Company Registration No. 04986487 (England and Wales)
HAYES POINT (SULLY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAYES POINT (SULLY) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
HAYES POINT (SULLY) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Inventories
629,981
628,272
Trade and other receivables
5
-
0
3,912
Cash and cash equivalents
107,328
77,954
737,309
710,138
Current liabilities
6
(25,088,354)
(25,050,589)
Net current liabilities
(24,351,045)
(24,340,451)
Provisions for liabilities
7
(63,757)
(27,273)
Net liabilities
(24,414,802)
(24,367,724)
Equity
Called up share capital
8
4
4
Retained earnings
(24,414,806)
(24,367,728)
Total equity
(24,414,802)
(24,367,724)

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 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.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
S S Conway
Director
Company Registration No. 04986487
The notes on pages 3 to 6 form part of these financial statements.
HAYES POINT (SULLY) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
4
(25,433,365)
(25,433,361)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
1,065,637
1,065,637
Balance at 31 March 2023
4
(24,367,728)
(24,367,724)
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
(47,078)
(47,078)
Balance at 31 March 2024
4
(24,414,806)
(24,414,802)
The notes on pages 3 to 6 form part of these financial statements.
HAYES POINT (SULLY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hayes Point (Sully) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

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 on the historical cost basis, modified by the fair value basis of certain financial obligations as specified in the accounting policies below.

The company has taken advantage of s400 of the Companies Act not to produce group financial statements, as it is included in the consolidated financial statements of Galliard Group Limited, a company registered in England and Wales.

The preparation of financial statements in compliance with FRS102 Section 1A Small Entities requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. The following principal accounting policies have been applied:

1.2
Going concern

The directors have assessed the company's cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.true

 

The Company is currently presenting a net current liabilities position. However Galliard Group Limited has indicated that it will provide such financial support as is required for at least twelve months from the date of signing these financial statements. On this basis, these financial statements do not include any adjustments that would result from a withdrawal of the financial support provided.

1.3
Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises the purchase cost of land and buildings and development expenditure.

 

Profit on sales of developed properties are taken on receipt of sales proceeds at legal completion. Costs attributable to each sale comprises an appropriate proportion of total costs of the development.

1.4
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.

HAYES POINT (SULLY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

 

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

 

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

 

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

1.6
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.

1.7
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.8
Finance costs

Finance costs are charged to profit over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs, which are initially recognised as a reduction in the proceeds of the associated capital instrument.

 

Profit Share agreements with construction and financing partners are carried at fair value. Movements in fair value are recognised in finance costs.

2
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,000
2,000
Impairment in respect of inventories
-
45,074
2,000
47,074
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was nil (2023: nil).

HAYES POINT (SULLY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Finance costs
2024
2023
£
£
Fair value changes in profit share provision
-
0
(1,159,325)
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
-
0
3,912
6
Current liabilities
2024
2023
£
£
Trade payables
-
0
3,898
Amounts due to related undertakings
1,235,311
1,193,328
Other payables
23,853,043
23,853,363
25,088,354
25,050,589

There are no amounts included under current liabilities in respect of which any security has been given by the entity.

7
Provisions for liabilities
2024
2023
£
£
Redmediation works provision
63,757
27,273
Movements on provisions:
Redmediation works provision
£
At 1 April 2023
27,273
Additional provisions in the year
36,484
At 31 March 2024
63,757

Provision includes estimated costs of remediation works on improving building safety on historic developments.

HAYES POINT (SULLY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
2,000 Ordinary shares of 0.1p each
2
2
2,000 Special shares of 0.1p each
2
2
4
4

The special shares have no voting and dividend distribution rights. Any capital available for distribution on liquidation of the company or otherwise, shall first be distributed to the holders of the special shares and then to the holders of the ordinary shares.

9
Related party transactions

As at the balance sheet date the Company owed £1,235,311 (2023: £1,099,276) to Galliard Holdings Limited, a company in which S S Conway is a director. During the year an additional £136,035 of funding was paid to the Company.

10
Parent company

The immediate parent company is Zestplan Limited, a company registered in England and Wales. The address of Zestplan Limited's registered office is 3rd Floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

 

In the opinion of the directors, S S Conway is the ultimate controlling party.

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