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Registered number: 12777857









HOUNDSTOOTH INVESTMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
COMPANY INFORMATION


Directors
M C Caffarra 
P B Garvin 




Registered number
12777857



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

United Kingdom

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
HOUNDSTOOTH INVESTMENT LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
HOUNDSTOOTH INVESTMENT LIMITED
REGISTERED NUMBER: 12777857

BALANCE SHEET
AS AT 31 JULY 2023

2023
*Restated 2022
Note
£
£

Fixed assets
  

Investments
 4 
1,970,346
1,977,630

  
1,970,346
1,977,630

Current assets
  

Debtors: amounts falling due after more than one year
 5 
67,119
37,612

Debtors: amounts falling due within one year
 5 
277
69,818

Cash at bank and in hand
 6 
145,570
42,536

  
212,966
149,966

Creditors: amounts falling due within one year
 7 
(2,256,000)
(2,254,141)

Net current liabilities
  
 
 
(2,043,034)
 
 
(2,104,175)

Total assets less current liabilities
  
(72,688)
(126,545)

Provisions for liabilities
  

Deferred tax
  
-
(3,849)

  
 
 
-
 
 
(3,849)

Net liabilities
  
(72,688)
(130,394)


Capital and reserves
  

Called up share capital 
 10 
4
4

Revaluation reserve
 11 
87,578
20,260

Profit and loss account
 11 
(160,270)
(150,658)

  
(72,688)
(130,394)


Page 1

 
HOUNDSTOOTH INVESTMENT LIMITED
REGISTERED NUMBER: 12777857
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M C Caffarra
Director

Date: 29 July 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
HOUNDSTOOTH INVESTMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2021
4
158,414
(176,276)
(17,858)



Loss for the year
-
-
(112,536)
(112,536)

Transfer to/from profit and loss account
-
(138,154)
138,154
-


Total transactions with owners
-
(138,154)
138,154
-



At 1 August 2022
4
20,260
(150,658)
(130,394)



Profit for the year
-
-
57,706
57,706

Transfer to/from profit and loss account
-
67,318
(67,318)
-


Total transactions with owners
-
67,318
(67,318)
-


At 31 July 2023
4
87,578
(160,270)
(72,688)


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Houndstooth Investment Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 12777857. The regitered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, United Kingdom, EC4A 3AQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company expects the continued support of a Director, who has confirmed that they will provide such financial support as is necessary for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing of the financial statements of the company.

  
2.3

Revenue

Revenue is comprised of income received from listed investments, dividends and realised gains and losses arising on the sale of listed investments. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

Page 4

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes
Page 6

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





*Restated Listed investments

£



Valuation


At 1 August 2022
1,977,630


Additions
470,423


Disposals
(545,025)


Revaluations
67,318



At 31 July 2023
1,970,346




The cost of listed investments at 31 July 2023 was £1,882,767 (2022: £1,957,370)


5.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
67,119
37,612


2023
2022
£
£

Due within one year

Other debtors
277
69,818


Page 7

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


Cash and cash equivalents

2023
*Restated 2022
£
£

Cash at bank and in hand
145,570
42,536

Less: bank overdrafts
-
(1)

145,570
42,535



7.


Creditors: Amounts falling due within one year

*Restated
2023
2022
£
£

Bank overdrafts
-
1

Other creditors
2,250,000
2,250,000

Accruals and deferred income
6,000
4,140

2,256,000
2,254,141



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,115,916
2,020,166




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and listed investments. 

Page 8

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Deferred taxation




2023


£






At beginning of year
33,763


Charged to profit or loss
33,356



At end of year
67,119

The deferred tax balance is made up as follows:

2023
2022
£
£


Timing difference
-
(3,849)

Deferred tax on capital losses
17,980
-

Defered tax on losses
49,139
37,612

67,119
33,763

Comprising:

Asset - due after one year
67,119
37,612

Liability
-
(3,849)

67,119
33,763



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) 2A Ordinary shares of £1
2
2
1 (2022 - 1) B1 share of £1
1
1
1 (2022 - 1) B2 share of £1
1
1

4

4


Page 9

 
HOUNDSTOOTH INVESTMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Reserves

Fair value reserve

This fair value reserve arises from the valuation of the listed investments. The movement of the fair value reserves is recognised in the profit and loss account. The prior period reserves have been reclassified for consistency.

Profit and loss account

The profit and loss account represents accumulated result for the year and prior periods less dividends.


12.


Prior year adjustment

During the preparation of the financial statements for the year ended 31 July 2023, it was identified that there was a balance recorded in investments (note 4) which related to cash held (note 6). As such it should have been classified as cash at bank and in hand.  The 2022 comparatives reflect this balance sheet reclassification and there has been no impact to the Profit and Loss account. 
It was also identified that the loan notes held by a director (note 7) which had been classified as due over 1 year should be reclassified as a current liability as they have no fixed date of repayment and should therefore be considered repayable on demand. The 2022 comparatives reflect this balance sheet reclassification and there has been no impact to the Profit and Loss account.
In addition, the Profit and Loss in the comparative year has been adjusted to reflect a reclassification of the loss on disposal of investments (2022 - (£34,128)) and investment income (2022 - £26,215) as turnover. There is no effect on net assets or overall profit for the current year or previous period.

 
Page 10