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Registered Number: 04732371
England and Wales

 

 

 

HOLLYHEDGE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2022

End date: 30 April 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 20,030    20,040 
20,030    20,040 
Current assets      
Stocks 4 3,939,746    3,928,462 
Debtors 5 10,647,443    10,543,285 
Cash at bank and in hand 3,615    604,062 
14,590,804    15,075,809 
Creditors: amount falling due within one year 6 (8,525,851)   (9,076,444)
Net current assets 6,064,953    5,999,365 
 
Total assets less current liabilities 6,084,983    6,019,405 
Creditors: amount falling due after more than one year 7 (576,452)   (587,266)
Provisions for liabilities 8 (4,999)   (4,999)
Net assets 5,503,532    5,427,140 
 

Capital and reserves
     
Called up share capital 9 100    100 
Special Reserves 10 14,999    14,999 
Profit and loss account 5,488,433    5,412,041 
Shareholders' funds 5,503,532    5,427,140 
 


For the year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 12 November 2024 and were signed on its behalf by:


-------------------------------
Kamal Pankhania
Director
1
General Information
Hollyhedge Limited is a private company, limited by shares, registered in England and Wales, registration number 04732371, registration address 7 Churchill Court, 58 Station Road Harrow, HA2 7SA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the sale of properties in the normal course of business.
Revenue from the sale is recognised when the significant risks and rewards of ownership of the properties have passed to the buyer, 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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

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 taxation
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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:
Fixtures, fittings & equipment 25% Reducing Balance
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. The surplus or deficit on revaluation is recognised in profit or loss.
Impairment of fixed asset
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
Stocks
Stocks relate to residential property under development and 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, including directly attributable finance costs.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
Investment property reserve
The investment property reserve comprises the fair value uplift on the company's investment property net of the associated deferred tax. Any movement in the fair value of the investment property and/or the deferred tax associated with it during the year is transferred from the profit and loss account into this reserve as a reserve movement in the Statement of Changes in Equity. The reserve is non-distributable.
Government grants
Government grants, which include the amounts received from the Bounce Back Loan Scheme that cover interest and fees payable to the lender, are recognised at the fair value of the grant received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. The income is recognised in other income on a systematic basis over the periods in which the associated costs are incurred, using the accrual model.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Basic financial assets
Basic financial assets include debtors and cash and bank balances. 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.


Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Fixtures, fittings & equipment   Investment properties   Total
  £   £   £
At 01 May 2022 6,321    20,000    26,321 
Additions    
Disposals    
At 30 April 2023 6,321    20,000    26,321 
Depreciation
At 01 May 2022 6,281      6,281 
Charge for year 10      10 
On disposals    
At 30 April 2023 6,291      6,291 
Net book values
Closing balance as at 30 April 2023 30    20,000    20,030 
Opening balance as at 01 May 2022 40    20,000    20,040 


4.

Stocks

2023
£
  2022
£
Stocks 3,939,746    3,928,462 
3,939,746    3,928,462 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Group Undertakings 10,646,001    10,437,863 
Other Debtors 1,442    105,422 
10,647,443    10,543,285 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 70,894    648,887 
Bank Loans & Overdrafts 5,200    21,022 
Amounts Owed to Group Undertakings 6,350,342    5,987,200 
Corporation Tax 299,337    515,325 
Accrued Expenses 73,052    35,415 
Other Creditors 482,337    626,460 
Other borrowings 1,232,659    1,232,659 
VAT 12,030    9,476 
8,525,851    9,076,444 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 576,452    587,266 
576,452    587,266 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 4,999    4,999 
4,999    4,999 

9.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Class A shares of £1.00 each 100    100 
100    100 

10.

Special Reserves

2023
£
  2022
£
Investment Property Reserve 14,999    14,999 
14,999    14,999 

11.

Events after Balance sheet date

The company exchanged on the sale of one of its properties from the stock post the year end with expected gross proceeds of £1.69million resulting from this sale.
12.

Related party transactions

Included in amounts owed to entities under common control are the following transactions:
During the year, the company incurred expenses totaling £ 226,718 (2022: £25,820 ) on behalf of a director's partnership business. In the same period, the partnership incurred expenses totaling £ 52,154 (2022: £50,847) on behalf of the company.
2