Company Registration No. 00471799 (England and Wales)
PAUL HADLEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PAUL HADLEY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PAUL HADLEY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
431,661
2,453,720
Investment property
4
488,879
487,148
Investments
5
1
15,000
920,541
2,955,868
Current assets
Stocks
16,472
64,876
Debtors
6
8,576
83,771
Cash at bank and in hand
2,736,560
220,679
2,761,608
369,326
Creditors: amounts falling due within one year
7
(211,037)
(51,129)
Net current assets
2,550,571
318,197
Total assets less current liabilities
3,471,112
3,274,065
Provisions for liabilities
8
(134,000)
(241,430)
Net assets
3,337,112
3,032,635
Capital and reserves
Called up share capital
20,000
20,000
Revaluation reserve
10
354,276
2,089,727
Non-distributable profits reserve
321,729
321,729
Distributable profit and loss reserves
2,641,107
601,179
Total equity
3,337,112
3,032,635
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PAUL HADLEY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
JCH Hadley
Director
Company registration number 00471799 (England and Wales)
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Paul Hadley Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, County House, 100 New London Road, Chelmsford, Essex, CM2 0RG.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of stocks is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from rental income received or receivable net of VAT and other sales related taxes is recognised on a receipts basis.
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:
Freehold land and buildings
Nil
Plant and machinery
10% on cost
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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
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.
1.8
Financial instruments
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 and bank loans 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
121,556
Adjustments in respect of prior periods
34
Total current tax
121,590
Deferred tax
Origination and reversal of timing differences
37,375
Total tax charge
158,965
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Reversal of deferred tax on sale of revalued property
(144,805)
-
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
2,399,500
256,338
2,655,838
Additions
11,863
4,490
16,353
Disposals
(1,989,069)
(236,457)
(2,225,526)
At 31 March 2024
422,294
24,371
446,665
Depreciation and impairment
At 1 April 2023
202,118
202,118
Depreciation charged in the year
2,207
2,207
Eliminated in respect of disposals
(189,321)
(189,321)
At 31 March 2024
15,004
15,004
Carrying amount
At 31 March 2024
422,294
9,367
431,661
At 31 March 2023
2,399,500
54,220
2,453,720
The properly comprises Week Farm (excluding Week Farm House). The valuation was made on an open market value basis by reference to market evidence of transaction process for similar properties. The directors consider the stated value to be a fair value.
4
Investment property
2024
£
Fair value
At 1 April 2023
487,148
Additions
1,731
At 31 March 2024
488,879
Investment property comprises 13/14 Winstanley Way. The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2020 by Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider the stated value to be a fair and appropriate value as at 31 March 2024.
The property is used for the trading purposes of its subsidiary company.
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1
15,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 & 31 March 2024
15,000
Impairment
At 1 April 2023
-
Impairment losses
14,999
At 31 March 2024
14,999
Carrying amount
At 31 March 2024
1
At 31 March 2023
15,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,960
Corporation tax recoverable
3,489
3,523
Other debtors
1,127
80,248
8,576
83,771
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,413
29,954
Corporation tax
121,556
Other taxation and social security
1,873
Other creditors
74,195
21,175
211,037
51,129
PAUL HADLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
134,000
241,430
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
134,000
241,430
2024
Movements in the year:
£
Liability at 1 April 2023
241,430
Charge to profit or loss
37,401
Transfer on disposal
(144,831)
Liability at 31 March 2024
134,000
10
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,089,727
2,089,727
Deferred tax on revaluation of tangible assets
144,805
-
Other movements
(1,880,256)
-
At the end of the year
354,276
2,089,727
11
Related party transactions
At the balance sheet date subsidiary company, Harness Publicity Limited, is owed £65,000 from Paul Hadley Limited (2023: owed £54,608 to Paul Hadley Limited).