Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10017248 2022-03-01 2023-02-28 10017248 2021-03-01 2022-02-28 10017248 2023-02-28 10017248 2022-02-28 10017248 2021-03-01 10017248 c:Director1 2022-03-01 2023-02-28 10017248 d:MotorVehicles 2022-03-01 2023-02-28 10017248 d:FurnitureFittings 2022-03-01 2023-02-28 10017248 d:OfficeEquipment 2022-03-01 2023-02-28 10017248 d:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 10017248 d:OtherPropertyPlantEquipment 2023-02-28 10017248 d:OtherPropertyPlantEquipment 2022-02-28 10017248 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10017248 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 10017248 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 10017248 d:FreeholdInvestmentProperty 2023-02-28 10017248 d:FreeholdInvestmentProperty 2022-02-28 10017248 d:CurrentFinancialInstruments 2023-02-28 10017248 d:CurrentFinancialInstruments 2022-02-28 10017248 d:Non-currentFinancialInstruments 2023-02-28 10017248 d:Non-currentFinancialInstruments 2022-02-28 10017248 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10017248 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10017248 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10017248 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10017248 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 10017248 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 10017248 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10017248 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 10017248 d:ShareCapital 2023-02-28 10017248 d:ShareCapital 2022-02-28 10017248 d:RetainedEarningsAccumulatedLosses 2023-02-28 10017248 d:RetainedEarningsAccumulatedLosses 2022-02-28 10017248 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10017248 c:OrdinaryShareClass1 2023-02-28 10017248 c:OrdinaryShareClass1 2022-02-28 10017248 c:FRS102 2022-03-01 2023-02-28 10017248 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10017248 c:FullAccounts 2022-03-01 2023-02-28 10017248 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10017248 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 10017248 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 10017248 d:HirePurchaseContracts d:MoreThanFiveYears 2023-02-28 10017248 d:HirePurchaseContracts d:MoreThanFiveYears 2022-02-28 10017248 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 10017248 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 10017248 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 10017248 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 10017248 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 10017248 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 10017248 d:RetirementBenefitObligationsDeferredTax 2023-02-28 10017248 d:RetirementBenefitObligationsDeferredTax 2022-02-28 10017248 d:OtherDeferredTax 2023-02-28 10017248 d:OtherDeferredTax 2022-02-28 10017248 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 10017248 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-02-28 10017248 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-02-28 10017248 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-02-28 10017248 d:LeasedAssetsHeldAsLessee 2023-02-28 10017248 d:LeasedAssetsHeldAsLessee 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10017248









HH NORFOLK LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
HH NORFOLK LTD
REGISTERED NUMBER: 10017248

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
245,048
211,834

Investment property
 5 
3,355,583
3,350,000

  
3,600,631
3,561,834

Current assets
  

Stocks
  
12,690
11,535

Debtors: amounts falling due within one year
 6 
762,338
85,197

Cash at bank
  
132,318
174,258

  
907,346
270,990

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(1,444,565)
(1,302,737)

Net current liabilities
  
 
 
(537,219)
 
 
(1,031,747)

Total assets less current liabilities
  
3,063,412
2,530,087

Creditors: amounts falling due after more than one year
 8 
(1,659,909)
(1,217,123)

Provisions for liabilities
  

Deferred tax
 11 
(247,878)
(229,338)

Net assets
  
1,155,625
1,083,626


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
1,155,624
1,083,625

  
1,155,625
1,083,626


Page 1

 
HH NORFOLK LTD
REGISTERED NUMBER: 10017248

BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 income and retained earnings 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 by: 






Mr R T Lee
Director

Date: 23 November 2023

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

HH Norfolk Ltd is a private Company limited by shares, incorporated in England within the United Kingdom. The address of the registered office is 6 High Street, Ely, Cambridgeshire, CB7 4JU. The Company is not part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
15% reducing balance

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.

 
2.4

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
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.

Page 4

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.7

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.

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

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.

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.

 
2.8

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.

Page 5

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Government grants

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.

 
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

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

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 corporation 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 average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 March 2022
316,850


Additions
83,659



At 28 February 2023

400,509



Depreciation


At 1 March 2022
105,016


Charge for the year on owned assets
34,013


Charge for the year on financed assets
16,432



At 28 February 2023

155,461



Net book value



At 28 February 2023
245,048



At 28 February 2022
211,834

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
37,133
49,511

Furniture, fittings and equipment
22,973
27,027

60,106
76,538

Page 8

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
3,350,000


Additions at cost
5,583



At 28 February 2023
3,355,583


Comprising


Cost
1,900,730

Annual revaluation surplus/(deficit):


2018-2020 revaluation
499,270

2021 revaluation
950,000

2023 legal fees
5,583

At 28 February 2023
3,355,583

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



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,900,730
1,900,730


6.


Debtors

2023
2022
£
£


Trade debtors
41,141
30,566

Other debtors
715,616
29,171

Prepayments
5,581
25,460

762,338
85,197


Page 9

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Other loans
79,756
-

Trade creditors
62,741
29,146

Other taxation and social security
34,214
-

Net obligations under finance lease and hire purchase contracts
17,459
18,209

Other creditors
910,595
822,704

Accruals and deferred income
329,800
422,678

1,444,565
1,302,737



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,667
36,667

Other loans
1,600,244
1,130,000

Net obligations under finance lease and hire purchase contracts
32,998
50,456

1,659,909
1,217,123


Included within creditors are secured debts amounting to £1,730,457 (2022 - £1,198,665) which are secured on the fixed assets to which they relate.

Page 10

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
79,756
-

89,756
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

10,000
10,000

Amounts falling due 2-5 years

Bank loans
16,667
26,667

Other loans
1,600,244
1,130,000

1,616,911
1,156,667


1,716,667
1,176,667



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
17,459
18,209

Between 1-5 years
32,998
45,085

Over 5 years
-
5,371

50,457
68,665

Page 11

 
HH NORFOLK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(229,338)
(255,137)


Charged to profit or loss
(18,540)
25,799



At end of year
(247,878)
(229,338)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(62,794)
(41,007)

Tax losses carried forward
70,029
66,806

Pension surplus
24
-

Property revaluation
(255,137)
(255,137)

(247,878)
(229,338)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



13.


Pension commitments

The Company operates a defined 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 £97 (2022 - £Nil). £226 (2022 - £Nil) were payable to the fund at the balance sheet date and the balance is included in creditors.


14.


Related party transactions

During the year the Company operated a loan with the director of the Company. The amount payable to the director of the Company at the year end was £907,927 (2022 - £820,204). This loan is interest free and repayable on demand.
During the year the Company operated a loan with HH Inn Limited, a company under common control. The amount payable by HH Inn Limited at the year end was £715,616 (2022 - £Nil). This loan is interest free and repayable on demand.

Page 12