Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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7,595,905 | 7,869,970 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,726,229 | 1,045,420 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 1,596,642 | 946,170 | ||
Total assets less current liabilities | 9,192,547 | 8,816,140 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Fair value reserve | 8 |
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Profit and loss account | (
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Haynes Developments Limited (registered number:
C M D Haynes
Director |
J H C Haynes
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Haynes Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, United Kingdom. The principal place of business is Haynes Developments Limited, Sparkford, Yeovil, BA22 7LH.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Rental income is recognised at the fair value of the consideration received for the period to which it relates. Rental income received in advance of the period to which it relates is recognised within deferred income in other creditors on the balance sheet.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Vehicles |
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Fixtures and fittings |
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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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 November 2022 |
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Additions |
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Disposals | (
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At 31 October 2023 |
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Accumulated depreciation | |||||
At 01 November 2022 |
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Charge for the financial year |
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Disposals | (
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At 31 October 2023 |
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Net book value | |||||
At 31 October 2023 |
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At 31 October 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2022 |
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Fair value movement | 226,750 |
Disposals | (485,000) |
As at 31 October 2023 |
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Valuation
The investment properties were revalued at 31 October 2023 by the directors on an open market basis. The directors have considered the valuation of all investment properties at the balance sheet date and the conclusion drawn that they remain materially correct.
There has been no valuation of investment property by an independent valuer.
In 2022, within disposals £1,861,505 were transferred at fair value to an entity controlled by the directors of the company. The resultant loan debt within other debtors was then subsequently waived.
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£ | £ | ||
Trade debtors |
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Other debtors |
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During 2022, £2,000,000 of loan debt within other debtors was novated from one to another company controlled by the directors of the company and then subsequently waived.
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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Fair value reserve | |
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At 01 November 2022 |
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Transfer of realised gains on disposal of investment properties | (
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Transfer of deferred tax adjustment on disposal of investment properties |
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Transfer of fair value revaluation from profit & loss |
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Transfer of deferred tax adjustments on fair value adjustments | (
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Total comprehensive income | (
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At 31 October 2023 |
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At 01 November 2021 |
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Transfer of realised gains on disposal of investment properties | (
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Transfer of deferred tax adjustment on disposal of investment properties |
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Transfer of deferred tax adjustment on future corporation tax rate increase | (
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Transfer of fair value revaluation from profit & loss |
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Transfer of deferred tax adjustments on fair value adjustments | (
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Total comprehensive loss | (
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At 31 October 2022 |
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Transactions with the entity's directors
Advances
At 1 November 2022, the balance owed to the director, A C Haynes, was £1,991. During the year, £4,626 was advanced to the director, and £11,081 was repaid by the director. At 31 October 2022, the balance owed to the director, A C Haynes, was £8,446.
At 1 November 2021, the balance owed by the director, A C Haynes, was £55,856. During the year, £42,153 was advanced to the director, and £100,000 was repaid by the director. At 31 October 2022, the balance owed to the director, A C Haynes was £1,991.
Other related party transactions
The company has taken advantage of the exemptions provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.
Its registered office address is Hendford Manor, Hendford, Yeovil, Somerset BA20 1UN.
These financial statements are available upon request from Companies House, Cardiff.