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REGISTERED NUMBER: 10496296 (England and Wales)















Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 December 2023

for

Henry Davidson Developments (Holdings)
Limited

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)






Contents of the Consolidated Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Independent Chartered Accountants' Review Report 4

Consolidated Statement of Income and Retained Earnings 5

Consolidated Statement of Financial Position 6

Company Statement of Financial Position 7

Notes to the Consolidated Financial Statements 9


Henry Davidson Developments (Holdings)
Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: S I Davidson
R W Croft
M A Shaikh
P J Wood





SECRETARY: D J Twomlow





REGISTERED OFFICE: Pavilion House
14-16 Bridgford Road
West Bridgford
Nottingham
NG2 6AB





REGISTERED NUMBER: 10496296 (England and Wales)





ACCOUNTANTS: Bexons
Chartered Accountants
23 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

S I Davidson
R W Croft

Other changes in directors holding office are as follows:

D J Twomlow - resigned 11 January 2023
M A Shaikh - appointed 11 January 2023
P J Wood - appointed 11 January 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





D J Twomlow - Secretary


29 May 2024

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Statement of Directors' Responsibilities
for the year ended 31 December 2023


The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


ON BEHALF OF THE BOARD:





S I Davidson - Director

29 May 2024

Independent Chartered Accountants' Review Report to the Directors of
Henry Davidson Developments (Holdings)
Limited

We have reviewed the financial statements of Henry Davidson Developments (Holdings) Limited for the year ended 31 December 2023, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Directors' responsibility for the financial statements
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility
Our responsibility is to express a conclusion on the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF (Revised) 'Assurance review engagements on historical financial statements'. ISRE 2400 (Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared, in all material respects, in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ISRE 2400 (Revised) also requires us to comply with the ICAEW Code of Ethics and the FRC's Ethical Standard, as applicable.

Scope of the assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures, primarily consisting of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

- so as to give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's loss for the year then ended;
- in accordance with United Kingdom Generally Accepted Accounting Practice; and
- in accordance with the requirements of the Companies Act 2006.

Use of our report
This report is made solely to the company's directors, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the directors those matters that we have agreed with them in a reviewer's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's directors as a body for our work, for this report, or for the conclusions we have formed.




Bexons
Chartered Accountants
23 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE


29 May 2024

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Consolidated
Statement of Income and
Retained Earnings
for the year ended 31 December 2023

2023 2022
£    £   

TURNOVER 855,417 7,325,984

Cost of sales 14,081 5,962,722
GROSS PROFIT 841,336 1,363,262

Administrative expenses 1,081,010 1,060,279
OPERATING (LOSS)/PROFIT (239,674 ) 302,983

Interest receivable and similar income - 1,113
(239,674 ) 304,096

Interest payable and similar expenses - 21,916
(LOSS)/PROFIT BEFORE TAXATION (239,674 ) 282,180

Tax on (loss)/profit (41,473 ) 54,412
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(198,201

)

227,768

Retained earnings at beginning of year 859,828 712,404

Dividends - (80,344 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

661,627

859,828

(Loss)/profit attributable to:
Owners of the parent (198,201 ) 227,768

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Consolidated Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 3,541,227 9,100
Debtors 7 891,584 4,460,741
Cash at bank and in hand 2,574,150 1,262,244
7,006,961 5,732,085
CREDITORS
Amounts falling due within one year 8 5,890,334 4,862,257
NET CURRENT ASSETS 1,116,627 869,828
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,116,627

869,828

CAPITAL AND RESERVES
Called up share capital 10 20,000 10,000
Share premium 11 435,000 -
Retained earnings 11 661,627 859,828
SHAREHOLDERS' FUNDS 1,116,627 869,828

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements have been prepared 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 29 May 2024 and were signed on its behalf by:





S I Davidson - Director


Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Company Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Investments 6 9,900 9,900
9,900 9,900

CURRENT ASSETS
Debtors 7 449,201 528,008
Cash at bank and in hand 262,153 165,712
711,354 693,720
CREDITORS
Amounts falling due within one year 8 87,394 527,631
NET CURRENT ASSETS 623,960 166,089
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,860

175,989

CAPITAL AND RESERVES
Called up share capital 10 20,000 10,000
Share premium 11 435,000 -
Retained earnings 11 178,860 165,989
SHAREHOLDERS' FUNDS 633,860 175,989

