Company registration number 04924277 (England and Wales)
HONEYVIEW INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
HONEYVIEW INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HONEYVIEW INVESTMENTS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
7,083,943
7,083,943
Current assets
Debtors
4
82,895
95,781
Cash at bank and in hand
9,089
660
91,984
96,441
Creditors: amounts falling due within one year
5
(6,853,017)
(6,766,188)
Net current liabilities
(6,761,033)
(6,669,747)
Total assets less current liabilities
322,910
414,196
Creditors: amounts falling due after more than one year
6
(25,315)
(35,062)
Provisions for liabilities
(511,069)
(511,069)
Net liabilities
(213,474)
(131,935)
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
3,201,589
3,201,589
Distributable profit and loss reserves
(3,415,163)
(3,333,624)
Total equity
(213,474)
(131,935)
The director of the company have elected not to include a copy of the profit and loss account within the financial statements in accordance with section 444 (5A) of the Companies Act 2006. true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HONEYVIEW INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
P L Williams
Director
Company registration No. 04924277
HONEYVIEW INVESTMENTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2021
100
3,201,589
(3,232,636)
(30,947)
Year ended 31 May 2022:
Loss and total comprehensive income
-
-
(100,988)
(100,988)
Balance at 31 May 2022
100
3,201,589
(3,333,624)
(131,935)
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
(81,539)
(81,539)
Balance at 31 May 2023
100
3,201,589
(3,415,163)
(213,474)
HONEYVIEW INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Honeyview Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29-30 Fitzroy Square, London, W1T 6LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
At truethe time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents rental income receivable net of VAT. Revenue is recognised over the length of the lease period.
1.4
Investment property
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HONEYVIEW INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no significant judgements or key sources of estimation.
HONEYVIEW INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
7,083,943
The value of the freehold investment properties is based on a valuation made on an open market basis by the director. No depreciation is provided in respect of these properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
79,116
79,116
Other debtors
3,779
16,665
82,895
95,781
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,527,891
3,527,891
Trade creditors
35,909
7,279
Taxation and social security
7,900
1,628
Other creditors
3,281,317
3,229,390
6,853,017
6,766,188
The bank loans detailed above are secured by way of a personal guarantee provided by the director and a fixed and floating charge over all property and assets present and future including goodwill and debtors. The loans are repayable on demand.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,315
35,062
In 2021, the company was advanced a loan totalling £50,000 under the government backed Bounce Back Loan (BBL) scheme. Interest and arrangement fees on this loan is paid by the government for the first 12 months, with an annual interest rate of 2.5%. The directors consider the interest rate on this loan to be at market rate and as such have not recognised the immaterial impact of discounting the loans to present value.
HONEYVIEW INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
7
Related party transactions
During the year, the company incurred management charges of £16,666 (2022: £151,609) from Williams Group UK Properties Limited.
At the balance sheet date, the company was owed £79,116 (2022: £79,116) from Harding Estates (East Anglia) Limited.
At the balance sheet date, the company owed £1,352,203 (2022: £294,865) to Williams Group UK Properties Limited, £4,053 (2022: £4,053) to Williams Management Services Limited, £66,150 (2022: £50,000) to Gregson Estate (Southport) Limited and £nil (2022: £2,340,801) to Braintree Leisure Limited and £1,346,188 (2022: £Nil) to Begin Braintree Ltd.
All of these entities are under the control of P L Williams.