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Company No: 01748586 (England and Wales)

HENCO INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HENCO INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

HENCO INTERNATIONAL LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
HENCO INTERNATIONAL LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
DIRECTORS Mrs M Hibbert
Mr C Hibbert
SECRETARY Mrs M Hibbert
REGISTERED OFFICE Unit 15
Olympic Court
Whitehills Business Park
Blackpool
United Kingdom
COMPANY NUMBER 01748586 (England and Wales)
ACCOUNTANT MHA
Richard House
9 Winckley Square
Preston
Lancashire
PR1 3HP
HENCO INTERNATIONAL LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
HENCO INTERNATIONAL LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,035 2,337
Investment property 4 37,520,058 33,467,124
Investments 5 50 50
37,522,143 33,469,511
Current assets
Debtors 6 1,066,570 1,081,589
Cash at bank and in hand 7 1,977,179 609,290
3,043,749 1,690,879
Creditors: amounts falling due within one year 8 ( 1,937,291) ( 1,330,147)
Net current assets 1,106,458 360,732
Total assets less current liabilities 38,628,601 33,830,243
Creditors: amounts falling due after more than one year 9 ( 9,300,000) ( 9,300,000)
Provision for liabilities 10 ( 3,672,225) ( 2,777,365)
Net assets 25,656,376 21,752,878
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 25,655,376 21,751,878
Total shareholders' funds 25,656,376 21,752,878

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Henco International Limited (registered number: 01748586) were approved and authorised for issue by the Board of Directors on 07 June 2024. They were signed on its behalf by:

Mr C Hibbert
Director
HENCO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
HENCO INTERNATIONAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Henco International Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 15 Olympic Court, Whitehills Business Park, Blackpool, FY4 5GU.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable from rents and service charges net of VAT and is recognised over the period to which the rent or service charge applies.

Employee benefits

Short term 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.

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.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit & loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery 15 % reducing balance
Computer equipment 15 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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 creditors: amounts falling due within one year.

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.

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.

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.

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.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 January 2023 245,561 47,203 292,764
At 31 December 2023 245,561 47,257 292,818
Accumulated depreciation
At 01 January 2023 245,560 44,867 290,427
At 31 December 2023 245,561 45,222 290,783
Net book value
At 31 December 2023 0 2,035 2,035
At 31 December 2022 1 2,336 2,337

4. Investment property

Investment property
£
Valuation
As at 01 January 2023 33,467,124
Fair value movement 3,782,467
As at 31 December 2023 37,520,058

Valuation

The property portfolio was independently valued on 07 December 2023 by Chartered Surveyors who are not connected to the company and these valuations are reflected in the accounts to 31 December 2023.

The directors are satisfied and the value included in the accounts reflects the market value at 31 December 2023.

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 50 50
At 31 December 2023 50 50
Carrying value at 31 December 2023 50 50
Carrying value at 31 December 2022 50 50

6. Debtors

2023 2022
£ £
Trade debtors 479,670 527,094
Other debtors 586,900 554,495
1,066,570 1,081,589

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 1,977,179 609,290

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 137,587 252,606
Taxation and social security 210,950 279,310
Other creditors 1,588,754 798,231
1,937,291 1,330,147

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 9,300,000 9,300,000

The long term loans are secured over the property portfolio held by the company

10. Provision for liabilities

2023 2022
£ £
Deferred tax 3,672,225 2,777,365

12. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.