Registration number:
for the Period from 1 September 2022 to
Higdon Homes Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Higdon Homes Limited
(Registration number: 11112795)
Balance Sheet as at 29 February 2024
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2024 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Higdon Homes Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the period was
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 29 February 2024 |
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Depreciation |
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At 1 September 2022 |
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Charge for the period |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 31 August 2022 |
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Investments |
2024 |
2022 |
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Investments in subsidiaries |
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Investments in associates |
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Higdon Homes Limited
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 29 February 2024
Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2022 |
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Additions |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 31 August 2022 |
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Associates |
£ |
Cost or valuation |
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At 1 September 2022 |
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Carrying amount |
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At 29 February 2024 |
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At 31 August 2022 |
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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 |
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2024 |
2022 |
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Subsidiary undertakings |
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Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH |
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Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH |
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Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH |
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Winchester House, Dean Gate Avenue, Taunton, Somerset, TA1 2UH |
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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 |
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Associates |
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Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH |
Ordinary |
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Subsidiary undertakings |
St. James' Gate (Broadway, Somerset) Limited The principal activity of St. James' Gate (Broadway, Somerset) Limited was |
OE20 Holdings Limited The principal activity of OE20 Holdings Limited was |
Broadway Developments (SW) Limited The principal activity of Broadway Developments (SW) Limited was |
Mosterton Developments (SW) Limited The principal activity of Mosterton Developments (SW) Limited was |
Associates |
Waverly Developments South West Limited The principal activity of Waverly Developments South West Limited was |
Debtors |
Note |
2024 |
2022 |
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Amounts owed by related parties |
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Other debtors |
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Creditors |
Due within one year |
Note |
2024 |
2022 |
Loans and borrowings |
- |
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Amounts due to related parties |
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Social security and other taxes |
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Accruals |
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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.
Loans and borrowings |
Current loans and borrowings
2024 |
2022 |
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HP liabilities |
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Related party transactions |
Transactions with directors |
Loans to related parties
Summary of transactions with key management
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 |
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Advanced |
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Repaid |
( |
( |
( |
At end of period |
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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 |
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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 |
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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 |
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