Registered number
11842545
Higgins Shopping Arcade Ltd
Filleted Accounts
29 February 2024
Higgins Shopping Arcade Ltd
Registered number: 11842545
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 100,000 120,000
Tangible assets 4 895,552 813,833
995,552 933,833
Current assets
Stocks 53,406 24,600
Debtors 5 73,691 66,379
Cash at bank and in hand 330,646 342,977
457,743 433,956
Creditors: amounts falling due within one year 6 (333,723) (431,269)
Net current assets 124,020 2,687
Net assets 1,119,572 936,520
Capital and reserves
Called up share capital 100 100
Share premium 800,000 800,000
Revaluation reserve 7 (150,000) (225,000)
Profit and loss account 469,472 361,420
Shareholders' funds 1,119,572 936,520
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.
Michael Edward Higgins
Director
Approved by the board on 7 November 2024
Higgins Shopping Arcade Ltd
Notes to the Accounts
for the year ended 29 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings Revalued at current market value
Fixtures, fittings, tools and equipment 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 200,000
At 29 February 2024 200,000
Amortisation
At 1 March 2023 80,000
Provided during the year 20,000
At 29 February 2024 100,000
Net book value
At 29 February 2024 100,000
At 28 February 2023 120,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 810,750 37,675 848,425
Additions - 9,987 9,987
Surplus on revaluation 75,000 - 75,000
At 29 February 2024 885,750 47,662 933,412
Depreciation
At 1 March 2023 - 34,592 34,592
Charge for the year - 3,268 3,268
At 29 February 2024 - 37,860 37,860
Net book value
At 29 February 2024 885,750 9,802 895,552
At 28 February 2023 810,750 3,083 813,833
Freehold land and buildings: 2024 2023
£ £
Historical cost 885,750 810,750
Cumulative depreciation based on historical cost - -
885,750 810,750
Land and buildings was last revalued on an open market basis on 10th June 2024 by Mr Michael Higgins.
5 Debtors 2024 2023
£ £
Deferred tax asset 25,902 41,933
Other debtors 47,789 24,446
73,691 66,379
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,700 3,575
Taxation and social security costs 44,372 48,263
Other creditors 283,651 379,431
333,723 431,269
7 Revaluation reserve 2024 2023
£ £
At 1 March 2023 (225,000) -
Gain/(loss) on revaluation of land and buildings 75,000 (225,000)
At 29 February 2024 (150,000) (225,000)
8 Related party transactions
At the period end, the company was owed £349 (2023: £14,225) from Mr Michael Higgins & Mrs Margaret Higgins, directors, the company owed £90,000 (2023: £120,000) to Mr Adam Higgins and £90,000 (2023: £120,000) to Mr John Higgins and £90,000 (2023: £120,000) to Mrs Janet Higgins, directors. The loans are all interest free to all directors and repayable on demand.
9 Controlling party
The company is ultimately controlled by Michael Higgins, Margaret Higgins, Janet Wood, John Higgins, Adam Higgins and Alison Higgins, who together own 100% of the issued share capital.
10 Other information
Higgins Shopping Arcade Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-ru House
The Leats
Truro
Cornwall
TR1 3AG
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