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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
13598399
South Hawes Holdings Limited
Unaudited filleted financial statements
31 March 2024
South Hawes Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
South Hawes Holdings Limited
Directors and other information
|
|
|
|
Directors |
Andrew Keith Goddard |
|
|
Laura Jane Johns |
|
|
|
|
|
|
|
Company number |
13598399 |
|
|
|
|
|
|
|
Registered office |
Crossens Way |
|
|
Southport |
|
|
Merseyside |
|
|
PR9 9LY |
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|
South Hawes Holdings Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Investments |
|
4 |
657,159 |
|
|
|
524,019 |
|
|
|
|
|
_______ |
|
|
|
_________ |
|
|
|
|
|
|
|
657,159 |
|
|
|
524,019 |
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
40,000 |
|
|
|
- |
|
|
Cash at bank and in hand |
|
|
2,037 |
|
|
|
52,913 |
|
|
|
|
|
_______ |
|
|
|
_________ |
|
|
|
|
|
42,037 |
|
|
|
52,913 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
128,855) |
|
|
|
(
66,575) |
|
|
|
|
|
_______ |
|
|
|
_________ |
|
|
Net current liabilities |
|
|
|
|
(
86,818) |
|
|
|
(
13,662) |
|
|
|
|
|
_______ |
|
|
|
_________ |
Total assets less current liabilities |
|
|
|
|
570,341 |
|
|
|
510,357 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
7 |
|
|
(
135,074) |
|
|
|
(
232,115) |
|
|
|
|
|
_______ |
|
|
|
_________ |
Net assets |
|
|
|
|
435,267 |
|
|
|
278,242 |
|
|
|
|
|
_______ |
|
|
|
_________ |
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
625 |
|
|
|
625 |
Profit and loss account |
|
|
|
|
434,642 |
|
|
|
277,617 |
|
|
|
|
|
_______ |
|
|
|
_________ |
Shareholders funds |
|
|
|
|
435,267 |
|
|
|
278,242 |
|
|
|
|
|
_______ |
|
|
|
_________ |
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|
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|
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.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
12 November 2024
, and are signed on behalf of the board by:
Andrew Keith Goddard
Director
Company registration number:
13598399
South Hawes Holdings 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. The address of the registered office is C/o Forshaws Accountants Limited, Crossens Way, Southport, Merseyside, PR9 9LY.
The principal activity of the Company is the holding of investments.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006'.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover represents dividends receivable from investments in group undertakings and participating interests.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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. 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.
4.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
1,344,868 |
1,344,868 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 April 2023 |
820,849
|
820,849 |
|
|
|
|
|
Reversal of impairment loss |
(
133,140) |
(
133,140) |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
At 31 March 2024 |
687,709 |
687,709 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2024 |
657,159 |
657,159 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
At 31 March 2023 |
524,019 |
524,019 |
|
|
|
|
|
|
_________ |
_________ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
40,000 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
Other debtors represents balances owed by connected companies. Further information can be found on note 9.
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
73,270 |
64,209 |
|
Amounts owed to group undertakings |
|
50,152 |
- |
|
Other creditors |
|
5,433 |
2,366 |
|
|
|
_______ |
_________ |
|
|
|
128,855 |
66,575 |
|
|
|
_______ |
_________ |
|
|
|
|
|
Details of the company's bank loan are given in note 8.
7.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
135,074 |
232,115 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The company's bank loan was drawn down in March 2023 in order to refinance its borrowings. As at 31st March 2024 the total balance was £208,344 of which £73,270 has been disclosed under creditors repayable within 1 year and the balance has been disclosed above. The loan is subject to interest at a fixed rate of 8.42% per annum but the interest rate implicit in the loan is 9.29% per annum. The loan had a 4 year term from inception and was originally repayable in 48 equal monthly instalments. Due to an early repayment made during the year, it was anticipated that the remaining balance as at 31st March 2024 would be repaid in 32 instalments. The loan is secured by fixed and floating charges over all of the assets of the company and its subsidiary and by a personal guarantee of £50,000 given by the company's shareholders.
8.
Events after the end of the reporting period
On 14th May 2024 a further loan advance of £40,000 was made to a company under common control. The balance remains unsecured, interest free and repayable on demand.
On 13th August 2024 the company arranged for an early repayment of £75,000 to be made in respect of its bank borrowings.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Companies under common control |
- |
- |
40,000 |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Balances owed by companies under common control are unsecured, interest free, and repayable on demand
.
10.
Controlling party
The controlling party is Mr A K Goddard, a director and sharholder of the company
.