Company registration number 00252269 (England and Wales)
HOLETCH HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HOLETCH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D B Gunner
Mrs M E Walker
Mr J R Beevers
Mrs S L Siddons
Company secretary
Mr D B Gunner
Company number
00252269
Registered office
Gresham House
5 - 7 St Paul Street
Leeds
LS1 2JG
Auditor
BHP LLP
Chartered accountants & statutory auditor
New Chartford House
Centurion Way
Cleckheaton
BRADFORD
West Yorkshire
BD19 3QB
HOLETCH HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
HOLETCH HOLDINGS LIMITED
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
5
12,969,742
12,482,340
Current assets
Debtors
6
644,935
734,558
Cash at bank and in hand
151,481
93,617
796,416
828,175
Creditors: amounts falling due within one year
7
(51,135)
(48,741)
Net current assets
745,281
779,434
Total assets less current liabilities
13,715,023
13,261,774
Creditors: amounts falling due after more than one year
8
(6,000)
(6,000)
Provisions for liabilities
(1,141,000)
(950,000)
Net assets
12,568,023
12,305,774
Capital and reserves
Called up share capital
10
90,300
90,300
Other reserves
4,169,320
3,642,654
Profit and loss reserves
8,308,403
8,572,820
Total equity
12,568,023
12,305,774
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr D B Gunner
Director
Company registration number 00252269 (England and Wales)
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information
Holetch Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gresham House, 5 - 7 St Paul Street, Leeds, LS1 2JG.
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, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Dividends received, income from unit trust holdings and overseas securities with tax deducted at source is included in income when declared and payable. Income from Government and Fixed Interest Securities and interest receivable on loans and deposits is included on an accruals basis.
1.3
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
1.4
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.
1.5
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
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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 tax
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,160
9,660
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 5 -
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
12,644,867
12,157,465
Loans
324,875
324,875
12,969,742
12,482,340
Movements in fixed asset investments
Loans
Listed in GB
Total
£
£
£
Cost or valuation
At 6 April 2023
324,875
12,157,465
12,482,340
Additions
-
1,074,041
1,074,041
Valuation changes
-
717,666
717,666
Disposals
-
(1,304,305)
(1,304,305)
At 5 April 2024
324,875
12,644,867
12,969,742
Carrying amount
At 5 April 2024
324,875
12,644,867
12,969,742
At 5 April 2023
324,875
12,157,465
12,482,340
The loan of £324,875 is due from one of the beneficiaries of the E R Gunner No 1 Settlement and E R Gunner No 2 Settlement, it is repayable by 26th November 2024 and interest of 1.5% per annum is payable thereon.
The historic cost of the listed investments at 5th April 2024 was £7,334,546 (2023 - £7,564,810).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
6,510
Amounts owed by group undertakings and undertakings in which the company has a participating interest
389,009
389,268
Other debtors
255,926
338,780
644,935
734,558
Amounts owed by group undertakings and undertakings in which the company has a participating interest
comprises:
2024
2023
£
£
Owing from parent undertaking
155,760
156,035
Owing from Ernest Gunner Holdings Limited
136,836
136,820
Loans
96,413
96,413
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
6
Debtors
(Continued)
- 6 -
389,009
389,268
The amounts owed from the Trustees and Davern Holdings Limited and Ernest Gunner Limited are interest free loans repayable on demand and were made to the Trustees of Settlements to meet Inheritance Tax liabilities. The Trustees control two limited companies that own the whole of the issued ordinary share capital of Holetch Holdings Limited.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,016
Other taxation and social security
2,656
Accruals and deferred income
48,119
46,085
51,135
48,741
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Shares classed as financial liabilities
6,000
6,000
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investments
1,141,000
950,000
2024
Movements in the year:
£
Liability at 6 April 2023
950,000
Charge to profit or loss
191,000
Liability at 5 April 2024
1,141,000
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
1,806,000
1,806,000
90,300
90,300
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
6,000
6,000
6,000
6,000
Preference shares classified as liabilities
6,000
6,000
i) Ordinary Shares
The ordinary shares carry no right to dividends other than those which may be recommended by the directors of the company.
The ordinary shares carry no redemption rights. On a winding up the ordinary shares carry an unlimited right to share in the surplus after all liabilities and participation rights of the cumulative preference shares have been satisfied.
Each holder of ordinary shares carries one vote on a show of hands and six votes per share on a poll.
ii) 6% (formerly 4.2%) Cumulative Preference Shares
The preference shares, which are not redeemable other than on a winding up, carry a dividend at a net rate of 6% p.a. payable half yearly on 30th June and 31st December.
The preference shares have a right in preference to the ordinary shares, to receive on a winding up the amount of £1 per share together with arrears of dividend, including that accrued to the date of the return of capital.
Each holder of preference shares carries one vote on a show of hands and one vote per share on a poll.
11
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
Fair Value Reserve - This reserve includes the cumulative annual fair value adjustments to listed investments of £5,310,321 (2023 - £4,592,654) together with related deferred tax of £1,141,000 (2023 - £950,000).
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
HOLETCH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
12
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Neil Baldwin for and on behalf of BHP LLP
Statutory Auditor:
BHP LLP
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Name of related party
Nature of relationship
Davern Holdings Limited
the parent company
Ernest Gunner Holdings Limited
an associated undertaking
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Davern Holdings Limited
Loan
294,727
265,478
294,453
266,494
Ernest Gunner Holdings Limited
Loan
286,899
258,422
286,916
259,729
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Davern Holdings Limited
155,761
156,035
Ernest Gunner Holdings Limited
136,836
136,820
Trustees of E.R. Gunner No 1 Settlement
57,212
57,212
Trustees of E.R. Gunner No 2 Settlement
39,201
39,201
Other information
Control
The Trustees of E.R. Gunner No.1 Settlement, who own the whole of the issued share capital of Davern Holdings Limited have control of the company.
14
Controlling party
The ultimate parent company is Davern Holdings Limited which is registered in England and Wales.
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