REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
HEADON HOMES (PROPERTY) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
FOR |
HEADON HOMES (PROPERTY) LIMITED |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HEADON HOMES (PROPERTY) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Orion House |
28A Spital Terrace |
GAINSBOROUGH |
Lincolnshire |
DN21 2HQ |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
BALANCE SHEET |
31 JULY 2022 |
31.7.22 | 31.7.21 |
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 |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 | ( |
) | ( |
) |
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. |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
BALANCE SHEET - continued |
31 JULY 2022 |
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 |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
1. | STATUTORY INFORMATION |
Headon Homes (Property) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced value of rents receivable. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Investment properties | - not provided |
Plant and machinery | - 15% on reducing balance |
Fixtures and fittings | - 15% on reducing balance |
Motor vehicles | - 25% on reducing balance |
Computer equipment | - 20% on cost |
Investment property |
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" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view. |
If this departure from the Act had not been made, the loss for the financial year would have been increased by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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. |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2021 |
Additions |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2021 |
Revaluations | 220,000 |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2022 is represented by: |
£ |
Valuation in 2007 | 666,435 |
Valuation in 2008 | 100,000 |
Valuation in 2011 | (117,618 | ) |
Valuation in 2012 | (27,400 | ) |
Valuation in 2013 | 15,000 |
Valuation in 2014 | 25,000 |
Valuation in 2016 | 70,000 |
Valuation in 2018 | 30,000 |
Valuation in 2020 | 200,000 |
Valuation in 2022 | 220,000 |
Cost | 438,583 |
1,620,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.7.22 | 31.7.21 |
£ | £ |
Cost | 438,583 | 438,583 |
The investment properties were valued on an open market basis on 31 July 2022 by the directors . |
The revaluation of the investment properties does not constitute a timing difference. At current market value stated above, the potential liability to tax in event of disposal is estimated at £224,469. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Directors' current accounts | 152,338 | 100,273 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Accruals and deferred income |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.22 | 31.7.21 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yrs non-inst | 590,243 | 550,895 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.22 | 31.7.21 |
£ | £ |
Bank loans |
10. | PROVISIONS FOR LIABILITIES |
Deferred |
tax |
£ |
Accelerated capital allowances | 367 |
Tax losses | (367 | ) |
Balance at 31 July 2022 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.22 | 31.7.21 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2021 | ( |
) | 954,024 |
Profit for the year |
Surplus/(reduction) in |
valuation | - | 220,000 | 220,000 |
At 31 July 2022 | ( |
) | 1,180,495 |
HEADON HOMES (PROPERTY) LIMITED (REGISTERED NUMBER: 02952632) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2022 and 31 July 2021: |
31.7.22 | 31.7.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest has been charged on this loan at a normal commercial rate. |
During the year, Mr F G Kaye - a director and 100% shareholder - charged the company £520 (2021 - £312) for use of home as office. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |