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Registration number: 11112795

Higdon Homes Limited


Annual Report and Unaudited Financial Statements

for the Period from 1 September 2022 to 29 February 2024
 

 

Higdon Homes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Higdon Homes Limited

(Registration number: 11112795)
Balance Sheet as at 29 February 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

12,390

21,737

Investments

5

154

153

 

12,544

21,890

Current assets

 

Debtors

6

328,404

585,561

Cash at bank and in hand

 

62

734

 

328,466

586,295

Creditors: Amounts falling due within one year

7

(339,400)

(307,192)

Net current (liabilities)/assets

 

(10,934)

279,103

Net assets

 

1,610

300,993

Capital and reserves

 

Called up share capital

3

3

Retained earnings

1,607

300,990

Shareholders' funds

 

1,610

300,993

 

Higdon Homes Limited

(Registration number: 11112795)
Balance Sheet as at 29 February 2024

For the financial period ending 29 February 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 period 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.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

J R Higdon
Director

   
     
 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH
England

The principal place of business is:
Dipford House
Dipford Road
Trull
Taunton
Somerset
TA3 7NR

These financial statements were authorised for issue by the Board on 22 January 2025.

2

Accounting policies

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 company, and rounded to the nearest £.

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.

Group accounts not prepared

The company is exempt under section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the group is small.

Going concern

The directors believe that future projects in which the company is involved will generate sufficient income to enable the company to meet its liabilities and accordingly have prepared the accounts on a going concern basis.

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Revenue recognition

Turnover comprises dividends received from the company's subsidiaries and income received from building construction work.

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

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 reduce the value of the asset down to its estimated residual value, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance or over the life of the lease

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 2 (2022 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

43,613

43,613

At 29 February 2024

43,613

43,613

Depreciation

At 1 September 2022

21,876

21,876

Charge for the period

9,347

9,347

At 29 February 2024

31,223

31,223

Carrying amount

At 29 February 2024

12,390

12,390

At 31 August 2022

21,737

21,737

5

Investments

2024
£

2022
£

Investments in subsidiaries

103

102

Investments in associates

51

51

154

153

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Subsidiaries

£

Cost or valuation

At 1 September 2022

102

Additions

1

At 29 February 2024

103

Carrying amount

At 29 February 2024

103

At 31 August 2022

102


 

Associates

£

Cost or valuation

At 1 September 2022

51

Carrying amount

At 29 February 2024

51

At 31 August 2022

51

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2022

Subsidiary undertakings

St. James' Gate (Broadway, Somerset) Limited

Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH

Ordinary

100%

100%

OE20 Holdings Limited

Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH

Ordinary

100%

100%

Broadway Developments (SW) Limited

Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH

Ordinary

100%

100%

Mosterton Developments (SW) Limited

Winchester House, Dean Gate Avenue, Taunton, Somerset, TA1 2UH

Ordinary

100%

100%

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Associates

Waverly Developments South West Limited

Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH

Ordinary

34%

34%

Subsidiary undertakings
 

St. James' Gate (Broadway, Somerset) Limited

The principal activity of St. James' Gate (Broadway, Somerset) Limited was building construction.

OE20 Holdings Limited

The principal activity of OE20 Holdings Limited was holding properties for rental income.

Broadway Developments (SW) Limited

The principal activity of Broadway Developments (SW) Limited was building construction.

Mosterton Developments (SW) Limited

The principal activity of Mosterton Developments (SW) Limited was building construction.

Associates

Waverly Developments South West Limited

The principal activity of Waverly Developments South West Limited was building construction.

6

Debtors

Note

2024
£

2022
£

Amounts owed by related parties

9

24,311

99,428

Other debtors

 

304,093

486,133

 

328,404

585,561

7

Creditors

Due within one year

Note

2024
£

2022
£

 

Loans and borrowings

8

-

18,197

Amounts due to related parties

9

229,453

233,655

Social security and other taxes

 

77,182

46,065

Accruals

 

32,765

9,275

 

339,400

307,192

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

The HP liability with the value of £nil (2022: £18,197) was secured against the asset to which it relates.

8

Loans and borrowings

Current loans and borrowings

2024
£

2022
£

HP liabilities

-

18,197

9

Related party transactions

Transactions with directors

Loans to related parties

Summary of transactions with key management

Key managed are considered to be the directors of the company.
The loan made to directors is repayable on demand and bears interest at the HMRC official rate of interest.

 

2024

Other group companies
£

Key management
£

Total
£

At start of period

99,428

439,939

539,367

Advanced

24,310

132,738

157,048

Repaid

(99,427)

(351,808)

(451,235)

At end of period

24,311

220,869

245,180

2022

Other group companies
£

Key management
£

Total
£

At start of period

3,350

13,021

16,371

Advanced

250,000

526,918

776,918

Repaid

(153,922)

(100,000)

(253,922)

At end of period

99,428

439,939

539,367

 

Higdon Homes Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024

Loans from related parties

2024

Other group companies
£

Associates
£

Total
£

At start of period

224,372

9,283

233,655

Repaid

(4,202)

-

(4,202)

At end of period

220,170

9,283

229,453

2022

Other group companies
£

Associates
£

Total
£

At start of period

57,314

-

57,314

Advanced

330,649

9,683

340,332

Repaid

(163,591)

(400)

(163,991)

At end of period

224,372

9,283

233,655