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Registered number: 03980119
Headcorn Investments Ltd
Unaudited Financial Statements
For The Year Ended 30 March 2024
Behegan Lynes
Accountancy & Taxation Advisers
Bank Chambers
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03980119
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 783 466
Investment Properties 5 581,796 581,796
Investments 6 1 1
582,580 582,263
CURRENT ASSETS
Debtors 7 557 567
Cash at bank and in hand 4,724 6,620
5,281 7,187
Creditors: Amounts Falling Due Within One Year 8 (107,913 ) (104,895 )
NET CURRENT ASSETS (LIABILITIES) (102,632 ) (97,708 )
TOTAL ASSETS LESS CURRENT LIABILITIES 479,948 484,555
PROVISIONS FOR LIABILITIES
Deferred Taxation (29,594 ) (22,319 )
NET ASSETS 450,354 462,236
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 202,622 202,622
Income Statement 247,632 259,514
SHAREHOLDERS' FUNDS 450,354 462,236
Page 1
Page 2
For the year ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Ms A Alexander
Director
31 July 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Headcorn Investments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03980119 . The registered office is Bank Chambers Brook Street, Bishops Waltham, Southampton, Hampshire, SO32 1AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on cost
2.3. Investment Properties
The company's properties are held for long term investment are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement. Deferred tax is provided on these changes at the rate expected to apply when the property is sold.
2.4. Financial Instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debtors
Short term debtors are measured at transaction price, less any impairment.
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.
Creditors
Short term creditors are measured at the transaction price.
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Page 4
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6.
Employee benefits
Short term employee benefits, including holiday pay and other similar non monetary benefits, are recognised as an expense in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 31 March 2023 402 5,604 3,608 9,614
Additions - 579 - 579
As at 30 March 2024 402 6,183 3,608 10,193
...CONTINUED
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Page 5
Depreciation
As at 31 March 2023 401 5,139 3,608 9,148
Provided during the period 1 261 - 262
As at 30 March 2024 402 5,400 3,608 9,410
Net Book Value
As at 30 March 2024 - 783 - 783
As at 31 March 2023 1 465 - 466
5. Investment Property
2024
£
Fair Value
As at 31 March 2023 and 30 March 2024 581,796
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 356,796 356,796
6. Investments
Unlisted
£
Cost
As at 31 March 2023 1
As at 30 March 2024 1
Provision
As at 31 March 2023 -
As at 30 March 2024 -
Net Book Value
As at 30 March 2024 1
As at 31 March 2023 1
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 557 567
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Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 1
Other creditors 104,919 101,977
Taxation and social security 2,993 2,917
107,913 104,895
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1 each 100 100
10. Reserves
Revaluation Reserve
£
As at 31 March 2023 202,622
As at 30 March 2024 202,622
Page 6