Company registration number 05461934 (England and Wales)
HOLLYBUSH BUSINESS CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
HOLLYBUSH BUSINESS CENTRE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
Notes to the financial statements
4 - 10
HOLLYBUSH BUSINESS CENTRE LIMITED
COMPANY INFORMATION
- 1 -
Director
M Joyce
Company number
05461934
Registered office
Unit 7 Hollybush Business Centre
Shipley Bridge Lane
Horley
Surrey
RH6 9TL
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
HOLLYBUSH BUSINESS CENTRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,131
12,590
Investment property
5
3,353,250
3,353,250
3,357,381
3,365,840
Current assets
Debtors
6
4,463
8,229
Cash at bank and in hand
788,219
623,532
792,682
631,761
Creditors: amounts falling due within one year
7
(166,204)
(140,712)
Net current assets
626,478
491,049
Total assets less current liabilities
3,983,859
3,856,889
Creditors: amounts falling due after more than one year
8
(344,116)
(388,244)
Provisions for liabilities
(255,636)
(257,751)
Net assets
3,384,107
3,210,894
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
3,384,105
3,210,892
Total equity
3,384,107
3,210,894
HOLLYBUSH BUSINESS CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 September 2024
M Joyce
Director
Company registration number 05461934 (England and Wales)
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Hollybush Business Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Hollybush Business Centre, Shipley Bridge Lane, Horley, Surrey, RH6 9TL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net rents received from investment properties, excluding value added tax.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In applying the company's accounting policy, the director makes a judgement of the fair value of the investment property. The director has applied his knowledge of the market and his experience of the industry in order to establish the fair value of the properties. This value is what he would expect to get on the open market for similar properties in that area.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Interest on loans is charged at a fixed rate above the bank's base rate. During the current year and after the year end, there have been significant changes in the bank's base rate. The director has applied the bank's most up to date base rate to the loans in order to establish the most reliable estimate of future cashflows in order to repay the loans. The carrying amount of the loans at the balance sheet date was £388,245, with interest of £26,689 going through the Profit & Loss account. Details of the loan are set out in note 8.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
56,156
Depreciation and impairment
At 1 January 2023
43,566
Depreciation charged in the year
8,459
At 31 December 2023
52,025
Carrying amount
At 31 December 2023
4,131
At 31 December 2022
12,590
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
3,353,250
Investment property comprises a residential property, a business centre and a plot of land.
The fair value of the business centre has been arrived at on the basis of valuations carried out during the year ended 31 December 2021 by Crickmay Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. In the opinion of the Director, M. Joyce, there has been no change in the fair value of the business centre at the Balance Sheet date.
The fair value of the residential property and the plot of land has been arrived at on the basis of valuations carried out by the Director. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties. In the opinion of the Director, there has been no change in the fair value of the residential property and plot of land at the Balance Sheet date.
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Investment property
(Continued)
- 9 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
1,975,342
1,975,342
Accumulated depreciation
-
-
Carrying amount
1,975,342
1,975,342
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
984
241
Other debtors
3,479
7,988
4,463
8,229
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
44,129
35,679
Trade creditors
847
1,132
Corporation tax
55,844
39,076
Other taxation and social security
11,454
10,618
Other creditors
53,930
54,207
166,204
140,712
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
344,116
388,244
HOLLYBUSH BUSINESS CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
The bank loan is secured on one of the investment properties. The bank loan is repayable by instalments over a term of 20 years from 27 January 2011. Interest is charged at a variable rate of 2.2% above Barclay's Bank base rate.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
132,842
190,714
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
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