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Registration number: SC689672

Hailes Group Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Hailes Group Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Hailes Group Ltd

Company Information

Directors

A Guy

Ms L L Guy

Registered office

28 Rutland Square
Edinburgh
EH1 2BW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Hailes Group Ltd

(Registration number: SC689672)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

240

240

Current assets

 

Debtors

5

169,970

120

Cash at bank and in hand

 

96,857

266,140

 

266,827

266,260

Creditors: Amounts falling due within one year

(92)

(14)

Net current assets

 

266,735

266,246

Net assets

 

266,975

266,486

Capital and reserves

 

Called up share capital

360

360

Retained earnings

266,615

266,126

Shareholders' funds

 

266,975

266,486

For the financial year ending 29 February 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Ms L L Guy
Director

   
 

Hailes Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
28 Rutland Square
Edinburgh
EH1 2BW

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.

Tax

The tax expense for the period comprises current 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.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Hailes Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investments

2024
£

2023
£

Investments in subsidiaries

240

240

Subsidiaries

£

Cost or valuation

At 1 March 2023

240

Provision

Carrying amount

At 29 February 2024

240

At 28 February 2023

240

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Hailes Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Friisberg & Partners International U.K. Limited

117 Piccadilly, London, England, W1J 7JU

United Kingdom

Ordinary £1

100%

100%

Friisberg & Partners International (Scotland) Limited

28 Rutland Square, Edinburgh, Scotland, EH1 2BW

United Kingdom

Ordinary £1

100%

100%

Subsidiary undertakings

Friisberg & Partners International U.K. Limited

The principal activity of Friisberg & Partners International U.K. Limited is Management consultancy activities other than financial management.

Friisberg & Partners International (Scotland) Limited

The principal activity of Friisberg & Partners International (Scotland) Limited is Management consultancy activities other than financial management.

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

6

169,850

-

Other debtors

 

120

120

   

169,970

120

6

Related party transactions

Summary of transactions with entities with joint control or significant interest


Birchwood Rentals Limited

The directors of the company are also the directors of Birchwood Rentals Limited.

 As at 29 February 2024, the company was owed £169,850 (2023 nil) from Birchwood Rentals Limited. The loan has no repayment terms attached and is interest free.