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Company Registration number: SC218183

Hollick Homes Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 April 2024

 

Hollick Homes Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Hollick Homes Limited

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,369

24,272

Current assets

 

Stocks

5

328,632

323,806

Debtors

6

112,352

133,401

Cash at bank and in hand

 

53,113

118,561

 

494,097

575,768

Creditors: Amounts falling due within one year

7

(399,317)

(456,440)

Net current assets

 

94,780

119,328

Total assets less current liabilities

 

114,149

143,600

Creditors: Amounts falling due after more than one year

7

(11,311)

(21,594)

Net assets

 

102,838

122,006

Capital and reserves

 

Called up share capital

1,500

1,500

Retained earnings

101,338

120,506

Shareholders' funds

 

102,838

122,006

 

Hollick Homes Limited

Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC218183

Approved and authorised by the Board on 10 January 2025 and signed on its behalf by:
 

.........................................
Mr D Hollick
Director

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
3 Gowanhill Farm Road
Currie
EH14 4BD
 

These financial statements were authorised for issue by the Board on 10 January 2025.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Furniture and fittings

15% reducing balance

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

4

TANGIBLE ASSETS

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

5,909

14,798

3,764

72,335

96,806

At 30 April 2024

5,909

14,798

3,764

72,335

96,806

Depreciation

At 1 May 2023

4,797

12,164

3,213

52,360

72,534

Charge for the year

167

658

83

3,995

4,903

At 30 April 2024

4,964

12,822

3,296

56,355

77,437

Carrying amount

At 30 April 2024

945

1,976

468

15,980

19,369

At 30 April 2023

1,112

2,634

551

19,975

24,272

 

Hollick Homes Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

5

STOCKS

2024
£

2023
£

Work in progress

328,632

323,806

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

96,035

122,070

Prepayments

991

1,085

Other debtors

15,326

10,246

 

112,352

133,401

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

10,225

17,469

Trade creditors

17,495

43,094

Taxation and social security

2,366

7,149

Accruals and deferred income

58,500

55,000

Other creditors

310,731

333,728

399,317

456,440


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £7,497).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

11,311

21,594


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £nil).