allotted, called up and partly paid



8,500 (2022 - 8,500) A Ordinary shares of £0.10 each
850
850
4,500 (2022 - 4,500) B Ordinary shares of £0.10 each
450
450

1,300

1,300



10.


Contingent liabilities

The company has given a guarantee in respect of the bank borrowings of Hoults Limited. This guarantee is unlimited and is secured by debenture on all assets of the company and legal charge over the company freehold investment properties.

Page 12

 
HOULTS ENTERPRISES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Related party transactions

The related parties to the company are those entities within the Hoults Holdings Limited group who are under the same common control.
During the year £14,400 (2022 - £14,400) of management charges along with recharged insurance costs of £5,130 (2022 - £7,517) were paid to Hoults Limited.
At the year end there was £1,440 (2022 - £1,440) owed to Hoults Limited included within trade creditors.
During the year dividends were paid to the following company directors'.


2023
2022
£
£

C W Hoult
15,000
30,000
A K Hoult
15,000
30,000
S L Hoult
15,000
30,000
45,000
90,000


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 2 November 2023 by Grahame Maughan (Senior Statutory Auditor) on behalf of Ryecroft Glenton.

 
Page 13