IRIS Accounts Production v23.3.1.45 00762308 Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh007623082022-05-31007623082023-05-31007623082022-06-012023-05-31007623082021-05-31007623082021-06-012022-05-31007623082022-05-3100762308ns10:Originalns15:EnglandWales2022-06-012023-05-3100762308ns14:PoundSterlingns10:Original2022-06-012023-05-3100762308ns10:Originalns10:Director12022-06-012023-05-3100762308ns10:Original2022-06-012023-05-3100762308ns10:Original2023-05-3100762308ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3100762308ns10:Originalns10:SmallEntities2022-06-012023-05-3100762308ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3100762308ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3100762308ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3100762308ns10:Originalns10:FullAccounts2022-06-012023-05-3100762308ns10:Originalns10:Director22022-06-012023-05-3100762308ns10:Originalns10:Director32022-06-012023-05-3100762308ns10:Originalns10:Director42022-06-012023-05-3100762308ns10:CompanySecretary1ns10:Original2022-06-012023-05-3100762308ns10:Originalns10:RegisteredOffice2022-06-012023-05-3100762308ns10:Original2022-05-3100762308ns10:Originalns5:CurrentFinancialInstruments2023-05-3100762308ns10:Originalns5:CurrentFinancialInstruments2022-05-3100762308ns5:ShareCapitalns10:Original2023-05-3100762308ns5:ShareCapitalns10:Original2022-05-3100762308ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3100762308ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3100762308ns10:Originalns5:PlantMachinery2022-06-012023-05-3100762308ns10:Original2021-06-012022-05-3100762308ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-05-3100762308ns10:Originalns5:PlantMachinery2022-05-3100762308ns10:Original2022-05-3100762308ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-06-012023-05-3100762308ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-3100762308ns10:Originalns5:PlantMachinery2023-05-3100762308ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-05-3100762308ns10:Originalns5:PlantMachinery2022-05-3100762308ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3100762308ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-31
REGISTERED NUMBER: 00762308 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

HORSFORD DEVELOPMENT COMPANY LIMITED

HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HORSFORD DEVELOPMENT COMPANY LIMITED

COMPANY INFORMATION
for the year ended 31 May 2023







DIRECTORS: Mrs A M Magnus
Mrs P C Hinchley
Mr A P Magnus
Mr J T Magnus



SECRETARY: Mrs A M Magnus



REGISTERED OFFICE: The Sawmills
The Street
Felthorpe
Norwich
Norfolk
NR10 4AB



REGISTERED NUMBER: 00762308 (England and Wales)



ACCOUNTANTS: Sexty & Co
Chartered Certified Accountants
124 Thorpe Road
Norwich
Norfolk
NR1 1RS



BANKERS: Lloyds Bank Plc
343 Aylsham Road
Norwich
NR3 2RU

HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 129,220 131,042
Investment property 5 2,036,124 2,036,124
2,165,344 2,167,166

CURRENT ASSETS
Debtors 6 247,403 224,395
Cash at bank 12,281 45,129
259,684 269,524
CREDITORS
Amounts falling due within one year 7 117,983 136,128
NET CURRENT ASSETS 141,701 133,396
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,307,045

2,300,562

PROVISIONS FOR LIABILITIES 342,100 260,500
NET ASSETS 1,964,945 2,040,062

CAPITAL AND RESERVES
Called up share capital 30,000 30,000
Retained earnings 8 1,934,945 2,010,062
SHAREHOLDERS' FUNDS 1,964,945 2,040,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)

BALANCE SHEET - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2024 and were signed on its behalf by:





Mr J T Magnus - Director


HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Horsford Development Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in pounds sterling and are rounded to the nearest pound.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment - 10% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant and
land equipment Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 118,171 36,912 155,083
DEPRECIATION
At 1 June 2022 - 24,041 24,041
Charge for year - 1,822 1,822
At 31 May 2023 - 25,863 25,863
NET BOOK VALUE
At 31 May 2023 118,171 11,049 129,220
At 31 May 2022 118,171 12,871 131,042

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 2,036,124
NET BOOK VALUE
At 31 May 2023 2,036,124
At 31 May 2022 2,036,124

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 1,762,141
Cost 273,983
2,036,124

The investment property was valued on an open market basis by the Directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,383 6,383
Other debtors 241,020 218,012
247,403 224,395

HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 61,996 42,497
Taxation and social security 3,400 16,782
Other creditors 52,587 76,849
117,983 136,128

8. RESERVES

Included within retained earnings is £1,422,141 of non distributable reserves.

9. RELATED PARTY DISCLOSURES

Other creditors include the following amounts owed to directors and other related parties:

2023 2022
£    £   

Mrs A M Magnus

919

16,563
Mr A P Magnus 1,207 7,983
Mr J T Magnus 768 -

During the year, the company entered into transactions with the following companies in which Mrs A M Magnus, Mrs P C Hinchley, Mr A P Magnus and Mr J T Magnus are directors and shareholders:

a) The company provided services to Hevingham Development Co Ltd at a value of £2,150 (2022 £2,150). Hevingham Development Co Ltd provided building materials and services to the company of £21,383 (2022 £4,208). A total of £100,844 (2022 £113,388) was due from Hevingham Development Co Ltd at the balance sheet date.

b) The company provided services to G T Morrison Ltd at a market value of £3,200 (2022 £3,200). G T Morrison Ltd provided building materials and services to the company of £2,084 (2022 £7,780). A total of £74,735 (2022 £20,877) was due from G T Morrison Ltd at the balance sheet date.

c) A total of £46,046 (2022 £47,255) was due to Dog Lane Blockworks Ltd at the balance sheet date.