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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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. |
Other changes in directors holding office are as follows: |
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: |
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 |
( |
) |
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 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 12,871 | 6,547 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
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 |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
HDD Westwood Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited. |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
HDD Abingdon Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited. |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
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 |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 |
£ |
Aggregate capital and reserves |
HDD Tattenhoe Limited is 100% owned by HDD Lichfield St Johns Limited which is ultimately 100% owned by Henry Davidson Developments (Holdings) Limited. |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
HDD Maldon Limited is 100% owned by HDD Group Limited, which is 100% owned by Henry Davidson Developments (Holdings) Limited. |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
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 |
Registered office: Pavilion House, Bridgford Road, West Bridgford, NG2 6AB. United Kingdom. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 22,666 | 178,339 |
Directors' current accounts | - | 100 | - | - |
Tax | 43,874 | - |
VAT | 49,431 | - |
Prepayments and accrued income | 775,613 | 4,263,275 |
891,584 | 4,460,741 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other loan | - | 1,416,933 |
Trade creditors | 150,785 | 64,215 |
Amounts owed to participating interests | 5,431,850 | - | - | - |
Tax | - | 78,236 |
Social security and other taxes | 36,488 | 33,851 |
VAT | - | 110,750 | - | - |
Other creditors | 1,521 | 938,477 |
Accruals and deferred income | 269,690 | 2,219,795 |
5,890,334 | 4,862,257 |
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: | £ | £ |
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. |