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Company No: 05544372 (England and Wales)

HENGOED PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HENGOED PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HENGOED PARK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
HENGOED PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,729,111 1,703,608
1,729,111 1,703,608
Current assets
Debtors 5 209,074 262,264
Cash at bank and in hand 1,653,391 723,894
1,862,465 986,158
Creditors: amounts falling due within one year 6 ( 743,890) ( 688,326)
Net current assets 1,118,575 297,832
Total assets less current liabilities 2,847,686 2,001,440
Provision for liabilities 7 ( 68,554) ( 30,956)
Net assets 2,779,132 1,970,484
Capital and reserves
Called-up share capital 8 9,475 9,475
Share premium account 927,630 927,630
Profit and loss account 1,842,027 1,033,379
Total shareholder's funds 2,779,132 1,970,484

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 financial statements of Hengoed Park Limited (registered number: 05544372) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Tamarin Sophie Alicia Bibow
Director
HENGOED PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HENGOED PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hengoed Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 College Yard, Worcester, WR1 2LB and the place of business is Oswestry, Shropshire SY10 7EE, both United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill is the amount paid in connection with the acquisition of a business in 2006, has being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 - 33.3 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 - 33.3 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 51 43

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 34,000 34,000
At 31 December 2023 34,000 34,000
Accumulated amortisation
At 01 January 2023 34,000 34,000
At 31 December 2023 34,000 34,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 1,675,285 13,208 21,342 201,263 1,911,098
Additions 38,494 41,423 0 5,998 85,915
At 31 December 2023 1,713,779 54,631 21,342 207,261 1,997,013
Accumulated depreciation
At 01 January 2023 44,629 4,044 10,884 147,933 207,490
Charge for the financial year 35,568 10,391 2,615 11,838 60,412
At 31 December 2023 80,197 14,435 13,499 159,771 267,902
Net book value
At 31 December 2023 1,633,582 40,196 7,843 47,490 1,729,111
At 31 December 2022 1,630,656 9,164 10,458 53,330 1,703,608

5. Debtors

2023 2022
£ £
Trade debtors 167,844 235,301
Other debtors 41,230 26,963
209,074 262,264

Amounts owed to Related parties are £180 (2022: £NIL), this is a company controlled by the director of the company.

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 38,785 58,790
Amounts owed to directors 421,747 443,896
Accruals and deferred income 33,040 9,270
Taxation and social security 248,959 160,828
Other creditors 1,359 15,542
743,890 688,326

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 30,956) ( 38,025)
(Charged)/credited to the Statement of Income and Retained Earnings ( 37,598) 7,069
0 0
At the end of financial year ( 68,554) ( 30,956)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
9,475 ordinary shares of £ 1.00 each 9,475 9,475

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed to the company from a company owned by the directors 180 0

Transactions with the entity's directors

2023 2022
£ £
Owed to the directors of the company 421,747 443,896

As of 31st December 2023 the directors were owed £421,747 (2022: £443,896). There were no dividends voted in the year.