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REGISTERED NUMBER: 02952632 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

HEADON HOMES (PROPERTY) LIMITED

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HEADON HOMES (PROPERTY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2022







DIRECTORS: Mr F G Kaye
Mrs K M Kaye





REGISTERED OFFICE: Charity Farm
Church Street
East Markham
NEWARK
Nottinghamshire
NG22 0SA





REGISTERED NUMBER: 02952632 (England and Wales)





ACCOUNTANTS: Rigel Wolf Ltd
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

BALANCE SHEET
31 JULY 2022

31.7.22 31.7.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,930 1,996
Investment property 5 1,620,000 1,400,000
1,621,930 1,401,996

CURRENT ASSETS
Debtors 6 200,515 137,441
Cash at bank 405 15,374
200,920 152,815
CREDITORS
Amounts falling due within one year 7 38,536 26,858
NET CURRENT ASSETS 162,384 125,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,784,314

1,527,953

CREDITORS
Amounts falling due after more than one
year

8

603,817

573,927
NET ASSETS 1,180,497 954,026

CAPITAL AND RESERVES
Called up share capital 11 2 2
Revaluation reserve 12 1,181,417 961,417
Retained earnings 12 (922 ) (7,393 )
SHAREHOLDERS' FUNDS 1,180,497 954,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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.

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

BALANCE SHEET - continued
31 JULY 2022


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 15 March 2024 and were signed on its behalf by:





Mr F G Kaye - Director


HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

1. STATUTORY INFORMATION

Headon Homes (Property) 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.

Turnover
Turnover represents the invoiced value of rents receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment properties - not provided
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment- 20% on cost

Investment property
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view.

If this departure from the Act had not been made, the loss for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.


HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2021 1,582 624 2,501 - 4,707
Additions - - - 499 499
At 31 July 2022 1,582 624 2,501 499 5,206
DEPRECIATION
At 1 August 2021 1,270 347 1,094 - 2,711
Charge for year 46 42 352 125 565
At 31 July 2022 1,316 389 1,446 125 3,276
NET BOOK VALUE
At 31 July 2022 266 235 1,055 374 1,930
At 31 July 2021 312 277 1,407 - 1,996

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2021 1,400,000
Revaluations 220,000
At 31 July 2022 1,620,000
NET BOOK VALUE
At 31 July 2022 1,620,000
At 31 July 2021 1,400,000

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022

5. INVESTMENT PROPERTY - continued

Fair value at 31 July 2022 is represented by:
£   
Valuation in 2007 666,435
Valuation in 2008 100,000
Valuation in 2011 (117,618 )
Valuation in 2012 (27,400 )
Valuation in 2013 15,000
Valuation in 2014 25,000
Valuation in 2016 70,000
Valuation in 2018 30,000
Valuation in 2020 200,000
Valuation in 2022 220,000
Cost 438,583
1,620,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.7.22 31.7.21
£    £   
Cost 438,583 438,583

The investment properties were valued on an open market basis on 31 July 2022 by the directors .

The revaluation of the investment properties does not constitute a timing difference. At current market value stated above, the potential liability to tax in event of disposal is estimated at £224,469.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£    £   
Directors' current accounts 152,338 100,273
Tax 48,152 36,987
Prepayments and accrued income 25 181
200,515 137,441

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£    £   
Bank loans and overdrafts 19,209 18,625
Trade creditors 75 4,120
Tax 17,572 2,434
Accruals and deferred income 1,680 1,679
38,536 26,858

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.22 31.7.21
£    £   
Bank loans - 1-2 years 8,074 9,208
Bank loans - 2-5 years 5,500 13,824
Bank loans more 5 yrs non-inst 590,243 550,895
603,817 573,927

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 590,243 550,895

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.22 31.7.21
£    £   
Bank loans 623,026 592,552

10. PROVISIONS FOR LIABILITIES
Deferred
tax
£   
Accelerated capital allowances 367
Tax losses (367 )
Balance at 31 July 2022 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.22 31.7.21
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2021 (7,393 ) 961,417 954,024
Profit for the year 6,471 6,471
Surplus/(reduction) in
valuation - 220,000 220,000
At 31 July 2022 (922 ) 1,181,417 1,180,495

HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2022

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021:

31.7.22 31.7.21
£    £   
Mr F G Kaye
Balance outstanding at start of year 100,273 125,904
Amounts advanced 52,065 32,916
Amounts repaid - (58,547 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 152,338 100,273

Interest has been charged on this loan at a normal commercial rate.

During the year, Mr F G Kaye - a director and 100% shareholder - charged the company £520 (2021 - £312) for use of home as office.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr F G Kaye.