Silverfin false false 31/10/2023 01/11/2022 31/10/2023 A C Haynes C M D Haynes 17/08/2000 J H C Haynes 01/07/2007 19 February 2024 The principal activity of the Company during the financial year was contract building, property development and rental. 00810705 2023-10-31 00810705 bus:Director2 2023-10-31 00810705 bus:Director3 2023-10-31 00810705 2022-10-31 00810705 core:CurrentFinancialInstruments 2023-10-31 00810705 core:CurrentFinancialInstruments 2022-10-31 00810705 core:ShareCapital 2023-10-31 00810705 core:ShareCapital 2022-10-31 00810705 core:SharePremium 2023-10-31 00810705 core:SharePremium 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31 00810705 core:RetainedEarningsAccumulatedLosses 2023-10-31 00810705 core:RetainedEarningsAccumulatedLosses 2022-10-31 00810705 core:Vehicles 2022-10-31 00810705 core:FurnitureFittings 2022-10-31 00810705 core:Vehicles 2023-10-31 00810705 core:FurnitureFittings 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2021-10-31 00810705 2022-11-01 2023-10-31 00810705 bus:FilletedAccounts 2022-11-01 2023-10-31 00810705 bus:SmallEntities 2022-11-01 2023-10-31 00810705 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 00810705 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00810705 bus:Director1 2022-11-01 2023-10-31 00810705 bus:Director2 2022-11-01 2023-10-31 00810705 bus:Director3 2022-11-01 2023-10-31 00810705 core:Vehicles 2022-11-01 2023-10-31 00810705 core:FurnitureFittings 2022-11-01 2023-10-31 00810705 2021-11-01 2022-10-31 00810705 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 1 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 3 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 4 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2022-11-01 2023-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 1 2021-11-01 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2 2021-11-01 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 3 2021-11-01 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 4 2021-11-01 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 5 2021-11-01 2022-10-31 00810705 core:FurtherSpecificReserve1ComponentTotalEquity 2021-11-01 2022-10-31 00810705 1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 00810705 (England and Wales)

HAYNES DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

HAYNES DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

HAYNES DEVELOPMENTS LIMITED

BALANCE SHEET

As at 31 October 2023
HAYNES DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 44,155 59,970
Investment property 4 7,551,750 7,810,000
7,595,905 7,869,970
Current assets
Debtors 5 1,645,233 629,399
Cash at bank and in hand 80,996 416,021
1,726,229 1,045,420
Creditors: amounts falling due within one year 6 ( 129,587) ( 99,250)
Net current assets 1,596,642 946,170
Total assets less current liabilities 9,192,547 8,816,140
Provision for liabilities 7 ( 1,371,518) ( 1,381,850)
Net assets 7,821,029 7,434,290
Capital and reserves
Called-up share capital 260 260
Share premium account 3,338,525 3,338,525
Fair value reserve 8 5,243,307 5,377,609
Profit and loss account ( 761,063 ) ( 1,282,104 )
Total shareholder's funds 7,821,029 7,434,290

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Haynes Developments Limited (registered number: 00810705) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

C M D Haynes
Director
J H C Haynes
Director
HAYNES DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
HAYNES DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Haynes Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom. The principal place of business is Haynes Developments Limited, Sparkford, Yeovil, BA22 7LH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Rental income is recognised at the fair value of the consideration received for the period to which it relates. Rental income received in advance of the period to which it relates is recognised within deferred income in other creditors on the balance sheet.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 November 2022 87,948 152,987 240,935
Additions 0 1,136 1,136
Disposals ( 15,852) ( 15,053) ( 30,905)
At 31 October 2023 72,096 139,070 211,166
Accumulated depreciation
At 01 November 2022 50,787 130,178 180,965
Charge for the financial year 9,290 5,986 15,276
Disposals ( 15,786) ( 13,444) ( 29,230)
At 31 October 2023 44,291 122,720 167,011
Net book value
At 31 October 2023 27,805 16,350 44,155
At 31 October 2022 37,161 22,809 59,970

4. Investment property

Investment property
£
Valuation
As at 01 November 2022 7,810,000
Fair value movement 226,750
Disposals (485,000)
As at 31 October 2023 7,551,750

Valuation

The investment properties were revalued at 31 October 2023 by the directors on an open market basis. The directors have considered the valuation of all investment properties at the balance sheet date and the conclusion drawn that they remain materially correct.

There has been no valuation of investment property by an independent valuer.

In 2022, within disposals £1,861,505 were transferred at fair value to an entity controlled by the directors of the company. The resultant loan debt within other debtors was then subsequently waived.

5. Debtors

2023 2022
£ £
Trade debtors 3,561 8,401
Other debtors 1,641,672 620,998
1,645,233 629,399

Within other debtors are loans receivable of £1,627,385 (2022 - £605,187) which are repayable on demand and interest free, and relate to companies controlled by the directors of the company.

During 2022, £2,000,000 of loan debt within other debtors was novated from one to another company controlled by the directors of the company and then subsequently waived.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 15,448 16,752
Amounts owed to directors 21,503 9,911
Accruals and deferred income 14,369 18,008
Corporation tax 52,658 30,841
Other taxation and social security 10,485 9,248
Other creditors 15,124 14,490
129,587 99,250

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 1,371,518 1,381,850

8. Changes in equity

Fair value reserve
£
At 01 November 2022 5,377,609
Transfer of realised gains on disposal of investment properties ( 382,123)
Transfer of deferred tax adjustment on disposal of investment properties 77,759
Transfer of fair value revaluation from profit & loss 226,750
Transfer of deferred tax adjustments on fair value adjustments ( 56,688)
Total comprehensive income ( 134,302)
At 31 October 2023 5,243,307
At 01 November 2021 5,614,094
Transfer of realised gains on disposal of investment properties ( 280,154)
Transfer of deferred tax adjustment on disposal of investment properties 35,113
Transfer of deferred tax adjustment on future corporation tax rate increase ( 306,444)
Transfer of fair value revaluation from profit & loss 420,000
Transfer of deferred tax adjustments on fair value adjustments ( 105,000)
Total comprehensive loss ( 236,485)
At 31 October 2022 5,377,609

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors' loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2022, the balance owed to the director, A C Haynes, was £1,991. During the year, £4,626 was advanced to the director, and £11,081 was repaid by the director. At 31 October 2022, the balance owed to the director, A C Haynes, was £8,446.

At 1 November 2021, the balance owed by the director, A C Haynes, was £55,856. During the year, £42,153 was advanced to the director, and £100,000 was repaid by the director. At 31 October 2022, the balance owed to the director, A C Haynes was £1,991.

Other related party transactions

The company has taken advantage of the exemptions provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.

10. Ultimate controlling party

The company's immediate parent is Haynes Developments Holdings Ltd, incorporated in England and Wales.

Its registered office address is Hendford Manor, Hendford, Yeovil, Somerset BA20 1UN.

These financial statements are available upon request from Companies House, Cardiff.