Holemoor Properties Limited 03319591 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 03319591 2022-08-01 2023-07-31 03319591 2023-07-31 03319591 bus:Original 2023-07-31 03319591 core:CurrentFinancialInstruments 2023-07-31 03319591 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03319591 core:FurnitureFittings 2023-07-31 03319591 1 2023-07-31 03319591 bus:SmallEntities 2022-08-01 2023-07-31 03319591 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03319591 bus:FullAccounts 2022-08-01 2023-07-31 03319591 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03319591 bus:RegisteredOffice 2022-08-01 2023-07-31 03319591 bus:Director2 2022-08-01 2023-07-31 03319591 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03319591 core:RevaluationReserve core:LandBuildings 2022-08-01 2023-07-31 03319591 core:FurnitureFittings 2022-08-01 2023-07-31 03319591 core:LandBuildings 2022-08-01 2023-07-31 03319591 countries:EnglandWales 2022-08-01 2023-07-31 03319591 1 2022-08-01 2023-07-31 03319591 2022-07-31 03319591 core:FurnitureFittings 2022-07-31 03319591 1 2022-07-31 03319591 2021-08-01 2022-07-31 03319591 2022-07-31 03319591 core:CurrentFinancialInstruments 2022-07-31 03319591 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03319591 core:FurnitureFittings 2022-07-31 03319591 1 2022-07-31 03319591 core:RevaluationReserve core:LandBuildings 2021-08-01 2022-07-31 03319591 core:LandBuildings 2021-08-01 2022-07-31 03319591 1 2021-08-01 2022-07-31 03319591 1 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 03319591

Holemoor Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Holemoor Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Holemoor Properties Limited

(Registration number: 03319591)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,106

4,141

Investment property

5

1,242,237

1,045,000

 

1,245,343

1,049,141

Current assets

 

Debtors

6

924,111

899,186

Cash at bank and in hand

 

45,601

542,340

 

969,712

1,441,526

Creditors: Amounts falling due within one year

7

(223,696)

(212,408)

Net current assets

 

746,016

1,229,118

Total assets less current liabilities

 

1,991,359

2,278,259

Provisions for liabilities

(589)

(786)

Net assets

 

1,990,770

2,277,473

Capital and reserves

 

Called up share capital

154,646

154,646

Share premium reserve

292,155

292,155

Revaluation reserve

(579,562)

(299,562)

Profit and loss account

2,123,531

2,130,234

Shareholders' funds

 

1,990,770

2,277,473

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

 

Holemoor Properties Limited

(Registration number: 03319591)
Statement of Financial Position as at 31 July 2023 (continued)


R P Blackburn
Director

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is property investment.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fixtures and equipment

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past
event, it is probable that the entity will be required to transfer economic benefits in settlement and the
amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the
statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at
the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the
current best estimate of the amount that would be required to settle the obligation. Any adjustments to
the amounts previously recognised are recognised in profit and loss unless the provision was
originally recognised as part of the cost of an asset. When a provision is measured at the present
value of the amount expected to be required to settle the obligation, the unwinding of the discount is
recognised as a finance cost in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2022

21,168

21,168

At 31 July 2023

21,168

21,168

Depreciation

At 1 August 2022

17,027

17,027

Charge for the year

1,035

1,035

At 31 July 2023

18,062

18,062

Carrying amount

At 31 July 2023

3,106

3,106

At 31 July 2022

4,141

4,141

5

Investment properties

2023
£

At 1 August

1,045,000

Additions

477,237

Fair value adjustments

(280,000)

At 31 July

1,242,237

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

4,710

-

Other debtors

915,652

896,238

Prepayments

3,749

2,948

924,111

899,186

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

3,316

1,882

Accruals and deferred income

10,616

10,163

Other creditors

209,764

200,363

223,696

212,408

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(280,000)

(280,000)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(299,562)

(299,562)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Holemoor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director 1 - unsecured loan, interest free, repayable on demand

(200,363)

17,529

(26,930)

(209,764)

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Director 1 - unsecured loan, interest free, repayable on demand

(4,371)

16,043

(212,035)

(200,363)