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Registration number: 00775796

Herring Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Herring Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Herring Developments Limited

Company Information

Directors

Mr Timothy Gadsby

Mrs Claire Gadsby

Registered office

Hallam Street
Guiseley
Leeds
West Yorkshire
LS20 8AG

 

Herring Developments Limited

(Registration number: 00775796)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

731,362

730,720

Current assets

 

Debtors

5

136,764

104,021

Cash at bank and in hand

 

6,376

2,513

 

143,140

106,534

Creditors: Amounts falling due within one year

6

(178,172)

(184,861)

Net current liabilities

 

(35,032)

(78,327)

Net assets

 

696,330

652,393

Capital and reserves

 

Called up share capital

7

59,400

59,400

Capital redemption reserve

39,600

39,600

Revaluation reserve

488,906

488,906

Retained earnings

108,424

64,487

Shareholders' funds

 

696,330

652,393

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

Herring Developments Limited

(Registration number: 00775796)
Balance Sheet as at 31 May 2024

.........................................
Mr Timothy Gadsby
Director

 

Herring Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hallam Street
Guiseley
Leeds
West Yorkshire
LS20 8AG

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of rents eceivable in the ordinary course of the company’s activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Herring Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 June

730,720

Additions

642

At 31 May

731,362

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Prepayments

13,000

13,000

Other debtors

123,764

91,021

 

136,764

104,021

 

Herring Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

176,462

183,601

Accruals and deferred income

 

1,710

1,260

 

178,172

184,861

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

59,400

59,400

59,400

59,400

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

176,462

183,601

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Mr Timothy Gadsby

Directors loan account

183,601

(7,139)

176,462

 

Herring Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr Timothy Gadsby

Directors loan account

9,601

(6,000)

180,000

183,601