2023-04-012024-03-312024-03-31false01645885GREAT HEAD HOUSE ESTATES 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GREAT HEAD HOUSE ESTATES LIMITED

Registered Number
01645885
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

GREAT HEAD HOUSE ESTATES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

FISHER, Eleanor Mary
WALBY, Michael James

Registered Address

Great Head House
Priory Road
Ulverston
LA12 9RX

Registered Number

01645885 (England and Wales)
GREAT HEAD HOUSE ESTATES LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,2421,757
Investment property4524,093524,093
525,335525,850
Current assets
Stocks51,3591,359
Debtors679,63322,990
Cash at bank and on hand697,934608,402
778,926632,751
Creditors amounts falling due within one year7(515,417)(402,234)
Net current assets (liabilities)263,509230,517
Total assets less current liabilities788,844756,367
Provisions for liabilities8(1,920)(3,720)
Net assets786,924752,647
Capital and reserves
Called up share capital1,100,0001,100,000
Profit and loss account(313,076)(347,353)
Shareholders' funds786,924752,647
The financial statements were approved and authorised for issue by the Board of Directors on 19 September 2024, and are signed on its behalf by:
FISHER, Eleanor Mary
Director
Registered Company No. 01645885
GREAT HEAD HOUSE ESTATES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or 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.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - 20/25% reducing balance & 10/33.33% on cost
Investment property
Investment property is carried at fair value determined annually by the directors 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.
Finance leases and hire purchase contracts
Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 April 23329,389329,389
At 31 March 24329,389329,389
Depreciation and impairment
At 01 April 23327,632327,632
Charge for year515515
At 31 March 24328,147328,147
Net book value
At 31 March 241,2421,242
At 31 March 231,7571,757
4.Investment property
The 2024 valuations were made by the directors, on an open market value for existing use basis.

£
Fair value at 01 April 23524,093
At 31 March 24524,093
5.Stocks

2024

2023

££
Raw materials and consumables1,3591,359
Total1,3591,359
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables60,29114,964
Amounts owed by group undertakings2,9292,026
Other debtors7,8634,800
Prepayments and accrued income8,5501,200
Total79,63322,990
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.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables8,9713,154
Amounts owed to related parties261,208144,440
Taxation and social security9,20027,394
Other creditors227,237222,246
Accrued liabilities and deferred income8,8015,000
Total515,417402,234
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.
8.Provisions for liabilities

2024

2023

££
Other provisions1,9203,720
Total1,9203,720
9.Related party transactions
Included within debtors, is an amount due from Cross Lane Court Limited, a company with common directors and shareholders, of £2,929 (2023 - £2,026). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to Fisher Brothers 1994 Limited, a company with common directors and shareholders, of £200,553 (2023 - £115,620). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to Fisher Brothers 1979 Limited, a company with common directors and shareholders, of £60,655 (2023 - £28,820). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to the director, Mrs E M Fisher, of £35,310 (2023 - £51,121). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to B F Fisher, of £24,055 (2023 - £24,055). The balance is interest free and repayable on demand. Included within creditors, amounts falling due within one year, is an amount owed to J S Fisher, of £165,747 (2023 - £144,397). The balance is interest free and repayable on demand. Included within administration expenses is a service charge credit of £117,801 (2023 - £116,920) from Fisher Brothers 1979 Limited and Fisher Brothers 1994 Limited, companies with common directors and shareholders, in respect of recharged costs.