REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
HORSFORD DEVELOPMENT COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
HORSFORD DEVELOPMENT COMPANY LIMITED |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HORSFORD DEVELOPMENT COMPANY LIMITED |
COMPANY INFORMATION |
for the year ended 31 May 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
124 Thorpe Road |
Norwich |
Norfolk |
NR1 1RS |
BANKERS: |
343 Aylsham Road |
Norwich |
NR3 2RU |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
BALANCE SHEET |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
BALANCE SHEET - continued |
31 May 2023 |
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 |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Horsford Development Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in pounds sterling and are rounded to the nearest pound. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
land | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
and 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 1,762,141 |
Cost | 273,983 |
2,036,124 |
The investment property was valued on an open market basis by the Directors. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
HORSFORD DEVELOPMENT COMPANY LIMITED (REGISTERED NUMBER: 00762308) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 May 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | RESERVES |
Included within retained earnings is £1,422,141 of non distributable reserves. |
9. | RELATED PARTY DISCLOSURES |
Other creditors include the following amounts owed to directors and other related parties: |
2023 | 2022 |
£ | £ |
Mrs A M Magnus |
919 |
16,563 |
Mr A P Magnus | 1,207 | 7,983 |
Mr J T Magnus | 768 | - |
During the year, the company entered into transactions with the following companies in which Mrs A M Magnus, Mrs P C Hinchley, Mr A P Magnus and Mr J T Magnus are directors and shareholders: |
a) The company provided services to Hevingham Development Co Ltd at a value of £2,150 (2022 £2,150). Hevingham Development Co Ltd provided building materials and services to the company of £21,383 (2022 £4,208). A total of £100,844 (2022 £113,388) was due from Hevingham Development Co Ltd at the balance sheet date. |
b) The company provided services to G T Morrison Ltd at a market value of £3,200 (2022 £3,200). G T Morrison Ltd provided building materials and services to the company of £2,084 (2022 £7,780). A total of £74,735 (2022 £20,877) was due from G T Morrison Ltd at the balance sheet date. |
c) A total of £46,046 (2022 £47,255) was due to Dog Lane Blockworks Ltd at the balance sheet date. |