Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 4 |
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Investments | 5 |
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4,279,701 | 4,279,701 | |||
Current assets | ||||
Debtors | 6 |
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90,931 | 0 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (2,308,817) | (1,911,439) | ||
Total assets less current liabilities | 1,970,884 | 2,368,262 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Haydn Fine Ltd (registered number:
Raymond Philip Ronald Fine
Director |
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.
Haydn Fine Ltd (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 2nd Floor Stratus House, Emperor Way, Exeter, EX1 3QS, United Kingdom. The principal place of business is Spronketts, Spronketts Lane, Warninglid, Haywards Heath, West Sussex, RH17 5SA. The registered number of the company is 08824989.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer equipment |
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All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the
period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Disposals | (
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Disposals | (
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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As at 31 December 2023 |
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The 2023 valuations were made by Mr R P R Fine, on an open market value for existing use basis.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
2023 | 2022 | ||
£ | £ | ||
Historic cost | 4,174,656 | 4,174,656 |
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 January 2023 |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts (secured £
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Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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1,000 | 1,000 | ||
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1,801,000 | 1,801,000 |
Transactions with owners holding a participating interest in the entity
2023 | 2022 | ||
£ | £ | ||
Amounts owed to shareholders | 151,311 | 151,311 |
The above amount relates to money owed to the shareholders. No interest is to be charged on the above amount and there are no set repayment terms.
Transactions with the entity's directors
During the year the directors maintained a current account with the company. At the year end the company owed the directors £660,759 (2022: £456,759). No interest has been charged and there are no set repayment terms.