2023-08-012024-07-312024-07-31false05658079H & C WHITEHEAD (HOLDINGS) 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H & C WHITEHEAD (HOLDINGS) LIMITED

Registered Number
05658079
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

H & C WHITEHEAD (HOLDINGS) LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

WHITEHEAD, David

Registered Address

Prospect Works
Bradford Road
Brighouse
HD6 4DJ

Registered Number

05658079 (England and Wales)
H & C WHITEHEAD (HOLDINGS) LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,903,3481,950,634
Investments52,574,1772,574,177
Investment property49,177,1718,699,428
13,654,69613,224,239
Current assets
Debtors69,88011,486
Cash at bank and on hand33,031307,736
42,911319,222
Creditors amounts falling due within one year7(3,525,501)(3,293,624)
Net current assets (liabilities)(3,482,590)(2,974,402)
Total assets less current liabilities10,172,10610,249,837
Creditors amounts falling due after one year8(5,000,000)(5,000,000)
Provisions for liabilities9(132,971)(136,137)
Net assets5,039,1355,113,700
Capital and reserves
Called up share capital38,49938,499
Share premium2,535,5802,535,580
Profit and loss account2,465,0562,539,621
Shareholders' funds5,039,1355,113,700
The financial statements were approved and authorised for issue by the Director on 13 November 2024, and are signed on its behalf by:
WHITEHEAD, David
Director
Registered Company No. 05658079
H & C WHITEHEAD (HOLDINGS) LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. During the year the company was under the control of D Whitehead, who was interested in 100% of the issued share capital of H & C Whitehead (Holdings) Limited.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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/or the rendering of services. 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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. Where the company is a lessor, rental income from operating leases is credited to the Income Statement on a straight-line basis over the lease term.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows: Included in fixtures and fittings is other fixed assets which is depreciated at 10% Straight Line

Straight line (years)
Land and buildings50
Fixtures and fittings3
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Lease incentives
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of the 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.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Fixtures & fittings

Total

£££
Cost or valuation
At 01 August 232,400,10927,5432,427,652
At 31 July 242,400,10927,5432,427,652
Depreciation and impairment
At 01 August 23458,90018,118477,018
Charge for year44,0023,28447,286
At 31 July 24502,90221,402524,304
Net book value
At 31 July 241,897,2076,1411,903,348
At 31 July 231,941,2099,4251,950,634
4.Investment property
The company valued its land and buildings at an open market subject to existing leases. These are reviewed on a regular basis for reasonableness. The directors believe that no impairment or uplift in the value is required due to the value in use of the property. In the opinion of the directors, the fair value of the investment property at 31 July 2024 does not materially differ from the valuation.

£
Fair value at 01 August 238,699,428
Additions477,743
At 31 July 249,177,171
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 August 232,574,1772,574,177
At 31 July 242,574,1772,574,177
Net book value
At 31 July 242,574,1772,574,177
At 31 July 232,574,1772,574,177

Notes

1Investments in group undertakings and participating interests
6.Debtors: amounts due within one year

2024

2023

££
Other debtors2,0051,000
Prepayments and accrued income7,87510,486
Total9,88011,486
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.
7.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties3,513,3113,255,311
Taxation and social security7,66233,165
Other creditors2,1002,100
Accrued liabilities and deferred income2,4283,048
Total3,525,5013,293,624
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.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts5,000,0005,000,000
Total5,000,0005,000,000
The bank loan totalling £5,000,000 (2023 - £5,000,000) is secured over the investment property and the remaining assets of the company.
9.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2024

2023

££
Other provisions132,971136,137
Total132,971136,137
10.Related party transactions
The Company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with the entities which are part of the Group, since 100% of the voting rights in the Company are controlled within the Group. Included within creditors, amounts falling due within one year, is an amount of £2,000 (2023 - £2,000) due to D Whitehead. The loan is interest free and payable on demand.