Company Registration No. 13836869 (England and Wales)
HEADLINE PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
HEADLINE PROPERTY LTD
COMPANY INFORMATION
Director
Miss K Matthews
Company number
13836869
Registered office
1st Floor 3 & 4 Cranmere Ct
Lustleigh Close
Matford Business Park
Exeter
Devon
EX2 8PW
Accountants
Peplows Limited
1st Floor, Units 3- 4 Cranmere Court
Lustleigh Close, Matford Business Park
Exeter
Devon
EX2 8PW
HEADLINE PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HEADLINE PROPERTY LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
33
49
Current assets
Cash at bank and in hand
318
180
Creditors: amounts falling due within one year
4
(15,695)
(4,362)
Net current liabilities
(15,377)
(4,182)
Net liabilities
(15,344)
(4,133)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(15,345)
(4,134)
Total equity
(15,344)
(4,133)
HEADLINE PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 October 2024
Miss K Matthews
Director
Company registration number 13836869 (England and Wales)
HEADLINE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Headline Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor 3 & 4 Cranmere Ct, Lustleigh Close, Matford Business Park, Exeter, Devon, EX2 8PW.
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
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
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:
Office Equipment
25% Straight Line
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
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.
1.5
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.
HEADLINE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
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.
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.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
HEADLINE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 and 31 January 2024
65
Depreciation and impairment
At 1 February 2023
16
Depreciation charged in the year
16
At 31 January 2024
32
Carrying amount
At 31 January 2024
33
At 31 January 2023
49
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
14,962
3,629
Accruals and deferred income
733
733
15,695
4,362
5
Related party transactions
2024
2023
Amounts due to related parties
£
£
Directors' transactions
14,962
3,629
During the year the director loaned money to the company. No interest has been charged and there are no fixed dates for repayments.