Company Registration No. 05645625 (England and Wales)
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
27 FEBRUARY 2024
27 February 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
COMPANY INFORMATION
Directors
K Baxter
K Helmn
Secretary
K Baxter
Company number
05645625
Registered office
207-209 Duckworth Street
Darwen
Lancashire
BB3 1AU
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
BALANCE SHEET
AS AT
27 FEBRUARY 2024
27 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
860,000
1,381,000
Current assets
Debtors
5
222
222
Cash at bank and in hand
125,946
614,390
126,168
614,612
Creditors: amounts falling due within one year
6
(5,923)
(26,214)
Net current assets
120,245
588,398
Total assets less current liabilities
980,245
1,969,398
Creditors: amounts falling due after more than one year
7
(956,418)
Net assets
980,245
1,012,980
Capital and reserves
Called up share capital
8
2
2
Revaluation reserve
101,521
210,605
Profit and loss reserves
878,722
802,373
Total equity
980,245
1,012,980
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 FEBRUARY 2024
27 February 2024
- 2 -
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 27 February 2024 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 members have 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 8 April 2024 and are signed on its behalf by:
K Baxter
Director
Company Registration No. 05645625
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Hampshire Helmn Estate Agents Limited is a private company limited by shares incorporated in England and Wales. The registered office is 207-209 Duckworth Street, Darwen, Lancashire, BB3 1AU.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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.
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash at bank and in hand
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 current liabilities.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 28 February 2023 and 27 February 2024
32,581
Amortisation and impairment
At 28 February 2023 and 27 February 2024
32,581
Carrying amount
At 27 February 2024
At 27 February 2023
4
Investment property
2024
£
Fair value
At 28 February 2023
1,381,000
Disposals
(506,000)
Revaluations
(15,000)
At 27 February 2024
860,000
The 2024 valuations were made by the director Mr K Baxter, on an open market value for existing use basis.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
222
222
HAMPSHIRE HELMN ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
Trade creditors
2,023
4,145
Corporation tax
13,559
Other creditors
3,900
3,510
5,923
26,214
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
956,418
The creditors due after more than one year are interest only mortgages for properties owned by the company. The mortgages are secured against the properties to which they relate.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Related party transactions
At the balance sheet date an amount of £222 (2023 - £222) was due to the company from a director. The maximum overdrawn amount in the year was £222 (2023 - £11,798).