Company registration number 13230543 (England and Wales)
Hollins Homes (Galgates) Limited
Unaudited financial statements
For the year ended 30 April 2023
Hollins Homes (Galgates) Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
Hollins Homes (Galgates) Limited
Balance sheet
As at 30 April 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
6,283,227
2,547,442
Debtors
3
111,212
57,511
Cash at bank and in hand
701,517
702,908
7,095,956
3,307,861
Creditors: amounts falling due within one year
4
(7,412,196)
(3,485,837)
Net current liabilities
(316,240)
(177,976)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(316,241)
(177,977)
Total equity
(316,240)
(177,976)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 28 March 2024 and are signed on its behalf by:
Mr S L Goodman
Director
Company registration number 13230543 (England and Wales)
Hollins Homes (Galgates) Limited
Statement of changes in equity
For the year ended 30 April 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 26 February 2021
-
Period ended 30 April 2022:
Loss and total comprehensive income
-
(177,977)
(177,977)
Issue of share capital
5
1
-
1
Balance at 30 April 2022
1
(177,977)
(177,976)
Year ended 30 April 2023:
Loss and total comprehensive income
-
(138,264)
(138,264)
Balance at 30 April 2023
1
(316,241)
(316,240)
HOLLINS HOMES (GALGATES) LIMITED
Hollins Homes (Galgates) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Hollins Homes (Galgates) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 4, 1 King Street, M2 6AW, Manchester.
1.1
Reporting period
The company was incorporated on 26 February 2021. The comparative figures are for the period from incorporation to 30 April 2022.
1.2
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.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
HOLLINS HOMES (GALGATES) LIMITED
Hollins Homes (Galgates) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,600
Other debtors
8,705
57,511
12,305
57,511
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
98,907
Total debtors
111,212
57,511
HOLLINS HOMES (GALGATES) LIMITED
Hollins Homes (Galgates) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,795,351
847,557
Other borrowings
2,638,000
2,638,000
Other creditors
923,296
280
Accruals and deferred income
55,549
7,412,196
3,485,837
Bank loans are secured on the assets of the company and are repayable within one year.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
1
1
1
1
Ordinary share capital remains unpaid at the year end.
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2023
2022
£
£
Entities with control, joint control or significant influence over the company
3,735,785
Other related parties
-
2,400,000
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,435,546
2,638,280
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
56,310
HOLLINS HOMES (GALGATES) LIMITED
Hollins Homes (Galgates) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
7
Parent company
The company is owned by Hollins Homes RGI Limited, a company incorporated in England and Wales.