Company registration number 05157388 (England and Wales)
LITTON (HELLABY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LITTON (HELLABY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
LITTON (HELLABY) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,930
-
0
Investment property
4
1,000,000
1,029,930
1,031,930
1,029,930
Current assets
Debtors
5
3,191
11,294
Cash at bank and in hand
5,625
11,397
8,816
22,691
Creditors: amounts falling due within one year
6
(44,273)
(70,092)
Net current liabilities
(35,457)
(47,401)
Total assets less current liabilities
996,473
982,529
Creditors: amounts falling due after more than one year
7
(766,400)
(704,850)
Provisions for liabilities
(1,800)
(1,700)
Net assets
228,273
275,979
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
244,316
244,316
Profit and loss reserves
(16,044)
31,662
Total equity
228,273
275,979

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 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.

LITTON (HELLABY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
W M D Twelves
Director
Company registration number 05157388 (England and Wales)
LITTON (HELLABY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Litton (Hellaby) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Offices 5 -7 Lumford Mill, Riverside Business Park, Buxton Road, Bakewell, Derbyshire, DE45 1GS.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet 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.

1.3
Turnover

Turnover represents rent receivable net of VAT

1.4
Tangible fixed assets

Assets in the course of construction are not depreciated.

1.5
Investment properties

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. Changes in fair value are recognised in profit or loss.

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.

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 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.

LITTON (HELLABY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.

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 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.

1.8
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
3
LITTON (HELLABY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 April 2023
-
0
Additions
2,000
Transfer from investment property
29,930
At 31 March 2024
31,930
Carrying amount
At 31 March 2024
31,930
At 31 March 2023
-
0

Assets under construction are not depreciated.

4
Investment property
2024
£
Fair value
At 1 April 2023
1,029,930
Transfers to asset under construction
(29,930)
At 31 March 2024
1,000,000

The valuation of investment properties were made as at 11 October 2022 by Fearnie Greaves Limited, an independent firm of chartered surveyors. The basis of this valuation was open market value. W M D Twelves MRICS, a director of the company has considered the valuation as at 31 March 2024 and concluded that there have been no material changes.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,400
6,537
Other debtors
791
4,757
3,191
11,294
LITTON (HELLABY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,000
20,000
Trade creditors
12,493
16,020
Amounts due to group undertakings
4,508
13,790
Corporation tax
98
3,213
Other taxation and social security
1,158
-
0
Accruals and deferred income
21,016
17,069
44,273
70,092

The bank loan is secured by way of an unlimited guarantee as detailed in note 9 to the financial statements.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
440,000
425,000
Amounts due to group undertakings
326,400
279,850
766,400
704,850

The bank loan is secured by way of an unlimited guarantee as detailed in note 9 to the financial statements.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee to Svenka Handlesbanken AB (publ) in respect of Litton (Parkgate) Limited, Litton (Brunswick Park) Limited, Riverside Business Park Limited, Litton (Greenland Road) Limited and Litton (Archer Road) Limited's bank borrowings. At 31 March 2024 these amounted to £19,341,331 (2023: £17,788,750.)

10
Parent company

The company is a wholly owned subsidiary of Litton Holdings Limited. The ultimate parent company is Scorpio Securities Limited a company incorporated in England & Wales.

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