Company registration number 05929369 (England and Wales)
HAZELEY DEVELOPMENTS LIMITED
Unaudited Financial Statements
For The Year Ended 28 February 2024
Pages For Filing With Registrar
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Balance Sheet
As At 28 February 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
282
1,041
Current assets
Stocks
80,113
37,734
Debtors
5
166,945
195,860
Cash at bank and in hand
3,081,289
3,495,920
3,328,347
3,729,514
Creditors: amounts falling due within one year
6
(323,844)
(821,007)
Net current assets
3,004,503
2,908,507
Net assets
3,004,785
2,909,548
Capital and reserves
Called up share capital
12,200
12,200
Share premium account
91,597
91,597
Profit and loss reserves
2,900,988
2,805,751
Total equity
3,004,785
2,909,548

The notes on pages 2 to 5 form part of these financial statements.

For the financial year ended 28 February 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 member has 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.

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:
N A Bream
Director
Company registration number 05929369 (England and Wales)
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements
For The Year Ended 28 February 2024
- 2 -
1
Accounting policies
Company information

Hazeley Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Northfields Farm, Hazeley Road, Twyford, Winchester, Hampshire, England, SO21 1QA.

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. The principal accounting policies adopted are set out below.

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 rebates.

Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of promised good, identified in the contract between the company and the customer.

 

Revenue from property sales is recognised on the contract completion date or unconditional sale of contracts, whichever is sooner.

 

Revenue from providing services is recognised in the accounting period in which the services are rendered.

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:

Office equipment
3 years straight line

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
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.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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.

1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Financial assets and financial liabilities are initially measured at fair value.

 

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

1.7
Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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.

Interest income is recognised in profit or loss using the effective interest method.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

The following is the critical judgement that the directors have made in applying the Company's accounting policies that has the most significant effect on the amounts recognised in the financial statements.

Revenue recognition

Income is recognised on legal completion of the sale of a property or unconditional exchange of contracts, whichever is sooner. Deposits are recognised as sales where they are unconditional and non-refundable.

 

Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
2
4
Tangible fixed assets
Office equipment
£
Cost
At 1 March 2023 and 28 February 2024
8,861
Depreciation and impairment
At 1 March 2023
7,820
Depreciation charged in the year
759
At 28 February 2024
8,579
Carrying amount
At 28 February 2024
282
At 28 February 2023
1,041
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
25,270
Other debtors
166,945
170,590
166,945
195,860
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
61,117
247,953
Corporation tax
30,938
212,381
Other taxation and social security
4,111
15,174
Other creditors
68,856
122,189
Accruals and deferred income
158,822
223,310
323,844
821,007
Hazeley Developments Limited
HAZELEY DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
- 5 -
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
6,238
10,829
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