Holly and Cory Limited 10269328 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of ownership and management of a freehold investment properties. Digita Accounts Production Advanced 6.30.9574.0 true true 10269328 2023-06-01 2024-05-31 10269328 2024-05-31 10269328 bus:OrdinaryShareClass1 2024-05-31 10269328 core:RetainedEarningsAccumulatedLosses 2024-05-31 10269328 core:ShareCapital 2024-05-31 10269328 core:CurrentFinancialInstruments 2024-05-31 10269328 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10269328 core:DeferredTaxation 2024-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 10269328 core:OtherRelatedParties 2024-05-31 10269328 bus:SmallEntities 2023-06-01 2024-05-31 10269328 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10269328 bus:FilletedAccounts 2023-06-01 2024-05-31 10269328 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10269328 bus:RegisteredOffice 2023-06-01 2024-05-31 10269328 bus:Director1 2023-06-01 2024-05-31 10269328 bus:Director3 2023-06-01 2024-05-31 10269328 bus:Director4 2023-06-01 2024-05-31 10269328 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10269328 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10269328 bus:Agent1 2023-06-01 2024-05-31 10269328 core:KeyManagementPersonnel 2023-06-01 2024-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 10269328 core:OtherRelatedParties 2023-06-01 2024-05-31 10269328 1 2023-06-01 2024-05-31 10269328 countries:England 2023-06-01 2024-05-31 10269328 2023-05-31 10269328 core:DeferredTaxation 2023-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 10269328 core:OtherRelatedParties 2023-05-31 10269328 2022-06-01 2023-05-31 10269328 2023-05-31 10269328 bus:OrdinaryShareClass1 2023-05-31 10269328 core:RetainedEarningsAccumulatedLosses 2023-05-31 10269328 core:ShareCapital 2023-05-31 10269328 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 10269328 core:OtherRelatedParties 2023-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 10269328 core:OtherRelatedParties 2022-06-01 2023-05-31 10269328 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 10269328 core:OtherRelatedParties 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10269328

Holly and Cory Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Holly and Cory Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Holly and Cory Limited

Company Information

Director

M M Patel

H Patel

C Patel

Registered office

Belfry House
Champions Way
Hendon
London
NW4 1PX

Accountants

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
Holly and Cory Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Holly and Cory Limited for the year ended 31 May 2024, which comprise the statement of comprehensive income, balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation/a-z.

It is your duty to ensure that Holly and Cory Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Holly and Cory Limited. You consider that Holly and Cory Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Holly and Cory Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Use of our report

This report is made to the board of directors of Holly and Cory Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Holly and Cory Limited and state those matters that we have agreed to state to the board of directors of Holly and Cory Limited, as a body, in this report in accordance with ICAEW Technical Release TECH 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Holly and Cory Limited and its board of directors, as a body, for our work or for this report.

......................................

KSEG
Chartered Accountants
Belfry House
Champions Way
Hendon
London
NW4 1PX

20 January 2025

 

Holly and Cory Limited

(Registration number: 10269328)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment properties

4

514,468

514,468

Current assets

 

Debtors

5

8,750

7,550

Cash at bank and in hand

 

4,181

1,966

 

12,931

9,516

Creditors: Amounts falling due within one year

6

(444,639)

(453,288)

Net current liabilities

 

(431,708)

(443,772)

Total assets less current liabilities

 

82,760

70,696

Provisions for liabilities

7

(2,023)

(2,023)

Net assets

 

80,737

68,673

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

79,737

67,673

Shareholders' funds

 

80,737

68,673

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised for issue by the Board on 17 January 2025and signed on its behalf by:
 

.........................................

M M Patel
Director

 

Holly and Cory Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.

Basis of preparation

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies.

In preparing these financial statements the directors have had to make the following significant judgement:

- The directors have made an assumption in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the properties at the reporting date.

- There were no other significant judgements or areas of estimation uncertainty.

Summary of significant accounting policies

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

Turnover

Turnover consists of rent receivable from the letting of residential investment properties in the United Kingdom. Rental income is measured at the fair value of rent receivable for the year.

Tax

The tax expense for the year comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or 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.

 

Holly and Cory Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2

Accounting policies (continued)

The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.

Deferred tax is measured using 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.

Current and deferred tax assets and liabilities are not discounted.

Investment properties

Investment properties are carried at their fair value, determined annually 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 assets. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Cash at bank and in hand

This comprises cash at bank.

Trade debtors

Trade debtors are amounts due from tenants for occupying the residential investment properties in the ordinary course of business.

A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the tenancy agreement.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than its legal form.

The company's cash at bank, trade debtors and any other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.
 

 

Holly and Cory Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Employee information

The average number of persons employed by the company (including the directors) during the year, was 3 (2023 - 3). The directors did not receive any remuneration during the year (2023 - £nil).

4

Investment properties

2024
£

At 1 June 2023

514,468

At 31 May 2024

514,468

The investment properties were valued at 31 May 2024 by M M Patel, a director of the company, at fair value. The valuations were arrived at by reference to consideration of market evidence of transaction prices for similar properties in their location and takes into account the state of the rental market in the area where the properties are situated.

5

Debtors

2024
£

2023
£

Trade debtors

8,750

7,550

6

Creditors: Amounts falling due within one year

Note

2024
£

2023
£

Directors' loans

9

253,117

256,089

Shareholders' loans

9

30,000

16,000

Corporation tax

 

2,830

3,199

Accruals

 

3,000

3,000

Other loans

155,692

175,000

 

444,639

453,288

 

Holly and Cory Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Provisions for liabilities

Deferred tax
£

Total
£

At 1 June 2023

2,023

2,023

At 31 May 2024

2,023

2,023

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Related party transactions

Loans from related parties

2024

Directors' loans
£

Shareholders' loans
£

At start of year

256,089

16,000

Repaid during the year

(2,972)

14,000

At end of year

253,117

30,000

2023

Directors' loans
£

Shareholders' loans
£

At start of year

256,762

30,000

Repaid during the year

(673)

(14,000)

At end of year

256,089

16,000

Terms of loans from related parties

Directors' loans are unsecured, interest free and repayable on demand.
 Shareholders' loans are unsecured, interest free and repayable on demand.

 

Holly and Cory Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Control

There is no controlling party as no shareholder has more than 50% beneficial holding in the company .