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REGISTERED NUMBER: 12096864 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Head Outdoors Ltd

Head Outdoors Ltd (Registered number: 12096864)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Head Outdoors Ltd

Company Information
for the Year Ended 31 December 2023







Directors: H M Jones
D A Jones





Registered office: Geufron Farm
Bryncrug
Tywyn
Gwynedd
LL36 9RW





Registered number: 12096864 (England and Wales)





Accountants: Ellis & Co
Chartered Accountants
114-120 Northgate Street
Chester
CH1 2HT

Head Outdoors Ltd (Registered number: 12096864)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 22,557 25,173
Investment property 5 1,200,000 953,311
1,222,557 978,484

Current assets
Debtors 6 895 840
Cash at bank 36,763 34,193
37,658 35,033
Creditors
Amounts falling due within one year 7 41,544 41,453
Net current liabilities (3,886 ) (6,420 )
Total assets less current liabilities 1,218,671 972,064

Creditors
Amounts falling due after more than
one year

8

(715,527

)

(720,334

)

Provisions for liabilities 9 (130,498 ) (53,451 )
Net assets 372,646 198,279

Capital and reserves
Called up share capital 2 2
Other reserves 10 391,494 210,990
Retained earnings 10 (18,850 ) (12,713 )
372,646 198,279

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Head Outdoors Ltd (Registered number: 12096864)

Statement of Financial Position - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 July 2024 and were signed on its behalf by:





H M Jones - Director


Head Outdoors Ltd (Registered number: 12096864)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

Head Outdoors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures, fittings & equipment - 20% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Head Outdoors Ltd (Registered number: 12096864)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

4. Tangible fixed assets
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
Cost
At 1 January 2023 14,433 29,268 - 43,701
Additions - 260 7,000 7,260
At 31 December 2023 14,433 29,528 7,000 50,961
Depreciation
At 1 January 2023 3,430 15,098 - 18,528
Charge for year 2,886 5,240 1,750 9,876
At 31 December 2023 6,316 20,338 1,750 28,404
Net book value
At 31 December 2023 8,117 9,190 5,250 22,557
At 31 December 2022 11,003 14,170 - 25,173

Head Outdoors Ltd (Registered number: 12096864)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. Investment property
Total
£   
Fair value
At 1 January 2023 953,311
Additions 6,017
Revaluations 240,672
At 31 December 2023 1,200,000
Net book value
At 31 December 2023 1,200,000
At 31 December 2022 953,311

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

6. Debtors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Other debtors 895 840

7. Creditors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 16,000 16,723
Hire purchase contracts 439 4,548
Trade creditors 6,706 54
Taxation and social security 489 726
Other creditors 17,910 19,402
41,544 41,453

£10,000 of the bank borrowings are secured on the company's investment property.

Hire purchase contracts are secured on the underlying assets.

8. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£    £   
Bank loans 404,373 417,791
Hire purchase contracts - 439
Other creditors 311,154 302,104
715,527 720,334

Head Outdoors Ltd (Registered number: 12096864)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. Creditors: amounts falling due after more than one year - continued
31/12/23 31/12/22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans 344,897 358,758

£394,897 of the bank borrowings are secured on the company's investment property.

Hire purchase contracts are secured on the underlying assets.

9. Provisions for liabilities
31/12/23 31/12/22
£    £   
Deferred tax
Other timing differences 130,498 53,451

Deferred
tax
£   
Balance at 1 January 2023 53,451
Charge to Income Statement during year 77,047
Balance at 31 December 2023 130,498

10. Reserves

Under FRS 102 surpluses on the revaluation of investment property are treated as fair value adjustments and are recognised in the statement of income. However under company law, these surpluses are not distributable. In these financial statements, the cumulative revaluation surpluses have been included in other reserves under profit and loss - not distributable. On disposal of an investment property, any revaluation surplus realised on disposal is transferred to distributable reserves.

11. Related party disclosures

The directors have made loans to the company. At 31 December 2023 the balance on these loans was £311,154 (2022 - £302,104).