REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Combellack Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
Combellack Holdings Limited |
Combellack Holdings Limited (Registered number: 05554853) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Combellack Holdings Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Yorke Street |
Hucknall |
Nottinghamshire |
NG15 7BT |
Combellack Holdings Limited (Registered number: 05554853) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Non-Distributable Reserves | 14 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Combellack Holdings Limited (Registered number: 05554853) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Combellack Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 05554902 |
Nature of business: |
% |
Class of shares: | holding |
31.3.24 | 31.3.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Additions |
Revaluations |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2019 | 158,832 |
Valuation in 2020 | 20,000 |
Valuation in 2021 | 25,000 |
Valuation in 2022 | (25,000 | ) |
Valuation in 2023 | (82,399 | ) |
Valuation in 2024 | 136,461 |
Cost | 682,106 |
915,000 |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 682,106 | 163,567 |
Investment property was valued on an open market basis on 31 March 2024 by the directors. . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Hire purchase contracts |
Trade creditors |
Amounts owed to associates |
Other creditors |
Directors' current accounts |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loans to be repaid after |
5 years by instalments | 3,500 | 7,250 |
3,500 | 7,250 |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans to be repaid |
between 2 & 5 years by |
instalments |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 438,659 | 130,979 |
Repayable by instalments |
Bank loans to be repaid after |
5 years by instalments | 3,500 | 7,250 |
3,500 | 7,250 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 184,359 | 46,445 |
Loans are secured against each investment property to which each loan relates. |
12. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 44,250 | 26,730 |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Income Statement during year |
Balance at 31 March 2024 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
14. | RESERVES |
Retained | Non-Distributable |
earnings | Reserves | Totals |
£ | £ | £ |
At 1 April 2023 | 112,489 |
Profit for the year |
Revalue investment properties | (110,533 | ) | 110,533 | - |
At 31 March 2024 | 189,566 |
Combellack Holdings Limited (Registered number: 05554853) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | RELATED PARTY DISCLOSURES |
1. During the year the company paid management charges of £Nil (2023: £Nil) to Harry J Combellack & Sons, a business in which the directors are the only partners. |
2. During the year the company received management charges of £Nil (2023: £Nil) from M & P Combellack, a business in which the directors are the only partners. |
3. During the year the company paid management charges of £Nil (2022: £50,000) to Combellack Limited, a company in which the directors are also directors of. |
4. Included within other debtors and creditors are various amounts owed to/from related parties as detailed below: |
Description | Amount Owed | Amount Owed |
By Company | To Company |
£ | £ |
M & P Combellack | 1,878,054 |
Harry J Combellack & Sons | 390,462 |
Combellack Limited | 86,442 |
W & V Combellack | 88,919 |
M & P Combellack is a rental property business which is owned equally by the directors. |
Harry J Combellack & Sons is a business in which the directors are both partners. |
Combellack Limited is a company of which the directors, are also the directors of said company. |
W & V Combellack are the directors wives. |