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Registration number: 08450563

Hector, Lamont, Florence Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hector, Lamont, Florence Associates Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Hector, Lamont, Florence Associates Limited

(Registration number: 08450563)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

2,707

 

-

Investments

6

 

100

 

100

   

2,807

 

100

Current assets

   

 

Debtors

7

2,519,983

 

3,494,272

 

Investments

8

1,043,246

 

853,246

 

Cash at bank and in hand

 

57,800

 

371,431

 

 

3,621,029

 

4,718,949

 

Creditors: Amounts falling due within one year

9

(20,527)

 

(1,111,753)

 

Net current assets

   

3,600,502

 

3,607,196

Total assets less current liabilities

   

3,603,309

 

3,607,296

Provisions for liabilities

 

(14,000)

 

(24,000)

Net assets

   

3,589,309

 

3,583,296

Capital and reserves

   

 

Called up share capital

10

3,550,002

 

3,550,002

 

Profit and loss account

39,307

 

33,294

 

Total equity

   

3,589,309

 

3,583,296

 

Hector, Lamont, Florence Associates Limited

(Registration number: 08450563)
Balance Sheet as at 31 March 2023

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.

Approved and authorised by the Board on 2 October 2023 and signed on its behalf by:
 

.........................................
G A Walker
Director

 

Hector, Lamont, Florence Associates 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:
York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Group accounts not prepared

The company is exempt from preparing group accounts as the group is small.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from listed investments. Turnover is shown net of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity

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 corporation 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.

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.

 

Hector, Lamont, Florence Associates Limited

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

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

Office equipment

20% straight line basis

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Fixed asset investments

Fixed asset investments are stated at historical cost plus share of profits / (losses) to date less provision for any diminution in value.

Current asset investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Hector, Lamont, Florence Associates Limited

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

Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS102 in respect of financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

4

Government grants

During the year the company has received grant income of £Nil (2022: £13,600) in respect of the Coronavirus Job Retention Scheme.

 

Hector, Lamont, Florence Associates Limited

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

5

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

14,372

14,372

Additions

3,383

3,383

At 31 March 2023

17,755

17,755

Depreciation

At 1 April 2022

14,372

14,372

Charge for the year

676

676

At 31 March 2023

15,048

15,048

Carrying amount

At 31 March 2023

2,707

2,707

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 April 2022

100

Carrying amount

At 31 March 2023

100

At 31 March 2022

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Altojosa Limited

York House, Cottingley Business Park, Bradford, BD16 1PE

Ordinary shares

100%

100%

 

Hector, Lamont, Florence Associates Limited

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

7

Debtors

2023
£

2022
£

Amounts owed by group undertakings

1,693,530

2,669,102

Prepayments

-

170

Other debtors

826,453

825,000

2,519,983

3,494,272

8

Current asset investments

2023
£

2022
£

Other investments

1,043,246

853,246

9

Creditors

2023
£

2022
£

Loans and borrowings

14,939

6,978

Trade creditors

1,375

-

Taxation and social security

-

200

Accruals and deferred income

4,113

4,475

Other creditors

100

1,100,100

20,527

1,111,753

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary Shares of £1 each

2

2

2

2

B Ordinary Shares of £1 each

650,000

650,000

650,000

650,000

C Ordinary Shares of £1 each

625,000

625,000

625,000

625,000

D Ordinary Shares of £1 each

625,000

625,000

625,000

625,000

E Ordinary Shares of £1 each

625,000

625,000

625,000

625,000

F Ordinary Shares of £1 each

625,000

625,000

625,000

625,000

G Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

H Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

I Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

J Ordinary Shares of £1 each

100,000

100,000

100,000

100,000

 

3,550,002

3,550,002

3,550,002

3,550,002

 

Hector, Lamont, Florence Associates Limited

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

11

Related party transactions

Transactions with directors

Expenditure with and payables to related parties

2023

£

Interest free directors loan accounts

14,939

2022

£

Interest free directors loan accounts

6,978

12

Financial instruments

Financial assets measured at fair value

Current asset investments
The current asset investments are traded in active markets and the fair value has been determined using relevant open market rates.

The fair value is £1,043,246 (2022 - £853,246) and the change in value included in (profit) or loss is £42,857 (2022 - £51,951).