Registered number
07322160
Henley 128 Limited
Report and Accounts
31 December 2023
Henley 128 Limited
Registered number: 07322160
Directors' Report
The directors present their report and accounts for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be that of property development.
Directors
The following persons served as directors during the year:
Kashif Usmani
Tariq Usmani
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 August 2024 and signed on its behalf.
Tariq Usmani
Director
Henley 128 Limited
Profit and Loss Account
for the year ended 31 December 2023
2023 2022
£ £
Turnover 8,500,000 -
Cost of sales (8,500,000) (2,213,760)
Gross loss - (2,213,760)
Administrative expenses (323) (529)
Other operating income - 48,000
Operating loss (323) (2,166,289)
Loss before taxation (323) (2,166,289)
Tax on loss - -
Loss for the financial year (323) (2,166,289)
Henley 128 Limited
Registered number: 07322160
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks - 8,500,000
Debtors 3 2,013,517 199,168
Cash at bank and in hand 626 5,645
2,014,143 8,704,813
Creditors: amounts falling due within one year 4 (4,197,948) (10,888,295)
Net current liabilities (2,183,805) (2,183,482)
Net liabilities (2,183,805) (2,183,482)
Capital and reserves
Called up share capital 3 3
Profit and loss account (2,183,808) (2,183,485)
Shareholders' funds (2,183,805) (2,183,482)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Tariq Usmani
Director
Approved by the board on 30 August 2024
Henley 128 Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,976,106 -
Other debtors 37,411 199,168
2,013,517 199,168
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 7,679,500
Trade creditors 10,000 10,000
Taxation and social security costs 1,682,948 -
Other creditors 2,505,000 3,198,795
4,197,948 10,888,295
5 Loans 2023 2022
£ £
Creditors include:
Secured bank loans - 7,679,500
The bank loan of £6.6295m was a Development Loan and is fully paid in April 2023. Interest is charged at 6.75% over the base rate per annum. £1.05m was government guarantee scheme for business recovery (RLS) and the interest payable was 6.84% over base rate and fully paid in April 2023. These Loans were secured against the stocks of the company.
6 Related party transactions
The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ not to disclose related party transactions between two or more wholly owned members of a group.
7 Controlling party
The ultimate parent company is Henley Homes Plc which was placed in administration in August 2023. The ultimate controlling party throughout this and the previous period were the directors of the parent company.
The accounts of this company are not consolidated within the accounts of Henley Homes Public Limited Company due to its being in liquidation. The registered office of Henley Homes (in administration) is C/O James Cowper Kreston the White Building 1-4, Cumberland Place, Southampton, SO15 2NP.
8 Other information
Henley 128 Limited is a private company limited by shares and incorporated in England. Its registered office is:
50 Haveleock Terrace
London
SW8 4AL
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