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COMPANY REGISTRATION NUMBER: 02475509
HOLROYD ASSET MANAGEMENT LIMITED
Filleted Unaudited Financial Statements
30 April 2024
HOLROYD ASSET MANAGEMENT LIMITED
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
HOLROYD ASSET MANAGEMENT LIMITED
Officers and Professional Advisers
Director
Derek Holroyd
Company secretary
Millicent Feber
Registered office
Little End Farm
Moorside
Oldham
OL4 2NB
Accountants
HCF Accountants Ltd
Chartered Certified Accountants
Hinde Clough Farm
Overtown Lane
Red Lumb
Norden
Rochdale
England
OL12 7TU
Bankers
Barclays Bank Plc
25 High Street
Oldham
OL1 3AZ
HOLROYD ASSET MANAGEMENT LIMITED
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
832,927
608,597
Investments
6
100
100
---------
---------
833,027
608,697
Current assets
Debtors
7
240
Cash at bank and in hand
4,032,353
3,804,810
------------
------------
4,032,593
3,804,810
Creditors: amounts falling due within one year
8
26,900
37,155
------------
------------
Net current assets
4,005,693
3,767,655
------------
------------
Total assets less current liabilities
4,838,720
4,376,352
Provisions
Taxation including deferred tax
96,072
85,042
------------
------------
Net assets
4,742,648
4,291,310
------------
------------
HOLROYD ASSET MANAGEMENT LIMITED
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
4,741,648
4,290,310
------------
------------
Shareholders funds
4,742,648
4,291,310
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Derek Holroyd
Director
Company registration number: 02475509
HOLROYD ASSET MANAGEMENT LIMITED
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Little End Farm, Moorside, Oldham, OL4 2NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
20% straight line
Manouverable Plant
-
20% straight line
Office Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold Property
Plant and Machinery
Fixtures and Fittings
Manouverable Plant
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
385,261
1,039,770
3,998
1,901,831
7,824
3,338,684
Additions
252,293
18,368
172,500
443,161
Disposals
( 81,260)
( 29,250)
( 110,510)
---------
------------
-------
------------
-------
------------
At 30 Apr 2024
637,554
976,878
3,998
2,045,081
7,824
3,671,335
---------
------------
-------
------------
-------
------------
Depreciation
At 1 May 2023
215,561
1,013,876
3,998
1,488,828
7,824
2,730,087
Charge for the year
8,124
12,078
198,629
218,831
Disposals
( 81,260)
( 29,250)
( 110,510)
---------
------------
-------
------------
-------
------------
At 30 Apr 2024
223,685
944,694
3,998
1,658,207
7,824
2,838,408
---------
------------
-------
------------
-------
------------
Carrying amount
At 30 Apr 2024
413,869
32,184
386,874
832,927
---------
------------
-------
------------
-------
------------
At 30 Apr 2023
169,700
25,894
413,003
608,597
---------
------------
-------
------------
-------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
100
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 30 April 2024
100
----
At 30 April 2023
100
----
7. Debtors
2024
2023
£
£
Other debtors
240
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
50
Amounts owed to group undertakings and undertakings in which the company has a participating interest
5,405
746
Corporation tax
12,027
25,571
Social security and other taxes
7,175
7,175
Other creditors
2,293
3,613
--------
--------
26,900
37,155
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Derek Holroyd
( 2,113)
( 3,901)
4,766
( 1,248)
-------
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Derek Holroyd
( 2,831)
( 1,000)
1,718
( 2,113)
-------
-------
-------
-------
10. Related party transactions
The company was under the control of Mr Derek Holroyd throughout the current year and previous year. Mr Derek Holroyd is the managing director and majority shareholder in Holroyd Asset Management Limited. Dividends paid to Derek Holroyd during the year under review totalled £NIL (2023 - £NIL). Included in Creditors: Amounts falling due within one year is a loan from Mr Derek Holroyd of £1,248 (2023 - £2,113) this loan is unsecured, interest free and repayable on demand. Mr Derek Holroyd is also a Director of Holroyd Skip Hire Limited during the year under review. Holroyd Asset Management Limited provided management services to Holroyd Skip Hire Limited totalling £24,000 (2023 - £24,000) also Holroyd Asset Management Limited hired plant to Holroyd Skip Hire Limited totalling £120,000 (2023 - £120,000). At the balance sheet date £5,404 (2023 - £746) was due to Holroyd Skip Hire Limited from Holroyd Asset Management Limited.