2022-04-012023-03-312023-03-31false01645885GREAT HEAD HOUSE ESTATES 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GREAT HEAD HOUSE ESTATES LIMITED

Registered Number
01645885
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

GREAT HEAD HOUSE ESTATES LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

FISHER, Eleanor Mary
WALBY, Michael James

Registered Address

Great Head House
Priory Road
Ulverston
LA12 9RX

Registered Number

01645885 (England and Wales)
GREAT HEAD HOUSE ESTATES LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets61,7572,453
Investment property7524,093524,093
525,850526,546
Current assets
Stocks91,3591,359
Debtors1022,99029,707
Cash at bank and on hand608,402499,183
632,751530,249
Creditors amounts falling due within one year11(402,234)(349,473)
Net current assets (liabilities)230,517180,776
Total assets less current liabilities756,367707,322
Provisions for liabilities12(3,720)(5,520)
Net assets752,647701,802
Capital and reserves
Called up share capital1,100,0001,100,000
Profit and loss account(347,353)(398,198)
Shareholders' funds752,647701,802
The financial statements were approved and authorised for issue by the Board of Directors on 23 November 2023, and are signed on its behalf by:
FISHER, Eleanor Mary
Director
Registered Company No. 01645885
GREAT HEAD HOUSE ESTATES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Principal activities
The principal activity of the company is letting and management of properties.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - 20/25% reducing balance & 10/33.33% on cost
Investment property policy
Investment property is carried at fair value determined annually by the directors 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.
Taxation policy
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 policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
Leases policy
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
5.Employee information

20232022
Average number of employees during the year55
6.Property, plant and equipment

Plant & machinery

Total

££
Cost or valuation
At 01 April 22329,389329,389
At 31 March 23329,389329,389
Depreciation and impairment
At 01 April 22326,936326,936
Charge for year696696
At 31 March 23327,632327,632
Net book value
At 31 March 231,7571,757
At 31 March 222,4532,453
7.Investment property
The 2023 valuations were made by the directors, on an open market value for existing use basis.

£
Fair value at 01 April 22524,093
At 31 March 23524,093
8.Description of nature of transactions and balances with related parties
Included within debtors, is an amount due from Cross Lane Court Limited, a company with common directors and shareholders, of £2,026 (2022 - £1,409). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to Fisher Brothers 1994 Limited, a company with common directors and shareholders, of £115,620 (2022 - £66,915). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to Fisher Brothers 1979 Limited, a company with common directors and shareholders, of £28,820 (2022 - £12,142). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to the director, Mrs E M Fisher, of £51,121 (2022 - £77,672). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to B F Fisher, of £24,055 (2022 - £24,055). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to J S Fisher, of £144,397 (2022 - £125,797). The balance is interest free and repayable on demand. Included within administration expenses is a service charge credit of £116,920 (2022 - £130,100) from Fisher Brothers 1979 Limited and Fisher Brothers 1994 Limited, companies with common directors and shareholders, in respect of recharged costs.
9.Stocks

2023

2022

££
Raw materials and consumables1,3591,359
Total1,3591,359
10.Debtors

2023

2022

££
Trade debtors / trade receivables14,96422,298
Amounts owed by group undertakings2,0261,409
Other debtors4,8004,800
Prepayments and accrued income1,2001,200
Total22,99029,707
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables3,15412,982
Amounts owed to related parties144,44079,058
Taxation and social security27,39422,421
Other creditors222,246230,012
Accrued liabilities and deferred income5,0005,000
Total402,234349,473
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Provisions for liabilities

2023

2022

££
Other provisions3,7205,520
Total3,7205,520