Registered number
03224888
HOLLY PROPERTY DEVELOPMENTS LIMITED
Filleted Accounts
31 March 2024
HOLLY PROPERTY DEVELOPMENTS LIMITED
Registered number: 03224888
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 990,928 1,022,926
Current assets
Debtors 4 - 563
Cash at bank and in hand 18,236 23,287
18,236 23,850
Creditors: amounts falling due within one year 5 (18,618) (20,203)
Net current (liabilities)/assets (382) 3,647
Total assets less current liabilities 990,546 1,026,573
Creditors: amounts falling due after more than one year 6 (55,914) (173,147)
Provisions for liabilities (81,980) (66,622)
Net assets 852,652 786,804
Capital and reserves
Called up share capital 2 2
Profit and loss account 852,650 786,802
Shareholders' funds 852,652 786,804
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Bemrose
Director
Approved by the board on 3 October 2024
HOLLY PROPERTY DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property not provided
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,022,000 6,873 1,028,873
Additions - 447 447
Surplus on revaluation 65,000 - 65,000
Disposals (97,000) (379) (97,379)
At 31 March 2024 990,000 6,941 996,941
Depreciation
At 1 April 2023 - 5,947 5,947
Charge for the year - 249 249
On disposals - (183) (183)
At 31 March 2024 - 6,013 6,013
Net book value
At 31 March 2024 990,000 928 990,928
At 31 March 2023 1,022,000 926 1,022,926
The investment properties were valued at £990,000 in the year ended 31 March 2024 by Mr J Bemrose, who is a director of the company. The basis of the market valuation was an open market valuation using online resources.
4 Debtors 2024 2023
£ £
Other debtors - 563
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bonds - -
Credit cards - -
10 Church View - J Little - -
Tailors Cottage - -
Directors Loan account - -
Accountancy control - -
Taxation and social security costs 8,543 7,401
Other creditors 10,075 12,802
18,618 20,203
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 55,914 173,147
7 Related party transactions
During the year the company charged management fees and expenses to Mr and Mrs Bemrose, directors of the company, amounting to £4313
8 Controlling party
The ultimate controlling parties are Mr and Mrs Bemrose, both are directors and shareholders of the company.
9 Other information
HOLLY PROPERTY DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Station House
1 Greenside
Walton
Wakefield
WF2 6NN
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