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Registration number: 02953929

Bond Holdings Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

image-name
 

Bond Holdings Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10 to 16

 

Bond Holdings Limited

Company Information

Directors

Mr C I Bond

Mrs C M L Bond

Mr G M Bond

Mr J M Bond

Company secretary

Mrs A M Bond

Registered office

Trerule Farm
Trerulefoot
Saltash
Cornwall
PL12 5BL

Auditors

Westcotts (SW) LLP
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

 

Bond Holdings Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr C I Bond

Mrs C M L Bond

Mr G M Bond

Mr J M Bond

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
Mr J M Bond
Director

 

Bond Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Bond Holdings Limited

Independent Auditor's Report to the Members of Bond Holdings Limited

Opinion

We have audited the financial statements of Bond Holdings Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Bond Holdings Limited

Independent Auditor's Report to the Members of Bond Holdings Limited (continued)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Bond Holdings Limited

Independent Auditor's Report to the Members of Bond Holdings Limited (continued)

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Adam Croney ACA (Senior Statutory Auditor)
For and on behalf of Westcotts (SW) LLP, Statutory Auditor

Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

24 January 2025

 

Bond Holdings Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

89,993

89,744

Cost of sales

 

(45,267)

(43,672)

Gross profit

 

44,726

46,072

Administrative expenses

 

832,778

15,011,685

Other operating income

 

4,450

22,950

Operating profit

 

881,954

15,080,707

Other interest receivable and similar income

 

181,306

4,236

Profit before tax

4

1,063,260

15,084,943

Tax on profit

 

(72,708)

(1,566,563)

Profit for the financial year

 

990,552

13,518,380

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Bond Holdings Limited

(Registration number: 02953929)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,281,556

2,064,762

Current assets

 

Stocks

6

15,180

28,530

Debtors

7

18,313,156

24,261,131

Cash at bank and in hand

 

5,261,078

3,683,464

 

23,589,414

27,973,125

Creditors: Amounts falling due within one year

8

(5,197,801)

(9,314,672)

Net current assets

 

18,391,613

18,658,453

Total assets less current liabilities

 

20,673,169

20,723,215

Provisions for liabilities

(438,652)

(391,750)

Net assets

 

20,234,517

20,331,465

Capital and reserves

 

Called up share capital

12,000

12,000

Revaluation reserve

951,110

951,110

Profit and loss account

19,271,407

19,368,355

Shareholders' funds

 

20,234,517

20,331,465

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.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
Mr J M Bond
Director

 

Bond Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 May 2022

12,000

-

6,654,975

6,666,975

Profit for the year

-

-

13,518,380

13,518,380

Other comprehensive income

-

951,110

-

951,110

Total comprehensive income

-

951,110

13,518,380

14,469,490

Dividends

-

-

(805,000)

(805,000)

At 30 April 2023

12,000

951,110

19,368,355

20,331,465

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 May 2023

12,000

951,110

19,368,355

20,331,465

Profit for the year

-

-

990,552

990,552

Dividends

-

-

(1,087,500)

(1,087,500)

At 30 April 2024

12,000

951,110

19,271,407

20,234,517

 

Bond Holdings 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 England and Wales.

The address of its registered office is:
Trerule Farm
Trerulefoot
Saltash
Cornwall
PL12 5BL

Principal activity

The principal activity of the company is that of mixed farming.

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.

Going concern

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

 

Bond Holdings 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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 income 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Bond Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Bond Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

26,786

1,238

 

Bond Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

2,000,000

66,000

-

2,066,000

Additions

-

151,750

91,830

243,580

At 30 April 2024

2,000,000

217,750

91,830

2,309,580

Depreciation

At 1 May 2023

-

1,238

-

1,238

Charge for the year

-

26,786

-

26,786

At 30 April 2024

-

28,024

-

28,024

Carrying amount

At 30 April 2024

2,000,000

189,726

91,830

2,281,556

At 30 April 2023

2,000,000

64,762

-

2,064,762

Included within the net book value of land and buildings above is £2,000,000 (2023 - £2,000,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 30 April 2023 An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £654,980 (2023 - £654,980).

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

15,180

28,530

 

Bond Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

17,000,000

23,491,275

Amounts owed by related parties

1,291,660

750,001

Other debtors

21,496

10,968

Prepayments

-

8,887

18,313,156

24,261,131

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

3,400,000

4,906,272

Taxation and social security

25,806

1,566,405

Accruals and deferred income

100,000

-

Other creditors

1,671,995

2,841,995

5,197,801

9,314,672

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

951,110

951,110

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Bond Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

10

Related party transactions

Summary of transactions with key management

The directors had the following balances owed to them in the year:
 

Transactions with directors

2024

At 1 May 2023
£

At 30 April 2024
£

Directors

(355,000)

(355,000)

     
   

 

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Directors

-

(355,000)

(355,000)

 

11

Parent and ultimate parent undertaking

On 1 May 2023, the shares became 50% by Lanhydrock Golf Club Limited and 50% by W H Bond & Sons Limited. Both companies are incorporated in England. The registered office of Lanhydrock Golf Club Limited is Lanhydrock Hotel & Golf Club, Lostwithiel Road, Bodmin, Cornwall, PL30 5AQ. The registered office of W H Bond & Sons Limited is Trerule Farm, Trerulefoot, Saltash, Cornwall, PL12 5BL.

 The most senior parent entity producing publicly available financial statements is W H Bond & Sons Limited.