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COMPANY REGISTRATION NUMBER: 11511668
HOLYFIELD ESTATES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
HOLYFIELD ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,810
1,658
Current assets
Debtors
6
1,038,186
1,234,055
Cash at bank and in hand
960,790
934,345
------------
------------
1,998,976
2,168,400
Creditors: amounts falling due within one year
7
1,016,526
1,219,231
------------
------------
Net current assets
982,450
949,169
---------
---------
Total assets less current liabilities
985,260
950,827
Provisions
Pensions and similar obligations
133,000
90,000
Taxation including deferred tax
( 32,547)
( 22,085)
---------
--------
100,453
67,915
---------
---------
Net assets
884,807
882,912
---------
---------
Capital and reserves
Called up share capital
8
1
1
Share premium account
518,299
518,299
Profit and loss account
366,507
364,612
---------
---------
Shareholders funds
884,807
882,912
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HOLYFIELD ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 9 September 2024 , and are signed on behalf of the board by:
S C Merrifield
Director
Company registration number: 11511668
HOLYFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Holyfield House, 1 Walton Well Road, Walton Street, Oxford.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents invoices issued where an exchange of client property has taken place during the year, letting commissions,management fees receivable and recharged expenses, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. 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 the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
10% straight line
Fixtures and fittings
-
20% reducing balance and 25% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Trade and other debtors
Trade and other debtors are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price. Financial assets that are measured at cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the Company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in which the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
Close family members of an individual are those family members who it may be expected to influence, or be influenced by, that individual in their dealings with the entity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2022: 33 ).
5. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
909
2,602
3,511
Additions
2,682
2,682
Disposals
( 909)
( 1,209)
( 2,118)
----
-------
-------
At 31 December 2023
4,075
4,075
----
-------
-------
Depreciation
At 1 January 2023
907
946
1,853
Charge for the year
753
753
Disposals
( 907)
( 434)
( 1,341)
----
-------
-------
At 31 December 2023
1,265
1,265
----
-------
-------
Carrying amount
At 31 December 2023
2,810
2,810
----
-------
-------
At 31 December 2022
2
1,656
1,658
----
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
175,345
273,118
Other debtors
862,841
960,937
------------
------------
1,038,186
1,234,055
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
1,560
881
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,495
39,858
Corporation tax
12,069
8,965
Social security and other taxes
139,506
85,746
Other creditors
846,456
1,084,662
------------
------------
1,016,526
1,219,231
------------
------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
----
----
----
----
The share capital was reduced following the cancellation and extinguishing of 100 ordinary shares.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
27,319
38,297
Later than 1 year and not later than 5 years
32,569
28,064
--------
--------
59,888
66,361
--------
--------
10. Related party transactions
The company Holyfield Properties Limited, formerly Holyfield Estates Limited, (company number 03287630) de-merged on 30 September 2021. The result being two separate trading companies; Holyfield Estates Limited (company number 11511668 ), and, Holyfield Properties Limited (company number 03287630). Messrs E D J Thomas, S C Merrifield , D P Onion and J S Merrifield.are directors of both companies. The purpose was to separate the trading and investment activities. The company received management charges from companies in which Messrs E D J Thomas, S C Merrifield , D P Onion and J S Merrifield are directors. Management fees receivable for the year ended 31 December 2023 were £770,967 (2022 - £853,640). This amount is included in debtors. Details of the charge for each company are set out below:- Management charges £ Thomas Merrifield Abingdon Limited 98,561 Thomas Merrifield Bicester Limited 91,118 Thomas Merrifield Didcot Limited 229,724 Thomas Merrifield Kidlington Limited 124,817 Thomas Merrifield Oxford Limited 54,671 Thomas Merrifield Wallingford Limited 10,664 Thomas Merrifield Wantage Limited 61,549 Thomas Merrifield Witney Limited 75,863 Holyfield Properties Limited 24,000 Holyfield Estates Limited operates out of the premises leased by Holyfield Properties Limited. There is no formal rent agreement in place between the two companies but the rent is paid by Holyfield Estates Limited directly. The rent paid by Holyfield Estates Limited for the year ended 31 December 2023 was £47,500 (2022 - £48,801). Thomas Merrifield Oxford Limited share the premises with Holyfield Estates Limited. A contribution of one third of the rent payable is made but there is no formal rent agreement in place. The rent paid for the year ended 31 December 2023 was £15,833 (2022 - £16,267).