Company registration number 07154112 (England and Wales)
HOLLY & CASTLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
HOLLY & CASTLE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HOLLY & CASTLE LIMITED
BALANCE SHEET
AS AT
27 FEBRUARY 2023
27 February 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
60,437
60,437
Current assets
Debtors
4
22,753
26,653
Cash at bank and in hand
7,123
4,124
29,876
30,777
Creditors: amounts falling due within one year
5
(4,879)
(4,350)
Net current assets
24,997
26,427
Total assets less current liabilities
85,434
86,864
Creditors: amounts falling due after more than one year
6
(86,245)
(86,245)
Net (liabilities)/assets
(811)
619
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(812)
618
Total equity
(811)
619

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 24 November 2023
Mr A M Holly
Director
Company registration number 07154112 (England and Wales)
HOLLY & CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Holly & Castle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 36, Lomeshaye Business Village, Nelson, Lancashire, BB9 7DR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company finances its operations by means of a bank loan facility. The director is not aware of any reason why this facility will not be maintained at its current level. As a result, the director has continued to adopt the going concern basis in preparing the financial statements.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

HOLLY & CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 28 February 2022 as restated
60,437
At 27 February 2023
60,437

The investment property is included in the financial statements at historic cost. The director believes

that the market value of the investment property at the balance sheet date is not materially different from its cost.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
22,753
26,653
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
170
241
Other creditors
4,709
4,109
4,879
4,350
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
86,245
86,245

Bank borrowings are secured by way of a fixed legal charge over the investment property, together with a floating charge over the remaining assets of the company.

HOLLY & CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 4 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
86,245
86,245
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 28 Feb 2022
£
£
£
Fixed assets
Tangible assets
51,974
(51,974)
-
0
Investment properties
-
60,437
60,437
Net assets
(7,844)
8,463
619
Capital and reserves
Profit and loss reserves
(7,845)
8,463
618
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 28 February 2022
£
£
£
Administrative expenses
(3,009)
1,209
(1,800)
Loss for the financial period
(3,683)
1,209
(2,474)

The prior period adjustment represents the correction of investment properties incorrectly treated in prior financial statements.

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