REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Hollybourne Developments Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
Hollybourne Developments Limited |
Hollybourne Developments Limited (Registered number: 01131582) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hollybourne Developments Limited |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Berkeley House |
Amery Street |
Alton |
Hampshire |
GU34 1HN |
Hollybourne Developments Limited (Registered number: 01131582) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hollybourne Developments Limited (Registered number: 01131582) |
Balance Sheet - continued |
30 June 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Hollybourne Developments Limited (Registered number: 01131582) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Hollybourne Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Accounts are rounded to the nearest pound. |
The accounts represent the company as an individual entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In preparing the financial statements in accordance with FRS 102, management is required to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. |
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of accommodation, the sale of food and beverage and property development. |
Revenue from the sale of accommodation is recognised for each night as it takes place at the room rate for that night. Payments in advance for accommodation services not yet provided are treated as a contract liability and included in amounts of deferred income. |
The sale of food and beverage is recognised as and when the items are provided to the customer at the price for the items purchased. |
Turnover in relation to the property development is recognised based on the stage of completion of the build. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Freehold buildings represents three hotel buildings. It is management's intention to maintain the properties in a good state of repair such that the residual value should never significantly fall below cost, hence the depreciation rate is 0%. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hollybourne Developments Limited (Registered number: 01131582) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Hollybourne Developments Limited (Registered number: 01131582) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.24 | 30.6.23 |
£ | £ |
Other Loans | 660,880 | 789,985 |
"Other loans" as disclosed at note 11 and note 12 are advances from the Hollybourne Development Executive Pensions Scheme. The full amount of the outstanding loan is secured on the company's freehold premises known as the The Red Lion Hotel. |
The company has an outstanding fixed charge on the premises know as Red Lion Hotel, registered on 28 November 2014, . The charge remains outstanding at the balance sheet date.This charge registered with HSBC for a bank overdraft facility. As of the reporting date, the overdraft facility is not in use. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At the year end, the company owed the director £4,708,881 (2023: £4,704,945). |
Hollybourne Developments Limited (Registered number: 01131582) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | RELATED PARTY DISCLOSURES |
During the financial year, the company entered into a sales transaction with a related party, as defined under FRS 102 (Section 33). The transaction was conducted on normal commercial terms and conditions. |
The related party transaction is detailed below: |
Sales to Director: |
During the year, the company made sales amounting to £306,000 to Anthony Bailey, a director of the company. The sales were made in the ordinary course of business, and no special terms or preferential pricing were applied. |
The directors believe that the terms of this transaction were fair and reasonable and in the best interests of the company. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is A R Bailey. |