Company registration number 04418299 (England and Wales)
Halcion Holdings Limited
Unaudited financial statements
For the year ended 28 February 2024
Halcion Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Halcion Holdings Limited
Statement of financial position
As at 28 February 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,780,247
1,787,856
Investments
3
1,000
1,000
1,781,247
1,788,856
Current assets
Debtors
4
141,574
159,049
Cash at bank and in hand
206,249
197,017
347,823
356,066
Creditors: amounts falling due within one year
5
(249,409)
(61,588)
Net current assets
98,414
294,478
Total assets less current liabilities
1,879,661
2,083,334
Creditors: amounts falling due after more than one year
6
(103,263)
(546,347)
Net assets
1,776,398
1,536,987
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss reserves
1,775,298
1,535,887
Total equity
1,776,398
1,536,987

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

Halcion Holdings Limited
Statement of financial position (continued)
As at 28 February 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 May 2024 and are signed on its behalf by:
Mr A C Corrie
Director
Company registration number 04418299 (England and Wales)
Halcion Holdings Limited
Notes to the financial statements
For the year ended 28 February 2024
- 3 -
1
Accounting policies
Company information

Halcion Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B, Dalewood Road, Lymedale Business Park, Newcastle under Lyme, Staffordshire, ST5 9QH.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economical benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

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

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

Freehold land and buildings
Land - Nil, Buildings 10% per annum on cost
Fixtures, fittings and equipment
25% per annum on cost

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.

Halcion Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments

Interests in subsidiaries 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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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 statement of financial position 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.

Halcion Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, 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 and loans from fellow group companies, 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.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Halcion Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 6 -
2
Tangible fixed assets
Freehold land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 March 2023
1,841,087
1,936
1,843,023
Disposals
-
0
(1,936)
(1,936)
At 28 February 2024
1,841,087
-
0
1,841,087
Depreciation and impairment
At 1 March 2023
53,231
1,936
55,167
Depreciation charged in the year
7,609
-
0
7,609
Eliminated in respect of disposals
-
0
(1,936)
(1,936)
At 28 February 2024
60,840
-
0
60,840
Carrying amount
At 28 February 2024
1,780,247
-
0
1,780,247
At 28 February 2023
1,787,856
-
0
1,787,856
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
109,422
Other debtors
141,574
49,627
141,574
159,049
Halcion Holdings Limited
Notes to the financial statements (continued)
For the year ended 28 February 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
67,412
36,363
Trade creditors
198
2,729
Amounts owed to group undertakings
149,397
-
0
Taxation and social security
21,528
14,563
Other creditors
10,874
7,933
249,409
61,588

The bank loans are secured by way of fixed and floating charges covering all the company's assets including a negative pledge.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
103,263
546,347

The bank loans are secured by way of fixed and floating charges covering all the company's assets including a negative pledge.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
612,757
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