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Registration number: 00606449

K.R.Hardy Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

K.R.Hardy Estates Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

K.R.Hardy Estates Limited

Company Information

Directors

Mr R Hardy

Mrs A Hardy

Mr Ryan Hardy

Mr Adam Hardy

Company secretary

Mrs A Hardy

Registered office

Empire House
Empire Industrial Park
Brickyard Road, Aldridge
Walsall
WS9 8XT

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
K.R.Hardy Estates Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K.R.Hardy Estates Limited for the year ended 31 December 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of K.R.Hardy Estates Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2021. Our work has been undertaken solely to prepare for your approval the accounts of K.R.Hardy Estates Limited and state those matters that we have agreed to state to the Board of Directors of K.R.Hardy Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K.R.Hardy Estates Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K.R.Hardy Estates Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K.R.Hardy Estates Limited. You consider that K.R.Hardy Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of K.R.Hardy Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

18 September 2024

 

K.R.Hardy Estates Limited

(Registration number: 00606449)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

270

270

Tangible assets

5

95,999

124,790

Investment property

6

7,287,762

7,287,762

 

7,384,031

7,412,822

Current assets

 

Stocks

7

425,696

425,696

Debtors

8

436,789

429,024

Investments

9

328,360

332,460

Cash at bank and in hand

 

3,694,445

3,225,984

 

4,885,290

4,413,164

Creditors: Amounts falling due within one year

10

(3,025,746)

(2,785,263)

Net current assets

 

1,859,544

1,627,901

Total assets less current liabilities

 

9,243,575

9,040,723

Creditors: Amounts falling due after more than one year

10

(1,160,000)

(1,140,000)

Provisions for liabilities

(101,174)

(83,076)

Net assets

 

7,982,401

7,817,647

Capital and reserves

 

Called up share capital

12

3,000

3,000

Revaluation reserve

599,531

602,347

Retained earnings

7,379,870

7,212,300

Shareholders' funds

 

7,982,401

7,817,647

 

K.R.Hardy Estates Limited

(Registration number: 00606449)
Balance Sheet as at 31 December 2023 (continued)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr R Hardy
Director

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Empire House
Empire Industrial Park
Brickyard Road, Aldridge
Walsall
WS9 8XT

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Reducing Balance

Fixtures, Fittings and Equipment

15% Reducing Balance and 10% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is not provided on intangible assets.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

270

270

At 31 December 2023

270

270

Amortisation

Carrying amount

At 31 December 2023

270

270

At 31 December 2022

270

270

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

105,831

179,313

285,144

Additions

3,177

-

3,177

Disposals

(558)

-

(558)

At 31 December 2023

108,450

179,313

287,763

Depreciation

At 1 January 2023

101,515

58,839

160,354

Charge for the year

1,651

30,119

31,770

Eliminated on disposal

(360)

-

(360)

At 31 December 2023

102,806

88,958

191,764

Carrying amount

At 31 December 2023

5,644

90,355

95,999

At 31 December 2022

4,316

120,474

124,790

6

Investment properties

2023
£

At 1 January

7,287,762

At 31 December

7,287,762

The investment properties were revalued in May 2015 by GBR Phoenix Beard. In the opinion of the directors there has been no change in the value of these properties at the year end.

7

Stocks

2023
£

2022
£

Work in progress

425,696

425,696

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Debtors

Current

2023
£

2022
£

Trade debtors

151,920

190,379

Prepayments

4,117

3,825

Other debtors

280,752

234,820

 

436,789

429,024

9

Current asset investments

2023
£

2022
£

Other investments

328,360

332,460

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10.1

340,000

394,860

Trade creditors

 

33,289

36,570

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

1,545,392

1,210,197

Taxation and social security

 

74,279

96,883

Accruals and deferred income

 

554,053

563,797

Other creditors

 

478,733

482,956

 

3,025,746

2,785,263

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10.1

1,160,000

1,140,000

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Creditors (continued)

10.1

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

340,000

394,860

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

1,160,000

1,140,000

Other borrowings

Compass Pension Scheme Loan A is denominated in £ with a nominal interest rate of 10.1%%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £660,000 (2022 - £880,000).

Compass Pension Scheme Loan B is denominated in £ with a nominal interest rate of 10.1%%, and the final instalment is due on 30 June 2027. The carrying amount at year end is £480,000 (2022 - £600,000).

Compass Pension Scheme Loan C is denominated in £ with a nominal interest rate of 10.1%%, and the final instalment is due on 29 June 2028. The carrying amount at year end is £360,000 (2022 - £Nil).

 

K.R.Hardy Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

939

(939)

-

Surplus/deficit on revaluation of other assets

(3,755)

-

(3,755)

(2,816)

(939)

(3,755)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

3,077

(3,077)

-

Surplus/deficit on revaluation of other assets

(16,191)

-

(16,191)

(13,114)

(3,077)

(16,191)

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

3,000

3,000

3,000

3,000

       

13

Related party transactions

Summary of transactions with associates

During the year the company incurred costs of £555,191 (2022: £513,432) and incurred management charges of £442,000 (2022: £429,000) from a related party. It was also charged rent of £41,000 (2022: £41,000). At the year end the company owed the related party £1,545,392 (2022: £1,210,196).