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COMPANY REGISTRATION NUMBER: 08774156
Hennessy Living Group Limited
Filleted Unaudited Financial Statements
31 March 2024
Hennessy Living Group Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,894,863
1,903,617
Current assets
Debtors
6
2,138,015
2,257,265
Investments
7
2
2
Cash at bank and in hand
1,001,665
478,273
-----------
-----------
3,139,682
2,735,540
Creditors: amounts falling due within one year
8
882,935
958,554
-----------
-----------
Net current assets
2,256,747
1,776,986
-----------
-----------
Total assets less current liabilities
4,151,610
3,680,603
Creditors: amounts falling due after more than one year
9
3,185,662
3,277,339
-----------
-----------
Net assets
965,948
403,264
-----------
-----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
964,948
402,264
--------
--------
Shareholders funds
965,948
403,264
--------
--------
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.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hennessy Living Group Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr P I Hennessy
Ms D Jones
Director
Director
Company registration number: 08774156
Hennessy Living Group Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rickleton 1b Bowes Offices, Lambton Park, Chester Le Street, DH3 4AN, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Freehold property
-
1% straight line
Plant and Machinery
-
20% straight line
Fixtures and Fittings
-
12% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
25% straight line
Tenants Improvements
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 as a finance cost 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 69 (2023: 70 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Service property works
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
1,671,800
94,112
194,673
53,964
4,566
2,019,115
Additions
21,278
3,296
37,336
10,999
72,909
Disposals
( 8,395)
( 8,395)
-----------
-------
--------
-------
------
-----------
At 31 Mar 2024
1,693,078
97,408
232,009
56,568
4,566
2,083,629
-----------
-------
--------
-------
------
-----------
Depreciation
At 1 Apr 2023
17,962
21,146
55,157
19,405
1,828
115,498
Charge for the year
19,078
16,538
29,742
9,985
914
76,257
Disposals
( 2,989)
( 2,989)
-----------
-------
--------
-------
------
-----------
At 31 Mar 2024
37,040
37,684
84,899
26,401
2,742
188,766
-----------
-------
--------
-------
------
-----------
Carrying amount
At 31 Mar 2024
1,656,038
59,724
147,110
30,167
1,824
1,894,863
-----------
-------
--------
-------
------
-----------
At 31 Mar 2023
1,653,838
72,966
139,516
34,559
2,738
1,903,617
-----------
-------
--------
-------
------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
389,764
306,952
Other debtors
1,748,251
1,950,313
-----------
-----------
2,138,015
2,257,265
-----------
-----------
7. Investments
2024
2023
£
£
Investments in group undertakings
2
2
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
142,857
142,860
Trade creditors
83,567
167,059
Amounts owed to group undertakings and undertakings in which the company has a participating interest
88,555
11,603
Corporation tax
367,160
465,701
Social security and other taxes
42,616
34,324
Other creditors
158,180
137,007
--------
--------
882,935
958,554
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,180,518
3,269,519
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2
2
Other creditors
5,142
7,818
-----------
-----------
3,185,662
3,277,339
-----------
-----------
The bank borrowings are secured by way of floating charge over the assets of the company and by freehold first legal charges over the properties occupied by the company. This is further supported by first-ranking Security over the shares of the borrowers.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
13,607
11,624
Later than 1 year and not later than 5 years
7,358
23,940
-------
-------
20,965
35,564
-------
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P I Hennessy
753,828
( 246,304)
507,524
Ms D Jones
687,986
20,072
708,058
-----------
--------
-----------
1,441,814
( 226,232)
1,215,582
-----------
--------
-----------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P I Hennessy
753,828
753,828
Ms D Jones
2,295
687,986
690,281
------
-----------
-----------
2,295
1,441,814
1,444,109
------
-----------
-----------
12. Related party transactions
The company owes £1 (2023: £1) to its 100% subsidiary Hennessy Childrens Service (East Mids) Limited The company owes £1 (2023: £1) to its 100% subsidiary Hennessy Childrens Services Limited Both subsidiaries are dormant. The sums are interest-free and repayable on demand The company owes £88,555 (2023: £11,603) to The Hennessy Partnership Limited a company related by way of common control. The loan is interest-free and repayable on demand. The company was under the control of the directors throughout the current and previous accounting periods. During the year, the directors made and received loans to/from the company. Interest has been charged at 2.25% on overdrawn balances and paid at 2.25% on amounts borrowed from the directors. At the balance sheet date, the amounts owed by the directors was £1,217,877 (2023: £1,444,110) On 07th July 2022 the company purchased property which it occupied from Mr Hennessy at an open market value of £930,000.