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Registered number: 01557372









HESMONDHALGH HOMES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HESMONDHALGH HOMES LIMITED
REGISTERED NUMBER: 01557372

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
383
1,167

Investments
 5 
1
1

Investment property
 6 
2,043,807
2,003,156

  
2,044,191
2,004,324

Current assets
  

Debtors: amounts falling due within one year
 7 
10,561
12,951

Cash at bank and in hand
 8 
118,733
71,067

  
129,294
84,018

Creditors: amounts falling due within one year
 9 
(587,970)
(598,483)

Net current liabilities
  
 
 
(458,676)
 
 
(514,465)

Total assets less current liabilities
  
1,585,515
1,489,859

Creditors: amounts falling due after more than one year
 10 
(25,500)
(27,900)

Provisions for liabilities
  

Deferred tax
 12 
(285,721)
(158,149)

Net assets
  
1,274,294
1,303,810


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
 13 
911,945
1,041,431

Profit and loss account
 13 
362,347
262,377

  
1,274,294
1,303,810


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

Page 1

 
HESMONDHALGH HOMES LIMITED
REGISTERED NUMBER: 01557372
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 







................................................
I L G Hesmondhalgh
Director
Date: 23 August 2024

The notes on pages 4 to 14 form part of these financial statements.

Page 2

 
HESMONDHALGH HOMES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
2
1,041,431
264,470
1,305,903


Comprehensive income for the year

Loss for the year
-
-
(2,093)
(2,093)



At 1 April 2023
2
1,041,431
262,377
1,303,810


Comprehensive income for the year

Profit for the year
-
-
99,970
99,970

Deferred tax
-
(129,486)
-
(129,486)


At 31 March 2024
2
911,945
362,347
1,274,294


The notes on pages 4 to 14 form part of these financial statements.

Page 3

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hesmondhalgh Homes Limited is a private limited company incorporated in England and Wales. Its registered office is C/O Hillier Hopkins LLP, 249 Silbury Boulevard, Milton Keynes, Bucks, MK9 1NA.
The principal activity of the Company is that of development of building projects.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rental income 
Rental income represents rental income receivable net of Value Added Tax.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 7

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 8

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 9

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 April 2023
11,237


Disposals
(9,882)



At 31 March 2024

1,355



Depreciation


At 1 April 2023
10,070


Charge for the year on owned assets
452


Disposals
(9,550)



At 31 March 2024

972



Net book value



At 31 March 2024
383



At 31 March 2023
1,167


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024
1




Page 10

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2023
854,945
1,148,211
2,003,156


Additions at cost
25,000
29,999
54,999


Disposals
-
(14,348)
(14,348)



At 31 March 2024
879,945
1,163,862
2,043,807

The 2024 valuations were made by the directors, on an open market value for existing use basis.

Investment properties represent the Company's share of properties held by joint ventures to which it is party.
If stated at historic cost the comparable amounts for these properties would be £830,942 (2023 - £790,291).
The investment properties are made up of the following three properties:
Blenheim Grove - £1,173,211
Trevol Industrial Park - £496,704
9 The Parade - £373,892




7.


Debtors

2024
2023
£
£


Trade debtors
4,202
7,639

Other debtors
513
2,019

Prepayments and accrued income
5,846
3,293

10,561
12,951



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
118,733
71,067


Page 11

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
As restated 2023
£
£

Bank loans
380,958
360,057

Other loans
150,000
150,000

Other taxation and social security
18,355
4,352

Other creditors
2,477
16,368

Accruals and deferred income
36,180
67,706

587,970
598,483


The following liabilities were secured:

2024
As restated 2023
£
£



Other loans
150,000
150,000

Details of security provided:

The bank and other loans are secured on the assets of the Company including those held by the joint venture.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
25,500
27,900


Page 12

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
As restated 2023
£
£

Amounts falling due within one year

Bank loans
380,958
360,057

Other loans
150,000
150,000

Amounts falling due 1-2 years

Bank loans
16,250
11,250

Amounts falling due 2-5 years

Bank loans
9,250
16,650


556,458
537,957



12.


Deferred taxation




2024
2023


£

£






At beginning of year
158,149
159,178


Charged to profit or loss
127,572
(1,029)



At end of year
285,721
158,149

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax losses carried forward
(18,261)
(16,347)

Tax on property revaluation
303,982
174,496

285,721
158,149

Page 13

 
HESMONDHALGH HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Reserves

Revaluation reserve

The revaluation reserve includes the uplift arising from the revaluation of the investment property, net of corporation tax that would arise on disposal.

Profit & loss account


The profit and loss reserve includes all current and prior period retained profits and losses.


14.


Joint ventures

During the year, the Company was involved in a property development joint venture in which it had a 50% interest.
The total net investment of the venture:


2024
2023
£
£



Investment property at valuation
4,087,613
4,006,311

Debtors
13,828
20,672

Cash at bank

107,350
111,918

Total assets
4,208,791
4,131,901


Borrowings
1,079,615
1,027,814

Other creditors

83,748
132,452

Total liabilities
1,163,363
1,160,266


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £459 (2023 - £122). 


16.


Controlling party

The Company is controlled by I L G Hesmondhalgh.

 
Page 14