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Company registration number: NI062867
Hawthorn Heights Ltd
Unaudited filleted financial statements
31 March 2024
Hawthorn Heights Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hawthorn Heights Ltd
Directors and other information
Director Steven McGuiness
Secretary Sharon McGuiness
Company number NI062867
Registered office 75 Craigbrack Road
Eglinton
Derry
BT47 3BE
Accountants PFS Accountants and Auditors Ltd
122 Main Street
Dungiven
Derry
BT47 4LG
Bankers Bank of Ireland
27 Culmore Road
Derry
BT48 8JB
Ulster Bank
30-32 Catherine Street
Limavady
BT49 9DB
Hawthorn Heights Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Hawthorn Heights Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hawthorn Heights Ltd for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Hawthorn Heights Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hawthorn Heights Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hawthorn Heights Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Hawthorn Heights Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hawthorn Heights Ltd. You consider that Hawthorn Heights Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hawthorn Heights Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS Accountants and Auditors Ltd
Chartered Certified Accountants
122 Main Street
Dungiven
Derry
BT47 4LG
21 June 2024
Hawthorn Heights Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 674,312 763,764
_______ _______
674,312 763,764
Current assets
Stocks 287,732 593,644
Debtors 6 1,700,756 1,438,753
Cash at bank and in hand 88,705 166,090
_______ _______
2,077,193 2,198,487
Creditors: amounts falling due
within one year 7 ( 871,122) ( 973,828)
_______ _______
Net current assets 1,206,071 1,224,659
_______ _______
Total assets less current liabilities 1,880,383 1,988,423
Creditors: amounts falling due
after more than one year 8 ( 203,949) ( 233,878)
Provisions for liabilities ( 93,504) ( 142,578)
_______ _______
Net assets 1,582,930 1,611,967
_______ _______
Capital and reserves
Called up share capital 150 150
Profit and loss account 1,582,780 1,611,817
_______ _______
Shareholders funds 1,582,930 1,611,967
_______ _______
For the year ending 31 March 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 their responsibilities for complying with the requirements of the Act 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 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.
These financial statements were approved by the board of directors and authorised for issue on 21 June 2024 , and are signed on behalf of the board by:
Steven McGuiness
Director
Company registration number: NI062867
Hawthorn Heights Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 75 Craigbrack Road, Eglinton, Derry, BT47 3BE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 10 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 April 2023 271,636 1,279,378 20,450 1,571,464
Additions - 61,045 - 61,045
Disposals - ( 23,895) - ( 23,895)
_______ _______ _______ _______
At 31 March 2024 271,636 1,316,528 20,450 1,608,614
_______ _______ _______ _______
Depreciation
At 1 April 2023 - 794,763 12,937 807,700
Charge for the year - 132,348 1,878 134,226
Disposals - ( 7,624) - ( 7,624)
_______ _______ _______ _______
At 31 March 2024 - 919,487 14,815 934,302
_______ _______ _______ _______
Carrying amount
At 31 March 2024 271,636 397,041 5,635 674,312
_______ _______ _______ _______
At 31 March 2023 271,636 484,615 7,513 763,764
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 368,562 348,131
Other debtors 1,332,194 1,090,622
_______ _______
1,700,756 1,438,753
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 471,316 355,793
Trade creditors 224,770 357,805
Corporation tax 76,477 67,448
Social security and other taxes 38,176 77,331
Other creditors 60,383 115,451
_______ _______
871,122 973,828
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 120,623 123,827
Other creditors 83,326 110,051
_______ _______
203,949 233,878
_______ _______
9. Directors 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 o/standing
£ £ £ £
Steven McGuiness ( 14,356) 82,638 - 68,282
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Steven McGuiness 65,602 - ( 79,958) ( 14,356)
_______ _______ _______ _______