Company's profit for the financial year 12,871 6,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Company Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared 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 29 May 2024 and were signed on its behalf by:





S I Davidson - Director


Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Henry Davidson Developments (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

5. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 32,484
AMORTISATION
At 1 January 2023
and 31 December 2023 32,484
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

6. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 9,900
NET BOOK VALUE
At 31 December 2023 9,900
At 31 December 2022 9,900

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Henry Davidson Developments Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom.
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (355,241 ) (428,504 )
Profit/(loss) for the year 73,263 (24,135 )

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

6. FIXED ASSET INVESTMENTS - continued

HDD Group Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom.
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 843,317 1,029,337
(Loss)/profit for the year (186,020 ) 243,654

HDD Westwood Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 183 183
Profit for the year - 2,312

HDD Westwood Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited.

HDD Abingdon Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 100

HDD Abingdon Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited.

HDD Banbury Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom
Nature of business: Property Management
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 100

HDD Banbury Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited.

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

6. FIXED ASSET INVESTMENTS - continued

HDD Tattenhoe Ltd
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom
Nature of business: Property Management
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 100

HDD Tattenhoe Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited.

HDD Maldon Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom.
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 887 569
Profit for the year 318 66

HDD Maldon Limited is 100% owned by HDD Group Limited, which is 100% owned by Henry Davidson Developments (Holdings) Limited.

HDD Lichfield St Johns Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom.
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 100 1,198
(Loss)/profit for the year (1,098 ) 387

HDD Lichfield St Johns Limited is 100% owned by HDD Group Limited, which is 100% owned by Henry Davidson Developments (Holdings) Limited.

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

6. FIXED ASSET INVESTMENTS - continued

HDD Leighton Buzzard Limited
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom.
Nature of business: Property Development
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 3,820 3,820
Profit for the year - 243

HDD Leighton Buzzard Limited is 100% owned by HDD Group Limited, which is 100% owned by Henry Davidson Developments (Holdings) Limited.


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors - 19,027 - 19,027
Amounts owed by group undertakings - - 428,027 488,582
Other debtors 22,666 178,339 - -
Directors' current accounts - 100 - -
Tax 43,874 - - -
VAT 49,431 - 3,206 2,718
Prepayments and accrued income 775,613 4,263,275 17,968 17,681
891,584 4,460,741 449,201 528,008

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loan - 1,416,933 - 445,000
Trade creditors 150,785 64,215 34,037 32,084
Amounts owed to participating interests 5,431,850 - - -
Tax - 78,236 - -
Social security and other taxes 36,488 33,851 36,488 33,851
VAT - 110,750 - -
Other creditors 1,521 938,477 746 823
Accruals and deferred income 269,690 2,219,795 16,123 15,873
5,890,334 4,862,257 87,394 527,631

Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Other loans - 505,000 - 445,000

In 2022 other loans included £445,000 due to a company which has Directors in common with Henry Davidson Developments (Holdings) Limited.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20,000 Ordinary £1 20,000 10,000

In January 2023 HDD Cranbrook Limited (a member of a group headed by Euro Property Investments Limited (EPIL)), acquired a 50% interest in the equity in the holding company in return for writing off a debt owed to them. EPIL has worked with Henry Davidson Developments (Holdings) Limited over a number of years and together they have already delivered and have a pipeline of successful development schemes. The investment in Henry Davidson Developments (Holdings) Limited was acquired by a new issue of £10,000 of Ordinary Shares for a share premium of £435,000.

11. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 859,828 - 859,828
Deficit for the year (198,201 ) (198,201 )
Cash share issue - 435,000 435,000
At 31 December 2023 661,627 435,000 1,096,627

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 165,989 - 165,989
Profit for the year 12,871 12,871
Cash share issue - 435,000 435,000
At 31 December 2023 178,860 435,000 613,860


Henry Davidson Developments (Holdings)
Limited (Registered number: 10496296)

Notes to the Consolidated Financial Statements - continued
for the year ended 31 December 2023

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S I Davidson.

In January 2023 HDD Cranbrook Limited (a member of a group headed by Euro Property Investments Limited (EPIL)), acquired a 50% interest in the equity in the holding company in return for writing off a debt owed to them. EPIL has worked with Henry Davidson Developments (Holdings) Limited over a number of years and together they have already delivered and have a pipeline of successful development schemes.

Mr S Davidson still has 50% of the shares in the holding company and the casting vote in board meetings. Hence he is considered to be the ultimate controlling party.