Company registration number 05929369 (England and Wales)
HAZELEY DEVELOPMENTS LIMITED
Financial Statements
For The Year Ended 28 February 2023
Pages For Filing With Registrar
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Balance Sheet
As At 28 February 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,041
2,900
Current assets
Stocks
5
37,734
2,877,275
Debtors
6
195,860
66,123
Cash at bank and in hand
3,495,920
52,871
3,729,514
2,996,269
Creditors: amounts falling due within one year
7
(821,007)
(993,216)
Net current assets
2,908,507
2,003,053
Net assets
2,909,548
2,005,953
Capital and reserves
Called up share capital
12,200
12,200
Share premium account
91,597
91,597
Profit and loss reserves
2,805,751
1,902,156
Total equity
2,909,548
2,005,953
The notes on pages 3 to 7 form part of these financial statements.
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 by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
N A Bream
Director
Company Registration No. 05929369
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Statement Of Changes In Equity
For The Year Ended 28 February 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 March 2021
12,200
91,597
1,743,952
1,847,749
Year ended 28 February 2022:
Profit and total comprehensive income for the year
-
-
158,204
158,204
Balance at 28 February 2022
12,200
91,597
1,902,156
2,005,953
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
903,595
903,595
Balance at 28 February 2023
12,200
91,597
2,805,751
2,909,548
The notes on pages 3 to 7 form part of these financial statements.
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements
For The Year Ended 28 February 2023
- 3 -
1
Accounting policies
Company information
Hazeley Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northfields Farm, Hazeley Road, Twyford, Winchester, Hampshire, England, SO21 1QA.
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. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 28 February 2023 are the first financial statements of Hazeley Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 March 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and rebates.
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of promised good, identified in the contract between the company and the customer.
Revenue from property sales is recognised on the contract completion date or unconditional sale of contracts, whichever is sooner.
Revenue from providing services is recognised in the accounting period in which the services are rendered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2023
1
Accounting policies
(Continued)
- 4 -
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
1.5
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.
1.6
Financial instruments
The company only 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.
Financial assets and financial liabilities are initially measured at fair value.
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
1.7
Taxation
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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Interest income is recognised in profit or loss using the effective interest method.
1.10
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.
1.11
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
The following is the critical judgement that the directors have made in applying the Company's accounting policies that has the most significant effect on the amounts recognised in the financial statements.
Revenue recognition
Income is recognised on legal completion of the sale of a property or unconditional exchange of contracts, whichever is sooner. Deposits are recognised as sales where they are unconditional and non-refundable.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Office equipment
£
Cost
At 1 March 2022
33,924
Disposals
(25,063)
At 28 February 2023
8,861
Depreciation and impairment
At 1 March 2022
31,024
Depreciation charged in the year
1,859
Eliminated in respect of disposals
(25,063)
At 28 February 2023
7,820
Carrying amount
At 28 February 2023
1,041
At 28 February 2022
2,900
5
Stocks
2023
2022
£
£
Development land and property
37,734
2,877,275
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,270
66,123
Other debtors
170,590
195,860
66,123
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
247,953
163,490
Amounts owed to group undertakings
350,000
Corporation tax
212,381
36,856
Other taxation and social security
15,174
3,815
Other creditors
122,189
125,539
Accruals and deferred income
223,310
313,516
821,007
993,216
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Date of signing auditor's report
24 November 2023
Senior Statutory Auditor:
Iain D Morris FCA
Statutory Auditor:
Chavereys Audit Limited
9
Pension commitments
The company operates a define contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,668 (2022- £7,655). Contributions of £743 (2022 - £873) were payable at the balance sheet date.
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2023
- 7 -
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
10,829
21,634
11
Parent company
The company's parent company is Humphrey Farms Limited, a company incorporated in England and Wales. Registered office: Hazeley Road, Twyford, Winchester, Hampshire SO21 1QA.