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REGISTERED NUMBER: 08848862 (England and Wales)









Unaudited Financial Statements

for the Year Ended 30 June 2023

for

HOLLEY HOLLAND LIMITED

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOLLEY HOLLAND LIMITED

Company Information
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M A Holland
A J G Holley
J W McAleenan





REGISTERED OFFICE: 5th Floor Gossard House
7 Savile Row
London
W1S 3PE





REGISTERED NUMBER: 08848862 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Bath House
6 - 8 Bath Street
Bristol
BS1 6HL

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Balance Sheet
30 JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 49,578 65,381
Investments 6 1,464,400 1,364,400
1,513,978 1,429,781

CURRENT ASSETS
Debtors 7 835,432 895,206
Cash at bank 111,627 67,664
947,059 962,870
CREDITORS
Amounts falling due within one year 8 (865,574 ) (611,838 )
NET CURRENT ASSETS 81,485 351,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,595,463

1,780,813

CREDITORS
Amounts falling due after more than one
year

9

(211,111

)

(291,444

)

PROVISIONS FOR LIABILITIES (10,829 ) (11,173 )
NET ASSETS 1,373,523 1,478,196

CAPITAL AND RESERVES
Called up share capital 11 1,500,100 1,500,100
Share option reserve 10 -
Retained earnings (126,587 ) (21,904 )
SHAREHOLDERS' FUNDS 1,373,523 1,478,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Balance Sheet - continued
30 JUNE 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





A J G Holley - Director


HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023


1. COMPANY INFORMATION

Holley Holland 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
At 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.

Preparation of consolidated financial statements
These financial statements contain information about the company as an individual company and do not contain consolidated financial information as the parent of a group.

Significant judgements and estimates
In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The entities' estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer/office equipment - 20% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost, less any permanent impairment in value.

Cash and cash equivalents
Cash and cash equivalents 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.

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

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 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.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 2,000,000
AMORTISATION
At 1 July 2022
and 30 June 2023 2,000,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. TANGIBLE FIXED ASSETS
Computer/office
equipment
£   
COST
At 1 July 2022 194,690
Additions 5,093
Disposals (44,824 )
At 30 June 2023 154,959
DEPRECIATION
At 1 July 2022 129,309
Charge for year 11,824
Eliminated on disposal (35,752 )
At 30 June 2023 105,381
NET BOOK VALUE
At 30 June 2023 49,578
At 30 June 2022 65,381

6. FIXED ASSET INVESTMENTS
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2022 33,152 1,331,248 1,364,400
Additions - 100,000 100,000
At 30 June 2023 33,152 1,431,248 1,464,400
NET BOOK VALUE
At 30 June 2023 33,152 1,431,248 1,464,400
At 30 June 2022 33,152 1,331,248 1,364,400

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 34,280 422,981
Amounts owed by group undertakings 142,312 44,715
Amounts owed by associates 40,473 34,243
Directors' current accounts 313,864 343,864
Tax 88,345 -
VAT 4,268 -
Prepayments and accrued income 211,890 49,403
835,432 895,206

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 80,333 80,333
Trade creditors 422,269 216,916
Tax 227,101 87,907
Social security and other taxes 94,754 74,995
VAT - 52,628
Other creditors 31,334 25,197
Accruals and deferred income 9,783 73,862
865,574 611,838

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 80,333 80,333
Bank loans - 2-5 years 130,778 211,111
211,111 291,444

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 291,444 371,777

The bank loan was secured by a debenture.

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £0.01 100 100
1,500,000 Preference Shares £1 1,500,000 1,500,000
1,500,100 1,500,100

The company operates a share option scheme conditional on continued employment and certain performance criteria. At the year end there were 1,080 shares under option.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
A J G Holley
Balance outstanding at start of year 97,100 53,100
Amounts advanced 202,000 230,000
Amounts repaid (247,000 ) (186,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,100 97,100

M A Holland
Balance outstanding at start of year 246,764 185,364
Amounts advanced 262,000 247,400
Amounts repaid (247,000 ) (186,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 261,764 246,764

No interest has been charged on the advances to the above directors.

13. RELATED PARTY DISCLOSURES

At the year-end, loans repayable from related parties amounted to £4,205 (2022 - £3,847). Interest accrues on the loans per annum.

The company invoiced at a non-market rate in the year to related parties, relating to various expenditure. Total fees of £263,253 (2022 - £249,399) were charged. At the year end, a balance of £200,189 (2022 - £138,653) was due to the company.

HOLLEY HOLLAND LIMITED (REGISTERED NUMBER: 08848862)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023


14. POST BALANCE SHEET EVENTS

In April 2024, an investment of Holley Holland Limited went into administration. At 30 June 2023, the investment had a carrying value of £1,431,248. The financial effect of this non-adjusting event is permanent diminution of the investment value.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J G Holley.