His Storehouse Limited 09514841 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is a property investment company. Digita Accounts Production Advanced 6.30.9574.0 true true 09514841 2023-02-01 2024-01-31 09514841 2024-01-31 09514841 bus:OrdinaryShareClass1 bus:OtherShareType 2024-01-31 09514841 core:RetainedEarningsAccumulatedLosses 2024-01-31 09514841 core:RevaluationReserve 2024-01-31 09514841 core:ShareCapital 2024-01-31 09514841 core:CurrentFinancialInstruments 2024-01-31 09514841 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 09514841 core:Non-currentFinancialInstruments 2024-01-31 09514841 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 09514841 core:MoreThanFiveYears 1 2024-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-01-31 09514841 bus:SmallEntities 2023-02-01 2024-01-31 09514841 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09514841 bus:FullAccounts 2023-02-01 2024-01-31 09514841 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09514841 bus:RegisteredOffice 2023-02-01 2024-01-31 09514841 bus:Director3 2023-02-01 2024-01-31 09514841 bus:OrdinaryShareClass1 bus:OtherShareType 2023-02-01 2024-01-31 09514841 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-01 2024-01-31 09514841 countries:EnglandWales 2023-02-01 2024-01-31 09514841 2023-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-31 09514841 2022-02-01 2023-01-31 09514841 2023-01-31 09514841 bus:OrdinaryShareClass1 bus:OtherShareType 2023-01-31 09514841 core:RetainedEarningsAccumulatedLosses 2023-01-31 09514841 core:RevaluationReserve 2023-01-31 09514841 core:ShareCapital 2023-01-31 09514841 core:CurrentFinancialInstruments 2023-01-31 09514841 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09514841 core:Non-currentFinancialInstruments 2023-01-31 09514841 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09514841 core:MoreThanFiveYears 1 2023-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-02-01 2023-01-31 09514841 2022-01-31 09514841 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09514841

His Storehouse Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 January 2024

 

His Storehouse Limited

(Registration number: 09514841)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

799,064

575,000

Current assets

 

Debtors

540

540

Cash at bank and in hand

 

9,899

12,807

 

10,439

13,347

Creditors: Amounts falling due within one year

5

(96,111)

(96,011)

Net current liabilities

 

(85,672)

(82,664)

Total assets less current liabilities

 

713,392

492,336

Creditors: Amounts falling due after more than one year

5

(349,297)

(157,058)

Provisions for liabilities

(49,350)

(49,350)

Net assets

 

314,745

285,928

Capital and reserves

 

Called up share capital

6

5

5

Revaluation reserve

148,049

148,049

Retained earnings

166,691

137,874

Shareholders' funds

 

314,745

285,928

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
RS Humphrey
Director

 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 Bootham
YORK
YO30 7XZ

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from rent in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 February

575,000

Additions

224,064

At 31 January

799,064

The fair value of the company's investment properties was revalued in July 2019 by an independent valuer, J H Walter LLP, Chartered Surveyors. The properties were valued on an open market basis. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £601,666 (2023 - £377,602). In the Director's opinion there has been no material change in the market value of the investment properties in the year ended 31 January 2024.

 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

77,100

74,963

Taxation and social security

 

6,759

8,848

Accruals and deferred income

 

954

900

Other creditors

 

11,298

11,300

 

96,111

96,011

Creditors due within one year include borrowings which are secured of £32,400 (2023 - £25,263).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

349,297

157,058

2024
£

2023
£

Due after more than five years

After more than five years by instalments

219,697

56,006

-

-

Creditors due after one year include borrowings which are secured of £393,997 (2023 - £206,758).

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

5

5

5

5

       
 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

349,297

157,058

Current loans and borrowings

2024
£

2023
£

Other borrowings

77,100

74,963

Other borrowings

Other borrowings is denominated in £ with a nominal interest rate of 4.5%, and the final instalment is due on 30 January 2033. The carrying amount at year end is £426,397 (2023 - £232,021).

The asset pledged as security is the investment property known as Hangar 3, by virtue of a fixed charge over all assets.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings of £219,697 (2023 - £56,006) are due to be repaid after five years by monthly instalments at an interest rate of 4.5%.

 

His Storehouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

540

540

At end of period

540

540

2023

Entities with joint control or significant influence
£

Total
£

At start of period

540

540

At end of period

540

540

Terms of loans to related parties

The loan is interest free and repayable on demand.
 

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

15,000

15,000

Repaid

(5,000)

(5,000)

At end of period

10,000

10,000

2023

Entities with joint control or significant influence
£

Total
£

Advanced

15,000

15,000

At end of period

15,000

15,000

Terms of loans from related parties

The loan is interest free and repayable on demand.