Registered number
12128576
Heelan Holdings Ltd
Filleted Accounts
31 July 2023
Registered number: 12128576
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 320,000 320,000
Current assets
Debtors 4 2,827 4,517
Cash at bank and in hand 11,189 34,215
14,016 38,732
Creditors: amounts falling due within one year 5 (1,197) (427)
Net current assets 12,819 38,305
Total assets less current liabilities 332,819 358,305
Creditors: amounts falling due after more than one year 6 (295,906) (327,430)
Provisions for liabilities (7,814) (7,814)
Net assets 29,099 23,061
Capital and reserves
Called up share capital 2 2
Revaluation reserve 7 33,310 33,310
Profit and loss account (4,213) (10,251)
Shareholders' funds 29,099 23,061
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A S Heelan
Director
Approved by the board on 22 April 2024
Heelan Holdings Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Listed investments are measured at fair value. Investment properties and unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Investment
property
£
Cost
At 1 August 2022 320,000
At 31 July 2023 320,000
The Investment property has been revalued at fair value based on the Directors knowledge of the local market. No independent valuation has been carried out at this time.
4 Debtors 2023 2022
£ £
Other debtors 2,827 4,517
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 100
Taxation and social security costs 809 -
Other creditors 388 327
1,197 427
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 247,455 247,430
Other creditors 48,451 80,000
295,906 327,430
7 Revaluation reserve 2023 2022
£ £
At 1 August 2022 33,310 -
Gain on revaluation of Investment property - 41,124
Deferred taxation arising on the revaluation of Investment property - (7,814)
At 31 July 2023 33,310 33,310
8 Related party transactions
Included within other creditors is the amount of £20,151 (2022 - £38,000) owed to the directors by the company. This amount is undated, unsecured, interest free and repayable upon demand.
9 Controlling party
The company is under the control of dual directors, Ms A Heelan and Mr D Heelan.
# Other information
Heelan Holdings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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